Phnom Penh Autonomous Port (PPAP) has smashed records, announcing an estimated profit of $12 million in 2021 driven by a rise in garment and rice exports.
In an announcement to Cambodian Securities Exchange (CSX) on December 16, which was released to the public on Monday, PPAP said the 2021 net profit will be $12,468,101, with an increase of cargo and gas-fuel coming through the port, a rise of 13.41 percent compared to 2020.
The announcement added the estimated unaudited total revenue will be $33,706,947, with total expenses of $18,623,139. It also predicted further growth in 2022.
CSX’s Market Operations Director Kim Sopha Nita said on Monday despite the estimate of revenue from passengers dropping to zero, PPAP was able to achieve a considerable increase in net profit in 2021. This was the result of strong business operations from cargo and containers.
“It’s good for the company’s stock price as investors will remain positive on the company’s business and financial position,” she said.
PPAP’s director Hei Bavy said on Monday that the positive estimate is due to a rise in garment and agricultural exports.
“Garments and agricultural products, such as rice and banana, exports have increased,” he said. However, he added that imports of construction materials have decreased. “Other products are still the same, especially the import of raw materials for garment factories, so this means our service hasn’t slowed down but increased.”
He said the net profit for 2019 was $11 million and 2020 was almost $10 million.
“For 2022, according to estimates, there will be growth between 10 to 15 percent,” he said. He added this growth will be driven by a further switch from land to river transport.
“We will increase our services to users,” he said. “As you may be aware, the senior minister of public works and transport has advised to create satellite docks along rivers to transport all goods via waters, switching from roads…this will increase to our port.”