Singapore-based port operator PSA experienced a slight decrease in its full-year net profit for 2018, despite the overall challenging market conditions. PSA’s net profit achieved the SGD 1.25 billion (USD 925.36 million) in 2018, compared to SGD 1.29 billion (USD 954.97 million) seen a year earlier, representing a drop of 3.2%.
On the contrary, PSA revenue increased by 3% to SGD 4.08 million in 2018 from SGD 3.96 billion posted in 2017.
In addition, Tan Chong Meng, Group CEO, PSA International commented that the operator’s financial results weren’t seriously affected by the slower container growth.
Fock Siew Wah, Group Chairman, PSA International, continued that 2018 was a year with continues changes, mostly in the economic and geopolitical areas, the escalating trade wars and persistent operational challenges in the shipping industry because of overcapacity.
He continued that 2019 remains challenging.
Yet, PSA will continue investing in port and related facilities, expand its operational and digital capabilities and try to innovate and improve supply chain efficiency for all.
The port operator focuses on other segments in the supply chain to create new cargo flow solutions, according to the group’s CEO. This includes co-creating the Internet of Logistics with like-minded partners as digital technologies are seen as a game-changer for PSA.
With flagship operations in Singapore and Antwerp, PSA’s portfolio comprises a network of over 50 terminals in 17 countries.
