PSA International managed to deliver a 3.4% increase in net profit in 2019, bolstered by strong growth at its overseas terminals overshadowing a slow year for its Singapore hub.
Net profit for the year hit SG$1.25bn (US$890m) despite a 0.2% fall in revenue, partly caused by the de-consolidation of a subsidiary. On a like-for-like basis, revenue would have increased 3.5%.
PSA’s overseas terminals were the main driver of container volume growth with its international portfolio handling 48.32m teu last year, a rise of 8.1%. Meanwhile, PSA Singapore contributed 36.89m teu, constituting a 1.6% rise.