PSA International sees positive 2017 results

PSA International revenue increased by 7.8%, with profit from operations rising 5% in comparison with the year before PSA International revenue increased by 7.8%, with profit from operations rising 5% in comparison with the year before
Industry Database

Port operator PSA International marked upbeat results for 2017 in a year which saw revenue increase by 7.8% and profit from operations rise 5% in comparison with the year before.

The business handled 74.24m teu in 2017, up 9.8% year-on-year, while overall net profit for the year was 5.1% higher in contrast to 2016 — at $1.23bn.

PSA’s flagship Singapore terminals provided 33.35m teu, growing 9% over 2016, while the total throughput of PSA terminals outside Singapore was 40.89m teu, rising 10.4% in comparison with 2016.

Finance costs also fell 2.6%.

PSA International group chair Fock Siew Wah said that the company’s performance in 2017 was “due in no small part to a resurgent global economy that appeared resistant to isolationist rhetoric and the ubiquitous consolidation of shipping alliances which hub their shipping services in many PSA terminals”.

“Looking ahead in 2018 and into the future, the world and our industry will continue to be buffeted by an inexorable range and accelerating pace of transformation and disruptions in the way goods are produced, sold, transported and used. These changes present us with both challenges and opportunities,” he commented.

“PSA will continue to work closely with its partners and customers to tap the relevant technologies, develop innovative solutions that facilitate trade flow and improve processes, and co-create business models that will bring sustained benefits and value to all stakeholders in the global supply chain.”

Group chief executive Tan Chong Meng added: “As we witness the current wave of digitalisation and acknowledge the increasing quest for cargo-flow-visibility, we believe PSA can work with our customers and partners to create a new suite of solutions that exploit the opportunities which digitalisation offers, taking advantage of the fact that PSA already operates at key nodes of global trade and supply chains.

“PSA will therefore keep an open mind, embrace change and collaboration, seize opportunities and seek common good.”

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