Phnom Penh Autonomous Port (PPAP) is celebrating a bumper season as it reports $19 million unaudited revenue in first half of 2022, driven by a rise in agricultural and garment exports.
In its announcement to Cambodia Securities Exchange (CSX), PPAP reported $19,767,304 revenue during first half of 2022. This marks a 29 percent year-on-year (YOY) increase.
PPAP also reported its unaudited revenue for Q2 2022 of $10,269,059. This is a YOY leap of 43 percent. Unaudited revenue for June was $3,598,069 - a YOY hike of 28 percent.
Hei Bavy, PPAP director, said the increase in revenue is due to rising exports of agricultural products and garments. These sectors enjoyed a YOY jump of about 42 percent during the first six months of 2022.
“The increase, first, is because of the exports of our agricultural products - banana, mango, rubber and cashew nuts - but what's most important among all is the garments because they export a lot,” Bavy told Kiripost on Wednesday.
The import of construction materials have only slightly decreased, Bavy said.
PPAP recorded $12 million net profits in 2021 - its highest in years. It predicted, as rice and garment exports continue to grow, 2022 will be another profitable year.