PSA International Pte Ltd announced its financial results for the year ended 31 December 2024. The company reported a revenue of S$7,724 million, an 8.9% increase from S$7,095 million in 2023, according to the company's release.
Operating profit was S$1,192 million, down 3.7% from S$1,238 million the previous year.
Net other income fell 41.0% to S$514 million from S$871 million, while finance costs rose 1.1% to S$323 million from S$319 million.
Profit before taxation decreased 22.7% to S$1,384 million from S$1,790 million, and income tax expense dropped 21.4% to S$206 million from S$262 million.
Net profit for the year after tax was S$1,177 million, a 22.9% decline from S$1,528 million, with non-controlling interests increasing 27.0% to S$83 million from S$65 million, resulting in a net profit of S$1,095 million, down 25.2% from S$1,463 million in 2023.
The company handled 100.2 million Twenty-foot Equivalent Units (TEUs) in 2024, a 5.6% rise from 2023.
PSA Singapore contributed 40.9 million TEUs, up 5.5%, while terminals outside Singapore managed 59.2 million TEUs, a 5.7% increase.
Revenue growth was driven by higher port throughput and increased ocean and air export volumes from the supply chain business.
However, net profit declined due to a 3.7% reduction in operating profit, higher operating costs, inflation, and a non-cash impairment charge on intangible assets linked to a weaker economic outlook.
The gross debt equity ratio stood at 0.51 times at year-end.
Group Chairman Peter Voser commented, “2024 was a year of measured recovery due to the confluence of geopolitical and trade tensions, ongoing conflicts, volatile interest rates, fiscal and inflationary pressures, and extreme climate changes which exacerbated ongoing global supply chain disruptions, impacting key markets and businesses.”
PSA International Pte Ltd is headquartered in Singapore. The company operates over 70 deepsea, rail, and inland terminals across more than 180 locations in 45 countries, including flagship operations in Singapore and Belgium.