Logo of Phnom Penh Post newspaper Phnom Penh Post - Port operator reports earnings up by 49pct

Port operator reports earnings up by 49pct

Boats are loaded with containers at the Phnom Penh Autonomous Port in 2012.
Boats are loaded with containers at the Phnom Penh Autonomous Port in 2012. Heng Chivoan

Port operator reports earnings up by 49pct

Phnom Penh Autonomous Port (PPAP) posted more than 14 per cent growth in revenue last year, while earnings soared by 49 per cent, according to the company’s first official filing to the Cambodia Securities Exchange (CSX) since listing last December.

By the end of December 2015, total revenue reached $15 million while net profit after tax stood at $3 million, a 49 per cent increase compared to the 2014 financial year.

PPAP operates the capital’s river port, which is Cambodia’s second-largest port by throughput.

Most of the port operator’s revenue was driven by stevedoring services, which increased by 40 per cent during 2015, while lift-on, lift-off (LOLO) increased by 30 per cent.

Feeding the Kingdom’s construction boom, 60 per cent of imports were building materials, while exports were dominated by garments at 52 per cent, with rice at 38 per cent.

According to the report’s expectations, 2016 will see at least 15 per cent growth in revenue – slightly more than it achieved last year.

Svay Hay, president and CEO of Acleda Securities, said that PPAP will likely see strong growth throughout the year due to the fact that Sihanoukville Autonomous Port is its only competitor.

While the port showed a year-on-year decline in container traffic during the first quarter of this year, Hay projected this was a subtle hiccup.

“Even though the first quarter was a bit slow, the base for increasing imports and exports remains, but we do not know by how much,” he said.

However, he said with the company raising $5.2 million in an initial public offering, the potential for stronger returns has increased.

“They have a resource of capital so they can expand into a bigger operation”, he said.

MOST VIEWED

  • NY sisters inspired by Khmer heritage

    Growing up in Brooklyn, New York, Cambodian-American sisters Edo and Eyen Chorm have always felt a deep affinity for their Cambodian heritage and roots. When the pair launched their own EdoEyen namesake jewellery brand in June, 2020, they leaned heavily into designs inspired by ancient Khmer

  • Cambodia records first Omicron community case

    The Ministry of Health on January 9 reported 30 new Covid-19 cases, 29 of which were imported and all were confirmed to be the Omicron variant. The ministry also reported 11 recoveries and no new deaths. Earlier on January 9, the ministry also announced that it had detected the Kingdom's

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • PM eyes Myanmar peace troika

    Prime Minister Hun Sen has suggested that ASEAN member states establish a tripartite committee or diplomatic troika consisting of representatives from Cambodia, Brunei and Indonesia that would be tasked with mediating a ceasefire in Myanmar. The premier also requested that Nippon Foundation chairman Yohei Sasakawa

  • Omicron patients can stay home: PM

    Prime Minister Hun Sen has given the green light for anyone who contracts the SARS-CoV-2 Omicron mutation or any other variant to convalesce or receive treatment at home or in any other reasonable non-healthcare setting. The new decision supersedes a restriction on home care for

  • Kampot tourism quay ‘90% done’

    Construction on Kampot International Tourism Port – a 4ha quay in Teuk Chhou district about 6km west of Kampot town – has fallen off track, reaching 90 per cent completion, according to a senior Ministry of Tourism official last week. The project is now planned to be finished