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PSA reports 25% drop in 2024 profit on higher costs
The Straits Times
|March 29, 2025
This comes even as the firm moves record number of containers at its ports worldwide
Earnings at PSA International plunged in 2024 despite the firm moving record numbers of containers at its ports in Singapore and overseas.
Net profit for the 12 months to Dec 31, 2024, came in at $1.095 billion, down 25.2 per cent from $1.463 billion in 2023, due to higher operating costs and non-cash impairments to account for a weaker economic outlook.
The port operator racked up revenue of $7.7 billion, 8.9 per cent higher than the previous year's $7.1 billion, thanks to a record number of containers moved worldwide and higher demand from its supply chain businesses.
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