Public-listed Phnom Penh Autonomous Port’s (PPAP) revenue for the first quarter ended March 31, rose 17 per cent year-on-year to nearly $10 million, reflecting a recovery of local and global economic activity.
According to a filing in Cambodia Securities Exchange, PPAP said revenue came in at $9.5 million in the first quarter of this year, up 17.0 per cent from $8.1 million last year.
It said more than 1.3 million tonnes of goods and fuel was transported through the river port from January to April, which was an increase of 4.2 per cent from the corresponding period last year.
In the first four months of this year, 1,688 cargo ships – a growth of 120 per cent year-on-year – carrying a total volume of 135,582 TEUs (twenty-foot equivalent units) or 38.3 per cent more than last year, called on the port.
At the PPAP’s seventh shareholders’ general assembly on May 10, director-general Hei Bavy said the work plan for 2022 is a priority for continuous implementation for the port infrastructure.
This includes the continued expansion of the LM17 container terminal in eastern Kandal province’s Kien Svay district in Phase II Step 3 over 2022-2023 to expand the container storage capacity to 500,000 TEU per year, he said.
PPAP has planned to develop seven satellite terminals along the river to ensure greater access to customers and reduce costs and time.
Apart from LM17, the other terminals comprise TS11 in northern Phnom Penh, Prek Anhchanh and Prek Kdam ports in Kandal province, Tonle Bet Port in Kampong Cham, Chhlong Port in Kratie and Kampong Chhnang Port in the namesake province.
Last month, Minister of Public Works and Transport Sun Chanthol said the TS11 multi-purpose port terminal – also known as the Kilometre 6 Terminal – on the Tonle Sap River was 85 per cent complete and on track to be ready by July 1, with the completion of the other five terminals expected by November.
Meanwhile, Bavy said PPAP is a public enterprise with the duty to operate port services and is always at the forefront of waterway transport.
“This is through the provision of fast and efficient services, competitive pricing and by moving its services closer to consumers,” he added.
According to Logistics Business Association (LOBA) president Chea Chandara, port activities in the beginning of 2022 were vibrant compared to the lockdown months in the corresponding months in 2021.
In the first quarter of this year, garment and textile-related manufacturing, and other business sectors resumed, which pushed up cargo movements, causing the waterways to be busy again.
“Earlier this year, although shipping prices were up, it has come down a bit now. In terms of transportation, it has been observed that the import of goods from China has been slow due to the resurgence of Covid-19 cases,” he said.
Last year, PPAP recorded 20 per cent more container throughput at 34,8898 TEUs from 2020 while profit in 2021 stood at $12.7 billion, a 29 per cent surge compared to 2020.