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PSA International Records 8 % Revenue Growth in 2017

Chennai:

Port Wings News Network:

Port and container terminal operator PSA International Pte Ltd (PSA) has registered a revenue increase of 7.8% for the period ended on 31 December 2017, latest data released by the company on 19 March has revealed.

According to the details available, profit from operations also grew 5.0% compared to previous year. Overall net profit for the year was 5.1% higher at $1.23 billion, the statement added.

As one of the leading global port groups, PSA participates in around 40 terminals in 16 countries across Asia, Europe and the Americas with flagship operations in PSA Singapore Terminals and PSA Antwerp.

 74.24 million Twenty-foot Equivalent Units

For the period ended on 31 December 2017, PSA International Pte Ltd has handled 74.24 million Twenty-foot Equivalent Units (TEUs) representing an increase of 9.8% from the previous year.

While PSA’s flagship Singapore Terminals contributed 33.35 million TEUs, ( increase of 9.0% over 2016) PSA terminals outside Singapore delivered a total throughput of 40.89 million TEUs, increasing 10.4% over 2016.

PSA’s balance sheet remains strong with a gross debt equity ratio of 0.52 times at the close of 2017.

Mr Fock Siew Wah, Group Chairman, PSA International.

Commenting on the performance, Mr Fock Siew Wah, Group Chairman, PSA International, said, “Despite the social-political upheavals, economic disruptions, rising protectionism and chaotic operating conditions brought about by malicious large-scale cyber attacks on certain entities in 2017, PSA managed to continue a growth trajectory, performing creditably due in no small part to a resurgent global economy that appeared resistant to isolationist rhetoric and the ubiquitous consolidation of shipping alliances which hub their shipping services in many PSA terminals.”

Mr Fock Siew Wah stated: “On behalf of the PSA board and management, let me express my deepest gratitude to our customers and business partners for their unfaltering confidence and trust in PSA. I would like to assure them that we stay committed to serving them to the best of our ability and to further strengthen our long term relationships. We would also not have achieved our corporate milestones without the remarkable resolve and unity of our management, staff and unions working tirelessly, hand in hand, to uphold PSA’s deep-rooted commitment to quality and excellence.”

“Looking ahead in 2018 and into the future, the world and our industry will continue to be buffeted by an inexorable range and accelerating pace of transformation and disruptions in the way goods are produced, sold, transported and used. These changes present us with both challenges and opportunities. PSA will continue to work closely with its partners and customers to tap the relevant technologies, develop innovative solutions that facilitate trade flow and improve processes, and co-create business models that will bring sustained benefits and value to all stakeholders in the global supply chain,” Mr Fock Siew Wah added.

Mr Tan Chong Meng, Group CEO, PSA International, said: “2017 ended on a relatively positive note as global container throughput had its strongest showing since 2011, aided by stronger economic growth in many countries. The frenzied container liner shipping consolidation in 2016, which percolated into service deployment changes in 2017, also contributed towards PSA’s group throughput for the year.”

Mr Tan Chong Meng stated: “I would like to convey my grateful thanks to our customers and partners who continue to grow their business with PSA. Their collaboration and patronage have been invaluable and this motivates us to continue to invest in and deliver the high quality service which they have come to expect from PSA.”

“Going into 2018, we are keenly aware that the dynamics of our industry remain highly changeable and competitive. As we witness the current wave of digitalisation and acknowledge the increasing quest for cargo flow visibility, we believe PSA can work with our customers and partners to create a new suite of solutions that exploit the opportunities which digitalisation offers, taking advantage of the fact that PSA already operates at key nodes of global trade and supply chains,” he added.

PSA will therefore keep an open mind, embrace change and collaboration, seize opportunities, and seek common good. By working together – PSA and partners – we can improve cargo flow and enhance trade,” concluded Mr Tan Chong Meng.

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