Alphaliner reports that PSA International posted an 18% increase in net profit for 2021 after a strong performance outside of its main Singapore operation. Furthermore, mention that the global port operator’s net income reached SGD 1.38 billion in 2021 compared to SGD 1.16 billion in 2020, as revenue grew close to 12% (SGD 4.67 billion).
According to Alphaliner, the latter was bolstered by two strategies; higher performance and additional earnings from storage services. Thus, the numbers were boosted by a drop in costs of 18%. Although the group did not detail the reasons for the cost reduction. Regarding volumes, the number of containers handled by PSA increased by 5.6% overall in 2022 to a record of 91.5 M teu. nonetheless, growth was much more vigorous at PSA’s ‘overseas’ terminals, where throughput rose 8.4%.
Thus, volumes from the mainland of Singapore increased by just 1.6% to 37.2 M teu. Thus, a minimal boost from the previous year, when the number of containers handled in Singapore decreased by 0.9%. PSA recorded a reduction both in operating and net income for 2020.