The Phnom Penh Autonomous Port (PPAP) in Kandal province. Heng Chivoan
Phnom Penh Autonomous Port (PPAP), a listed state-owned river quay, reported a decline in revenue for the first nine months of 2023, a decrease attributed to unfavorable global economic conditions, largely exacerbated by the prolonged Russia-Ukraine conflict, which has adversely impacted global demand.
According to its filing with the Cambodia Securities Exchange (CSX) on October 16, the port operator witnessed a 7% drop in revenue during the January-September period. Earnings stood at slightly over $26.44 million, down from more than $28.457 million in the same period last year.
Revenue from operations amounted to over $22.4 million, marking an 11% decrease. Port Authority revenue reached more than $3.481 million, reflecting a 9% increase, while revenue from other services surged to $551,663, an increase of over 160%.
Kim Sophanita, director of the CSX Market Operations Department, said the port operation’s slow growth is a short-term issue and won’t harm its overall operations.
“I see it as a short-term decline in income only; investors should monitor the overall performance. Furthermore, the company should also present its plans and expectations for the next quarter … which will likely result in improved performance,” she told The Post.
In a January 16 filing, AAPA reported handling 3,152,713 tonnes of cargo and gas fuel, an increase of 2.75% over the corresponding period last year.
The number of cargo vessels also increased, by 19.5% to 3,278 vessels, and passenger boats witnessed a significant rise, reaching 342 compared to 16, a growth of 2,037%. Container throughput saw a decrease of 7.3% to 305,039 twenty-foot equivalent units (TEUs) from 329,043 TEUs, while passenger numbers soared to 14,282 compared to 868 over the same period last year, marking an astonishing 1,545% increase.
In the first 11 months of 2022, the company reported revenues from business activities exceeding $37 million, representing a year-on-year increase of 22 per cent.
For reference, in 2021 PPAP posted net profits of $12.7 million, a notable 29% increase over the previous year. Container throughput also saw substantial growth of nearly 20%, reaching 348,898 TEUs over the 290,857 recorded in 2020, itself a 3.49% increase from 2019.
