Sihanoukville Autonomous Port’s (PAS) net profit doubled to 66 billion riel ($16.1 million) in the first quarter ended March 31, 2023 (Q1’23), from 33.04 billion a year ago on the back of net gains from the sale of land.

Located in Koki Village, Bit Trang commune in Prey Nob district, the 130 hectare-land was sold for $26 million, with disposal gains amounting to 84.8 billion riel ($20.6 million).

Quarterly revenue fell 14.1 percent to 77.6 billion riel ($18.9 million), from 90.4 billion riel in Q1’22 as a result of reduced container, cargoes and general throughput during the period, its delayed filing with Cambodia Securities Exchange (CSX) showed.

Meanwhile, PAS stated that significant revenues for the country’s only deepwater port is derived from its external customers.

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“Revenue of 27.3 billion riel ($6.6 million) was generated from PAS’ major customers, each contributing at least 10 percent to the total reportable segment revenues for the three-month period ended March 31, 2023,” PAS said.

It added that the port services segment is mainly dependent on the “level of import and export cargo throughputs”, which are “directly influenced by the end customers’ demand for goods”.

Due to the seasonal nature of this segment, higher revenues are usually expected in the second half of the year.

“Higher sales from July to November are mainly attributed to the increased level of cargo throughputs due to the demands and the spending behaviour of end customers during the holiday season,” PAS said.

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In mid May, the state-owned entity mentioned that it borrowed 1.3 trillion riel ($331.3 million) with a 10-year payback period to fund the expansion of the port, by building a new container terminal measuring 400 metres with a depth of 16.5 metres.

The construction, beginning in 2025, will enhance PAS’ container handling capacity and reduce time and logistics cost, ensuring quality services, sustainability of import and export activities, competitiveness and non-congestion in the future.

It will also develop facilities to allow larger container vessels from Asia Pacific, Europe and the US with storage capacity of 10,000 TEUs (twenty-foot equivalent unit) or 120,000 DWT (deadweight tonnage) to dock in Cambodia.

Its share price closed 0.15 percent lower at 13,360 riel, giving it a full market capitalisation of 1.1 trillion riel ($278.8 million).