PSA International Pte Ltd (PSA) reported a surge in revenue for 2022 driven by business acquisitions and higher storage income, although volumes dipped in the face of continuing global uncertainties.
PSA handled 90.9 million Twenty-foot Equivalent Units (TEUs) for the year ended December 31, 2022, representing a contraction of 0.7% from the previous year, with PSA Singapore contributing 37.0 million TEUs, and PSA terminals outside Singapore delivered a total throughput of 53.9 million TEUs, both 0.7% lower than 2021.
Nonetheless, the PSA Group revenue increased by 71.2%, supported by business acquisitions and higher storage income.
It said that profit from operations increased by 15.3%, and overall net profit for the year increased by 13.1% from the previous year due to growth in other income and contribution from acquisitions.
PSA noted that on a like-for-like basis, revenue and net profit increased 6.4% and 8.8%, respectively, from the prior year.
Peter Voser, group chairman of PSA International, tagged 2022 as a year "marked by unpredictability" as he noted global challenges that impacted operations last year.
"Even as COVID-19 transitioned to endemic for most major economies and people learned to live under a new normal, businesses and communities continued to face macroeconomic uncertainties arising from geopolitical challenges such as ongoing trade sanctions, the war in Ukraine; record inflation, rising fuel and energy costs, supply chain disruptions and growing climate-related pressures," Voser said.
Despite these many challenges, he noted that PSA "stayed focused" on its strategic priorities and delivered a "commendable performance" for 2022.
Investments in logistics cited
"In recent years, we have been transforming our business and broadening our capabilities to better serve global supply chain stakeholders. Even as we continue building on our core business of ports, we have invested in growing our ability to offer logistics and supply chain solutions beyond the port," the chairman of PSA International added.
Voser said 2022 was also a very significant year for PSA as it inaugurated the mega Tuas port in Singapore and fully acquired global logistics solutions provider BDP International.
"These important milestones, amongst others, have extended our capabilities to serve cargo owners as a supply chain orchestrator and bring us closer to the goal of enabling more resilient and sustainable trade," he added.
Meanwhile, Tan Chong Meng, group CEO of PSA International, said the PSA Group "kept an even keel" as it navigated the instability and turbulence caused by international conflicts, trade flow disruptions, economic upheavals and slowing demand growth around the world.
"The world experienced another challenging year in 2022," Tan Chong Meng said as he thanked PSA partners and staff.
"In line with PSA's long-term strategy, the organisation has now been restructured into two core businesses — Ports and Cargo Solutions, with mid-mile logistics being value-added services that we term "Port+", which will be our unique service differentiator."
Moving forward, he noted that PSA would also invest in further efforts to foster a more "inclusive, diverse and collaborative environment" in its businesses, citing the importance of culture in the successful transformation of organisations.
"We will continue to work closely alongside our customers, partners and stakeholders towards our aim of being a supply chain orchestrator and facilitator of sustainable global trade," Tan Chong Meng added.