Logo of Phnom Penh Post newspaper Phnom Penh Post - S’ville port reports revenue up 16% in Q2, profits drop

S’ville port reports revenue up 16% in Q2, profits drop

Content image - Phnom Penh Post
Cambodia Stock Exchange-listed Sihanoukville Autonomous Port saw a 16.55 per cent year-on-year increase in revenue during the second quarter of this year. Heng Chivoan

S’ville port reports revenue up 16% in Q2, profits drop

Cambodia Stock Exchange- (CSX-) listed Sihanoukville Autonomous Port (PAS) saw a 16.55 per cent year-on-year increase in revenue during the second quarter of this year, according to an unaudited report filed on the exchange.

In the second quarter of this year, the port earned $20.42 million, up from $17.52 million in the second quarter of last year, the report said. However, net profit fell 93.98 per cent year-on-year from $4.72 million in the second quarter of last year to $283,655.

The year-on-year drop in profit is explained by massive expenditure on ongoing upgrades being made to the port.

PAS chairman and CEO Lou Kim Chhun told The Post on Wednesday that the volume of goods through the port steadily increased in the second quarter, with container throughput increasing by about 22 per cent year-on-year by weight and 15.5 per cent year-on-year by volume.

“I expect that Sihanoukville’s port will continue to improve, as currently we are also looking to expand the container terminal and equip more machinery to respond to this situation,” he said.

Kim Chhun said the port is currently facing congestion following recent flooding in the coastal city.

“Container storage at the port, which normally lasts five days, has now gone up to eight days, leaving the port filled with containers,” he said.

While the PAS currently has a water depth of 11.5m and a length of 450m, Kim Chhun said the port is slated to expand another 14.5m in water depth and 350m in length. Construction will begin by the end of next year and is scheduled to be finished by mid-2024.

“This expansion will make Cambodia’s competitiveness and maritime shipping capabilities more exceptional and transport costs will be brought down,” he said.

PAS shares on the CSX closed at 14,800 riel ($3.63) on Wednesday, down 100 riel from Tuesday.

MOST VIEWED

  • Research key to Kanitha’s rep for expertise

    Sok Kanitha is used to weighing in on controversial issues using a confident approach that signals expertise and authority, and a recent video she made was no exception. Her “Episode 342: The History of NATO” video went live on January 16, 2023 and immediately shot to 30,000 likes and 3,500

  • Cambodia maintains 'Kun Khmer' stance despite Thailand’s boycott threat

    Cambodia has taken the position that it will use the term "Kun Khmer" to refer to the sport of kickboxing at the upcoming Southeast Asian (SEA) Games, and has removed the term Muay from all references to the sport. Despite strong reactions from the Thai

  • Knockout! Kun Khmer replaces ‘Muay’ for Phnom Penh Games

    Cambodia has decided to officially remove the word Muay from the programme of the 32nd Southeast Asian (SEA) Games 2023 in May. “Kun Khmer” will instead be used to represent the Southeast Asian sport of kickboxing, in accordance with the wishes of the Cambodian people. Vath

  • Artificial insemination takes herd from 7 to 700

    Some farms breed local cows or even import bulls from a broad for the purpose of breeding heavier livestock for meat production. One Tbong Khnum farmer has found a more efficient way. Hout Leang employs artificial insemination to fertilise local cows. Thanks to imported “straws”

  • New int’l airport nearly half complete as travel industry returns to life

    Construction of a new airport that is slated to serve the capital has passed the 43 per cent completion mark, raising prospects for a proper recovery in the civil aviation and tourism sectors as international travellers return to the Kingdom in increasingly large numbers. The figure

  • Chinese group tours return to Cambodia starting Feb 6

    Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban. As the days tick down until the programme kicks off on February 6,