Singapore-based port terminal operator PSA International increased its earnings 5.1 percent to 1.23 billion Singapore (U.S. $936.3 million) in 2017, as revenues and container volumes climbed 7.8 percent and 9.8 percent, respectively, from the prior year.
Container volumes at terminals operated by PSA International climbed 9.8 percent to 74.24 million TEUs in 2017.
PSA International reported a net profit of 1.23 billion Singapore (U.S. $936.3 million) for the full year in 2017, a 5.1 percent increase from full-year 2016 figures, according to the company’s most recent financial statements.
The Singapore-based port terminal operator saw its revenues rise 7.8 percent to S$3.97 billion for the year, as container handling volumes climbed 9.8 percent to 74.24 million TEUs.
PSA’s flagship terminals in Singapore contributed 33.35 million TEUs in 2017, a 9 percent increase from the previous year, while throughput at PSA terminals outside Singapore rose 10.4 percent year-over-year to 40.89 million TEUs.
“Despite the social-political upheavals, economic disruptions, rising protectionism and chaotic operating conditions brought about by malicious large-scale cyber attacks on certain entities in 2017, PSA managed to continue a growth trajectory, performing creditably 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,” PSA International Group Chairman Fock Siew Wah said of the results.
“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,” he added. “These changes present us with both challenges and opportunities. 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.”
Tan Chong Meng, group CEO of PSA International, said global container throughput in 2017 was the highest since 2011, boosted by broad-based economic growth as well as the “frenzied container liner shipping consolidation in 2016.”
“Going into 2018, we are keenly aware that the dynamics of our industry remain highly changeable and competitive,” he said. “As we witness the current wave of digitalization 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 digitalization 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,” added Meng. “By working together – PSA and partners – we can improve cargo flow and enhance trade.”