PPAP’s FY’22 $15m Net Profit Surpasses Target

Although state-owned Phnom Penh Autonomous Port’s fourth quarter net profit dipped marginally, full year net earnings rose nearly two percent above its target for the fiscal year
Phnom Penh Autonomous Port (PPAP). Kiripost/Siv Channa
Phnom Penh Autonomous Port (PPAP). Kiripost/Siv Channa

Higher taxes and general and administrative expenses resulted in lower net profit for Phnom Penh Autonomous Port’s (PPAP) fourth quarter ended December 31, 2022. It dipped 4.3 percent year-on-year to 12.5 billion riel ($3.1 million) from 13.1 billion riel.

According to its filing with Cambodia Securities Exchange, increased general and administrative expenses were evident in areas such as repairs and maintenance, business entertainments and travelling expenses.

Quarterly revenue rose marginally to 32.9 billion riel (about $8 million) from 32.3 billion riel in the corresponding period last year, nearly 85 percent of that represented by port operations.

Meanwhile, net profit for the full year ended December 31, 2022 (FY22) rose 14.4 percent to 59.1 billion riel ($14.5 million), which was 1.6 percent more than its target for 2022, compared to 51.7 billion riel ($12.7 million) in FY21.

Revenue came in at 148.8 billion riel ($36.4 million) for the year, up 18.8 percent from 125.2 billion riel in 2021.

In FY22, container throughput rose 19.7 percent to 417,696 TEUS (20-foot tonnes equivalent) as the port handled 4.04 million tonnes of containers, general and oil cargoes compared to 3.9 million tonnes last year.

Port chairman and CEO Hei Bavy noted that the improved performance for FY22 is due to its focus on providing port operation service efficiently and transparently, while responding confidently to customer needs.

“All the mechanisms were utilised to strengthen service quality, expand storage capacity, infrastructure development, conduct topo hydrographic work, and install new machineries and facilities,” he added.

The counter closed unchanged at 15,500 riel for a full market capitalisation of 1.8 trillion riel ($437.7 million).