Logo of Phnom Penh Post newspaper Phnom Penh Post - PPAP logs 29.64 per cent gain in Q1 revenue

PPAP logs 29.64 per cent gain in Q1 revenue

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CSX-listed Phnom Penh Autonomous Port (PPAP) reported a strong business performance in the first quarter of this year as its revenue increased 29.64 per cent compared to the same period last year. Heng Chivoan

PPAP logs 29.64 per cent gain in Q1 revenue

Cambodia Securities Exchange- (CSX-) listed Phnom Penh Autonomous Port (PPAP) reported a strong business performance in the first quarter of this year as its revenue increased 29.64 per cent compared to the same period last year.

The port logged $7.61 million in revenue in the quarter, up from last year’s $5.87 million, it said in an un-audited financial report filed to the CSX on Tuesday.

The breakdown of business and service results of the port for the first quarter were – 930,023 tonnes of cargo, natural gas and fuel oil was shipped via the port, up three per cent year-on-year; 625 cargo vessels used the port, up 14 per cent; and 74,333 containers were shipped, up 26 per cent.

However, passengers using the port dropped by 22 per cent while the number of passenger boats fell seven per cent.

PPAP is one of two international ports in Cambodia and is the largest river port operator listed on CSX.

It operates four main terminals – the container terminal (LM17), the multi-purpose terminal (TS3), the passenger terminal (TS1) and the Tonle Bet terminal (UM2).

CSX vice-chairman and chief operating officer Ha Jong-weon told The Post that Cambodia’s stock market has seen a slight rebound after the Covid-19 shocks over the past few months.

“Our market is looking a bit better since our market index increased to 593.10 on April 10 from 590.29 on April 1, equal to a 0.48 per cent increase.

“As you can see, as long as we keep listing more companies, the trade volume will keep increasing.

“I believe that those companies will increase our market liquidity, boost our daily trading volume, and may give a signal that it is the right time for those who have not yet listed on the CSX to start preparing an initial public offering plan,” said Ha.

The CSX index eventually surpassed 603.73 points to close at 612.37 points on Wednesday after a notable fluctuation in the past month. It increased by 1.43 per cent compared to closing on Tuesday.

PPAP, Sihanoukville Autonomous Port (PAS) and Grand Twins International (Cambodia) Plc (GTI) stocks soared to 13,800 riel ($3.42), 2,370 riel and 4,060 riel, respectively.

Meanwhile, Phnom Penh Special Economic Zone Plc (PPSP) stocks held firm at 2,370 riel and Phnom Penh Water Supply Authority (PWSA) stocks stayed at 5,960 riel.

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