PSA International’s net profit dwindles to $1.5b in FY2023
The decline was caused by inflation and higher finance costs.
PSA International reported a total revenue of $7.09b in FY2023, decreasing 11.2% due to challenging market conditions and weak trade demand.
Profit from operations also decreased by 2.6% to $2.1b, while overall net profit for the year dropped 6.3% to $1.5b partly due to cost inflation and higher finance costs.
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Meanwhile, PSA International handled 94.8m Twenty-foot Equivalent Units (TEUs) in FY2023, reflecting a 4.3% YoY growth compared to 2022.
This growth comprises 38.8m TEU contribution from PSA Singapore and 56.0m TEUs from PSA terminals outside Singapore which both grew 4.8% and 3.8% respectively from 2022.
Nevertheless, PSA’s balance sheet remains strong with a gross debt-equity ratio of 0.46x by the end of 2023.
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