- PSA International Pte Ltd (PSA) handled 85.20 million Twenty-foot Equivalent Units (TEUs) for the year ended 31 December 2019, representing an increase of 5.2% from the previous year.
- PSA Singapore contributed 36.89 million TEUs, increasing 1.6% over 2018. PSA terminals outside Singapore delivered a total throughput of 48.32 million TEUs, increasing 8.1% over 2018.
- PSA Group’s revenue was lower by 0.2% partly due to the de-consolidation of a subsidiary. On a like-for-like basis, revenue would have increased by 3.5%. Profit from operations grew by 1.6% from the previous year, while overall net profit for the year was 3.4% higher at S$1.25 billion.
- PSA’s balance sheet remains strong with a gross debt-equity ratio of 0.57 times at the close of 2019.
Speaking about the results, Mr Peter Voser, Group Chairman, PSA International commented, “2019 was a challenging year characterized by trade protectionism and socio-political unrest. While the global economy has doggedly weathered a slowdown in trade, its resilience began to wane as strained relationships between major trading nations exacerbated into open tariff wars. The shipping industry also had to grapple with the high costs, strategic decisions and tactical maneuvers necessary to comply with the International Maritime Organisation 2020 global sulfur regulations.”
“Against this backdrop, the tenacity of our team and the continued patronage of our customers throughout the year allowed us to pull through with overall positive growth. On behalf of the PSA board and management, I would like to thank our customers and partners for continuing to place their trust in us. My deepest appreciation goes out too to our staff and unions, whose steadfast commitment to enhance productivity and willingness to adapt to changing industry demands have enabled PSA to push the boundaries, innovate and deliver greater efficiencies for our customers,” he said.
“Even as we grapple together with the impact of COVID-19 going into 2020, we remain clear on our goals: PSA will continue to support our customers’ businesses around the world with quality and excellence, by investing in the relevant assets, equipment and capabilities to improve our performance and productivity. We will also capitalize on fresh digitalization opportunities to grow global trade and create new value through multi-stakeholder collaborations and port-adjacent services,” he continued.
Adding to the discussion, Mr Tan Chong Meng, Group CEO, PSA International commented, “PSA’s positive business outcome in 2019 is only possible because our customers deploy their ships and hub their boxes with us. We are grateful to them for their support and partnership and are motivated by the confidence they have placed in us. We also achieved our corporate milestones thanks to the dedication and resolve of our staff, unions, and management to uphold the values of excellence that PSA is known for.”
“As we head into 2020, disruption, digitalization, and decarbonization continue to feature prominently as forces for change and collaboration, but with the potential to unleash unknown repercussions. Against this volatile and unsettling backdrop, we at PSA have worked hard to seize opportunities, improve our efficiency and reliability at our core container handling operations while offering new complementary cargo services based on a fresh understanding of what supply chain stakeholders need. Indeed, we have invested in a new port and port-related assets that will not only cater to shipping lines’ needs but also offer possibilities within and beyond traditional areas of logistics, creating value for all supply chain stakeholders,” he said.
“As a global terminal operator, PSA sits at key nodal points of the supply chain. Our vision is to combine our physical capabilities globally with our growing expertise in cargo solutions and connecting supply chain communities, to realize a fully operational Internet of Logistics (IoL). The term IoL takes inspiration from the Internet of Things but extends the idea to the supply chain equivalent of the World Wide Web. The world ahead is for the connected – we invite our customers, partners and stakeholders to work alongside us in reshaping the next decade of ports and supply chain logistics,” he continued.