Releasing its annual results PSA reported a 3% increase in revenues last year to SGD4.09bn ($3.03bn) compared to SGD3.97bn in 2017, while net profit was down 3.2% year-on-year SGD1.25bn last year.
PSA group chairman, Fock Siew Wah, noted that 2018 had been a year that presented many challenges to its global business.
“2018 was a year of constant change, beset by the headwinds of global economic and geo- political uncertainty, escalating trade wars, and persistent operational challenges in the shipping industry due to overcapacity, low freight rates and rising fuel costs,” he said.
“Despite all this, PSA managed a creditable and resilient performance in 2018 by staying focused on our customers, and participating in the transformation with like-minded partners towards a truly connected global supply chain.”
Looking ahead it is this global chain business where PSA sees an opportunity for growth beyond its core terminal operations.
PSA group ceo, Tan Chong Meng, said: “In charting our future ahead, while we continue to grow our port business, we will broaden our attention to other segments in the supply chain to create new cargo flow solutions. We will also embrace digital technologies as a game changer, co-creating the Internet of Logistics with like-minded partners."
“Together, we can propel the global supply chain towards greater visibility and connectivity, for the benefit of cargo owners, logistics players, and ultimately, facilitate more vibrant trade,” he added.