Phnom Penh port operator posts 22pc increase in revenues

CAMBODIA's Phnom Penh Autonomous Port (PPAP) has posted a 22 per cent increase in year on year first 11 months to US$37 million, reports the Phnom Penh Post. These numbers are according to an unaudited financial report filed by the state-owned river-port enterprise to the Cambodia Securities Exchange (CSX) on December 12, said the PPAP filing.

Broken down by category, port operations accounted for the most, exceeding $29 million, up 20 per cent, followed by administrative operations of $3.78 million; up 17 per cent, while other services posted declines of 11 per cent to $272,632 while other revenue sources soared 55 per cent to $3.8 million.

PPAP said the number of cargo vessels handled at its facilities in the January-November period increased 54.73 per cent year on year to 3,271, as oil, gas and cargo throughput rose by 3.58 per cent topping 3.6 million tonnes and container throughput increased by 21.4 per cent to 383,261 TEU.

PPAP also noted that 78 passenger boats carrying 5,075 people docked at its facilities over the period, up from zero in the same time last year.

PPAP director general Hei Bavy credited the upturn in the port business to general improvements in economic activity which he tied to the relatively subdued spread of Covid and easing of pandemic-linked restrictions worldwide.

'Economic activity has been improving since most countries opened their borders post-Covid, which has contributed to the growth of the port's business performance during the period,' he said.

Last year, PPAP reported net profits at $12.7 million - up 29 per cent over 2020 - and container throughput at 348,898 TEU, up 20 per cent from 290,857 TEU in 2020, which followed a 3.49 increase from 2019.

In late March, Mr Bavy said that PPAP had forecast container throughput of 394,679 TEU this year as Covid tapers off, which would be a 13.12 per cent jump from the 2021 figure.

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