SINGAPORE's PSA Group revenue increased by 71.2 per cent supported by business acquisitions and higher storage income, the company announced.

"Profit from operations increased by 15.3 per cent, and overall net profit for the year increased by 13.1 per cent from previous year due to growth in other income and contributions from acquisitions," said the company statement.

"On a like-for-like basis, revenue and net profit increased 6.4 per cent and 8.8 per cent respectively from the previous year.

PSA handled 90.9 million TEU for the year ended 31 December 2022, representing a contraction of 0.7 per cent from the previous year. PSA Singapore contributed 37 million TEU, and PSA terminals outside Singapore delivered a total throughput of 53.9 million TEU, both 0.7 per cent lower than 2021.

"PSA's balance sheet remains strong with a gross debt equity ratio of 0.49 times at the close of 2022.

"2022 was a year marked by unpredictability. Even as Covid transitioned to endemic for most major economies and people learned to live under a new normal, businesses and communities continued to face macroeconomic uncertainties arising from geopolitical challenges such as ongoing trade sanctions, the war in Ukraine; record inflation, rising fuel and energy costs, supply chain disruptions and growing climate-related pressures," said the company statement.

Said PSA International group chairman Peter Voser: Amidst the many challenges, we stayed focused on our strategic priorities and delivered a commendable performance.

"In recent years, we have been transforming our business and broadening our capabilities to better serve global supply chain stakeholders. Even as we continue building on our core business of ports, we have invested in growing our ability to offer logistics and supply chain solutions beyond the Port of Singapore.

"2022 was a significant year for PSA as we inaugurated the mega Tuas port in Singapore and fully acquired global logistics solutions provider BDP International. These important milestones, have extended our capabilities to serve cargo owners as a supply chain orchestrator and brings us closer to the goal of enabling more resilient and sustainable trade," said Mr Voser.

Said PSA International group CEO Tan Chong Meng: "The world experienced another challenging year in 2022. The PSA Group kept an even keel as we navigated the instability and turbulence caused by international conflicts, trade flow disruptions, economic upheavals and slowing demand growth around the world.

"In line with PSA's long-term strategy, the organisation has now been restructured into two core businesses - ports and cargo solutions, with mid-mile logistics being value-added services that we term 'Port+', which will be our unique service differentiator," Mr Tan said.