Logo of Phnom Penh Post newspaper Phnom Penh Post - PPAP net profit up 26% in Q1

PPAP net profit up 26% in Q1

PPAP net profit up 26% in Q1

Listed port operator Phnom Penh Autonomous Port (PPAP) reported increases in both revenue and net profit during the first quarter of the year, it said in a filing to the Cambodian Securities Exchange (CSX) yesterday.

Total revenue during the first three months of 2016 reached the equivalent of $3.87 million, an increase of $354,000, or 10 per cent, compared to the same period last year. Net profit rose to $901,000 during the first quarter, a 26 per cent year-on-year increase.

Hei Bavy, CEO of PPAP, attributed the positive figures to Cambodia’s robust economic growth, which in turn drives trade and shipping.

“Both the increase in revenue and profits are the result of the Cambodian economy, which is continually growing, and customers supporting our service”, he said, predicting that the port operator would achieve 9-10 per cent annual growth this year.

According to the CSX filing, PPAP’s three main revenue sources were stevedoring, which contributed 39.5 per cent, and LOLO, with 30.4 per cent. The remainder came from overall port operations.

PPAP became the third company to list on the CSX after raising $5.2 million in an initial public offering late last year. The company’s shares closed at 5,460 riel yesterday, up 20 riel in low-volume trading.

MOST VIEWED

  • Hungarian exposes 90 to Covid in Siem Reap

    The Ministry of Health has discovered 90 people who have been exposed directly or indirectly to a Hungarian man infected with Covid-19. They all are required to quarantine at home and the hospital. The ministry is searching for other affected people. Among the 90, one is the

  • PM: West unfair to Cambodia

    Prime Minister Hun Sen released a message celebrating the International Day of Peace on Monday, saying that some major powers and western countries had been systemically cooperating to put political pressure on Cambodia as they did in the 1970s and 1980s. Hun Sen said pressuring

  • PM warns of ‘new Cold War’

    Prime Minister Hun Sen said the possibility of a so-called new Cold War has become a significant concern and that all countries have to reject outright, any attempt to allow history to tragically repeat itself. He made the remarks in a speech during 75th Session

  • ‘Bad news is an investor’s best friend’ – unlocking investment potential in Cambodia

    It is time to shop. Economic woes provide good pickings for investors if they know where to look The poem If, written by English Nobel laureate poet and novelist Rudyard Kipling for his son circa 1895, is widely perceived as fatherly advice for John who would

  • PM requests Russia’s Covid vaccine

    Prime Minister Hun Sen has requested that Russia provide Cambodia with its Covid-19 vaccine after the former announced it planned on mass vaccinating its population next month. The request came on Thursday through the prime minister’s Facebook page as he met with Anatoly Borovik,

  • First ‘mobile kitchen’ in Cambodia enters service

    A catering company recently rolled out Cambodia’s first “mobile kitchen” – a $50,000 container capable of serving up to 200 people at a time. The kitchen is the brainchild of Seng Hok Heng Catering Services. At 4.4m-high, 6.8m-long and 2.4m-wide (expandable to 6.8m), the kitchen is equipped