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

  • Ethnic group ‘disappointed’ to be denied French visas to attend court

    Eleven people at the centre of a case involving seven indigenous Bunong villages in Mondulkiri province pursuing legal action in France have expressed disappointment after the French embassy in Phnom Penh denied their visa applications to attend court. A press release said the 11 included a

  • Cambodia nabs 12th place in best retirement destinations

    Cambodia is an expatriate hotspot for those dreaming of living a more luxurious lifestyle at an affordable cost, according to International Living’s Annual Global Retirement Index 2019. For the fourth year in a row, Cambodia took the top spot in the Cost of Living category.

  • EU starts EBA withdrawal

    The EU on Monday announced that it has begun the 18-month process of withdrawing the Kingdom’s access to its preferential Everything But Arms (EBA) agreement over “a deterioration of democracy [and] respect for human rights”. However, the Garment Manufacturers Association of Cambodia (GMAC) said

  • PM: War result of foreign meddling

    Prime Minister Hun Sen said on Sunday that Cambodia’s recent history of conflict was caused by foreign interference. “The wars that happened were caused by provocation, incitement, support, smearing and interference from foreign powers, and the group of ignorant people who pushed Cambodia to