Singapore port operator PSA International has reported an 18.2% year-on-year increase in full-year net profit.
The state-owned company made SGD 1.4bn ($1bn) in 2021 against the SGD 1.2bn seen 12 months earlier, according to a regulatory filing.
Annual revenue was up 11.7% to SGD 4.7bn chiefly due to a combination of higher throughput and storage revenue.
PSA International handled 91.5m-teu for the year ended 31 December 2021, representing an increase of 5.6% from the previous year.
PSA terminals outside Singapore delivered a total throughput of 54.3m-teu, up 8.4% over 2020, while PSA Singapore contributed 37.2m-teu, an increase of 1.6% from 2020.
Tan Chong Meng, chief executive of PSA International, said that 2021 took place amidst a backdrop of widespread supply chain disruptions and congestions, coupled with uneven recovery in global trade and demand.
“I am grateful to our management, staff and unions who worked tirelessly as a team and in close partnership with all our stakeholders to keep supply chains safe and cargo moving across our network,” he said.
PSA said it was “well-positioned” to accelerate the shift towards sustainable trade and that it was “building up” its physical, technological and digital capabilities to provide more “innovative cargo solutions and enable agile, resilient and sustainable supply chains”.
PSA International group chairman Peter Voser 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,” he said.
“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.”
