PSA increases revenue but net profit decreases for 2024

PSA International saw revenue increase by 9% to S$7.7bn (US$5.8bn) driven by higher throughput from ports operations and increased ocean and air export volumes from supply chain business but net profit decreased by 25% to below S$1.1bn (US$820m). 

This was due to lower operating profit from increased operating cost and impact of inflation, and non-cash impairment charge on intangible assets, which was necessitated by weaker economic outlook against carrying value. 

Peter Voser, Group chairman, PSA, said: “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.