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PPAP: Port business remains afloat

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Phnom Penh Autonomous Port (PPAP) reported 11.77 per cent and 0.22 per cent year-on-year surges in container throughput and number of cargo vessels handled at the port in the January-July period. SUPPLIED

PPAP: Port business remains afloat

The locally-listed Phnom Penh Autonomous Port (PPAP) on August 9 posted a recovery in business performance over the first seven months of this year as the Kingdom leverages its relatively brisk coronavirus vaccine rollout to ease out of the Covid stranglehold.

In a filing to the Cambodia Securities Exchange (CSX) on August 9, the state-owned river port operator reported 11.77 per cent and 0.22 per cent year-on-year surges in container throughput and number of cargo vessels handled at the port in the January-July period.

It logged a 6.67 per cent rise in cargo and fuel oil throughput, but zero passengers and passenger boats.

PPAP earlier reported that 2020 revenues had amounted to $29.48 million, but were a six per cent slide from 2019’s audited figure of $31.31 million, caused by a pandemic-related slowdown in shipping.

CSX Market Operations Department director Kim Sophanita told The Post that this growth performance mirrors PPAP’s business operational and financial strengths, and lays a solid foundation to catch the eyes of domestic and foreign investors.

“In my book, the goods transport industry is still strong regardless of the arrival of the new [coronavirus] variants, and that’s because most countries have opened their borders to product imports and exports as well as trades, and more and more people are being fully vaccinated with some even receiving a booster dose to protect against the spread of new virus strains.

“Things are similar in Cambodia – our current Covid situation is far better compared to that in neighbouring country Thailand. And hence I maintain that PPAP’s business shall remain positive,” she said.

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