Logistics

Phnom Penh Port Reports Bumper $19m Revenue

A 42 percent rise in agricultural and garment exports in the first six months of 2022 have secured healthy revenue for Phnom Penh Autonomous Port as it smashes its 2021 profit record.
Motorists on Russian Boulevard in Phnom Penh, July 11, 2022. Kiripost/Meas Molika)
Motorists on Russian Boulevard in Phnom Penh, July 11, 2022. Kiripost/Meas Molika)

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.