Twice-delayed PPAP’s Q3 Results Reveal Strong Earnings

State-owned Phnom Penh Autonomous Port’s third quarter net profit gained 11 percent growth as revenue surged due to increased port operations
Phnom Penh Autonomous Port (PPAP), December 19, 2022. Kiripost/Siv Channa
Phnom Penh Autonomous Port (PPAP), December 19, 2022. Kiripost/Siv Channa

Nearly two months after the end of the reporting period, Phnom Penh Autonomous Port (PPAP) has revealed that net profits for the third quarter ended September 30 rose 10.9 percent year-on-year to $4.4 million from $3.9 million.

Rise in revenue from port operation and port authority, such as stevedoring, lift on lift off (LOLO) and port dues and charges, pushed up overall revenue by 8.5 percent to $9.8 million compared to $9.06 million in the same period last year.

Port operations represented nearly 90 percent of total revenue for the fiscal quarter, with stevedoring and LOLO activities making up a chunk of it, its filing with Cambodia Securities Exchange (CSX) on December 16 showed.

According to PPAP CEO Hei Bavy, its achievement is the result of the transparent and efficient services it provides, having responded confidently to customers’ needs.

“PPAP utilised all the mechanisms by strengthening the service quality, expanding storage capacity, infrastructure development, topo-hydrographic survey, and installing the new machinery and facilities,” he added.

Net profit for the cumulative nine months period ended September 30 rose 20.5 percent to $11.4 million from $9.5 million last year.

The port said net profit for the nine-month period has met 80.1 percent of PPAP’s target of 58.2 billion riel (approximately $14.1 million) for the financial year ending December 30.

In that time, revenue climbed 24.5 percent to $28.5 million from $22.9 million in the corresponding period in 2021.

A separate filing with CSX last week stated that PPAP’s revenue for the cumulative 11 months ended November 30 was $37.1 million compared to $30.4 million a year ago.

It said port operations, valued at $29.2 million, had grown 20 percent year-on-year, as container throughput gained 21.4 percent at 383,261 TEUs (twenty-foot equivalent units).

Between January and November, PPAP handled 3.6 million tonnes of cargoes and fuels, about four percent higher than the corresponding period last year, while 3,271 cargo ships called at the port, up 54.7 percent from 2,114 ships in 2021.

The stock closed unchanged at 14,000 riel, with 80 shares transacted for a full market capitalization of 1.6 trillion riel (approximately $390 million).