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Friday, July 19, 2019

PSA International sees profit jump 5.0%

March 19, 2018

Fock Siew Wah, Group Chairman, PSA International, Photo courtesy PSA

Fock Siew Wah, Group Chairman, PSA International, Photo courtesy PSA

* PSA International Pte Ltd (PSA) handled 74.24 million TEUs for the year ended 31 December 2017, representing an increase of 9.8% from the previous year.

* PSA's flagship Singapore Terminals contributed 33.35 million TEUs, increasing 9.0% over 2016. PSA terminals outside Singapore delivered a total throughput of 40.89 million TEUs, increasing 10.4% over 2016.

* PSA Group revenue rose 7.8% and profit from operations grew 5.0% compared to previous year. Overall net profit for the year was 5.1% higher at $1.23 billion.

* PSA's balance sheet remains strong with a gross debt equity ratio of 0.52 times at the close of 2017.
 
PSA International Pte Ltd managed to continue on a growth trajectory, performing creditably well 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. This was 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.
 
According to a company spokesman the year 2017 ended on a relatively positive note as global container throughput had its strongest showing since 2011, aided by stronger economic growth in many countries. The frenzied container liner shipping consolidation in 2016, which percolated into service deployment changes in 2017, also contributed towards PSA's group throughput for the year.
 
Expressing his satisfaction, Mr Fock Siew Wah, Group Chairman, PSA International on behalf of the PSA board and management stated, "Let me express my deepest gratitude to our customers and business partners for their unfaltering confidence and trust in PSA. I would like to assure them that we stay committed to serving them to the best of our ability and to further strengthen our long term relationships. We would also not have achieved our corporate milestones without the remarkable resolve and unity of our management, staff and unions working tirelessly, hand in hand, to uphold PSA's deep-rooted commitment to quality and excellence.
 
"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. 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."
 
Mr Tan Chong Meng, Group CEO, PSA International stated, "Going into 2018, we are keenly aware that the dynamics of our industry remain highly changeable and competitive. 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. By working together - PSA and partners - we can improve cargo flow and enhance trade."
 
 
PSA International Pte LtdSingaporesupply chain

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