PSA International reports 2021 net profit rose 18 percent in ‘record’ performance

Singapore's container port. Photo taken November 2021Singapore's container port. Photo taken November 2021

PSA International reported Friday its 2021 net profit rose 18.2 percent on-year to S$1.38 billion on growth in other income and lower financing costs. 

Revenue for the 12 months ended 31 December increased 11.7 percent on-year to S$4.67 billion on higher throughput and storage revenue, the port operator said in a filing to SGX. 

The port operator said it handled 91.5 million twenty-foot equivalent units (TEUs) in the year, up 5.6 percent on-year, with Singapore contributing 37.2 million TEUs, up 1.6 percent on-year. Terminals outside Singapore posted an 8.4 percent increase on-year to 54.3 million TEUs.

Other income grew 22 percent on-year in 2021 to S$714,85 million, PSA International said. The port operator did not provide details on other income.

Finance costs fell 18.2 percent on-year in 2021 to S$196 million, the filing said.

“The PSA global team has shown its spirit and tenacity throughout a year of supply chain shocks and Covid-related starts and stops. Together with our customers and partners, we have kept supply chains flowing to the best of our ability,” Peter Voser, group chairman of PSA International, said in the statement.

“This has enabled PSA to put in a record performance for the year, even while we continued our efforts to build positive climate change momentum through our supply chain sustainability initiatives and investments,” Voser said.

Unlisted PSA International has port operations in Singapore and Antwerp, as well as more than 50 locations and 26 countries globally. Its portfolio includes more than 60 deepsea, rail and inland terminals as well as related businesses in distriparks, warehouses and marine services.

 

While you’re here, we’re hoping you can help us out.

Your monthly contribution will directly fund our journalism.

You can check your existing account here and you can sign in to Shenton Wire here.

You can also contact us to request our rate card for corporate sponsorship, advertising, syndication and sponsored articles.