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PP SEZ sees 450% net gains in fourth quarter of 2018

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Employees at the Cambodia Securities Exchange. Hong Menea

PP SEZ sees 450% net gains in fourth quarter of 2018

The net profit of Phnom Penh SEZ Plc, listed on the Cambodia Securities Exchange (CSX) in the fourth quarter of last year, rose nearly 450 per cent compared to the same period in 2017, while the profit of the Port Authority of Sihanoukville rose only nine per cent.

A Phnom Penh SEZ Plc report, submitted to the CSX late on Thursday, said the company received a profit of around $5,152,007 in the fourth quarter of last year – up 445.23 per cent compared to the fourth quarter of 2017.

The special economic zone operator earned a total of $10 million – a 201.56 per cent increase over the same period.

Referring to the report, the Phnom Penh SEZ Plc Board of Directors claimed that this is the first time that the company has seen a profit after three consecutive quarters of losses. The main factor contributing to growth is the success of land buying and renting transactions.

At the same time, the company announced it will make efforts to continue its success based on a number of strategies, including buying additional land and expanding various related services.

Meanwhile, a Sihanoukville Autonomous Port report said the company earned a profit of about $279,986 in the fourth quarter of last year – up 9.63 per cent on $18,860,329 in revenue, a 20.05 per cent increase.

The report said revenue growth was due to the volume of goods and containers crossing the port in the fourth quarter of last year, reaching 137,709 twenty-foot equivalent units (TEUs) from 18,819 TEUs in the fourth quarter of 2017.

On Thursday, shares of Phnom Penh SEZ Plc (PPSP) fell 1.02 per cent to 2,910 riel ($0.73), while shares of Sihanoukville Autonomous Port (PAS) decreased 0.63 per cent to 12,580 riel and Phnom Penh Autonomous Port (PPAP) fell 0.21 per cent to 9,480 riel.

Grand Twins International (GTI) shares increased 9.63 per cent to 4,780 riel and Phnom Penh Water Supply Authority (PWSA) shares rose 0.36 per cent to 5,600 riel.