PSA International's FY2024 Net Profit Declines by 25.2%
Summary:
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Container Throughput: Handled 100.2 million Twenty-foot Equivalent Units (TEUs) in FY2024, a 5.6% increase from FY2023.
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PSA Singapore: Contributed 40.9 million TEUs, up 5.5% year-on-year.
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PSA Terminals Outside Singapore: Handled 59.2 million TEUs, a 5.7% increase compared to the previous year.
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Revenue: Increased by 8.9% to S$7.724 billion in FY2024, up from S$7.095 billion in FY2023, driven by higher throughput and increased export volumes from the supply chain business.
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Operating Profit: Decreased by 3.7% to S$1.192 billion, down from S$1.238 billion in the previous year, due to increased operating costs and the impact of inflation.
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Net Profit: Declined by 25.2% to S$1.095 billion, compared to S$1.463 billion in FY2023, impacted by lower operating profit and a non-cash impairment charge on intangible assets necessitated by a weaker economic outlook.
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Balance Sheet: Maintained a gross debt-equity ratio of 0.51 times as of 31 December 2024, indicating a strong financial position.
Note: All data is sourced from PSA International Pte Ltd's FY2024 Financial Results Announcement.