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PSA profit growth outpaces volume growth

PSA International PSA_Control_Room.jpg
PSA International announced an 18.2% increase in net profit for 2021, as volumes rose 5.6% on-year.

PSA’s flagship Singapore operation contributed 37.2m of the group’s 91.5m handled teu. Global volumes were up 5.6% on-year, Singapore volumes were up 1.6% and volumes other than Singapore rose 8.4%.

Peter Voser, Group Chairman, PSA International, 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. 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.

As we navigate the dynamic forces of change in the new normal, we will continue to nurture our workforce and talent, sharpen our competitive edge and focus on creating long term value for our stakeholders."

Tan Chong Meng, Group CEO, PSA International added: “Amidst a backdrop of widespread supply chain disruptions and congestions in 2021, 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."