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PSA International posts positive 2020 results

PSA International posts positive 2020 results
PSA Singapore handled 36.6m teu in 2020

PSA International’s container throughput increased by almost 2% year-on-year to 86.6m teu in 2020 while the Group’s revenue increased by 3% on higher throughput and business acquisitions during the year.

The company’s flagship terminal in Singapore contributed 36.6m teu, a decline of 1% from 2019, while PSA’s terminals outside Singapore increased volumes by 4% to 50m teu.

Peter Voser, group chairman of PSA International, said: “Despite the supply chain shocks in the first half of 2020, the PSA team, together with our partners, rallied to meet our customer needs around the world.

“This enabled us to finish the year on a strong footing with a credible performance, while still keeping safety at the forefront.”

Profit from operations fell 4% to S$1.7bn (US$1.2bn) and overall net profit decreased by 6%, also to S$1.2bn (US$900m), from the previous year due to lower other income and an increase in other operating expenses.

PSA’s balance sheet remains strong with a gross debit equity ratio of 0.58 times at the close of 2020.

Group CEO of PSA International, Tan Chong Meng, said: “As a key global player in the transport and logistics industry, PSA is in a unique position to innovate, influence and effect change across the supply chain for greater reliability, and also for a healthier and greener world.

“We are united in our drive to ensure long-term sustainability for our businesses, our partners, and the communities where we operate.”

To achieve this, PSA has purposefully built upon its digital and cargo solutions capabilities to benefit cargo owners and customers.