PPAP logs double-digit rise in throughput for full year 2021
PPAP logs double-digit rise in throughput for full year 2021
Local publicly-listed river port operator Phnom Penh Autonomous Port (PPAP) reported a sound business performance for the full year 2021 despite a tough time with Covid-19.
In a preliminary financial report filed to the Cambodia Securities Exchange (CSX) on December 20, the state-owned enterprise (SOE) posted a 13.41 per cent increase in cargo and fuel oil throughput and a sharp 18 per cent rise in container throughput.
It also noted the total lack in movement of passengers through the port over the year.
CSX Market Operations Department director Kim Sophanita told The Post on December 20 that PPAP managed a considerable estimated increase in net profit for 2021, which the firm attributes to strong business performance in terms of containers and overall cargo, despite the absence of passenger services during the year.
“It’s good for the company’s stock price, as investors will remain positive on the company’s business and financial position.
“2021 was the year of disruption for global supply chain and logistics, but I think Cambodia was less affected. Even though there were some travel and business restrictions, our port industry performance remained strong, due the fact that Cambodia was among a few countries in the world that managed the Covid situation well,” she said.
Last week, PPAP reported an unaudited revenue of $30,390,172 for the first 11 months of 2021, a 13.999 per cent year-on-year uptick from $26,658,211 in 2020.
The SOE broke these down as “port operation” ($24,377,683, up 16 per cent year-on-year), “port authority” ($3,233,072, down three per cent), “other services” ($307,541, up 89 per cent) and “other income” ($2,471,876, up 12 per cent).
In 2020, PPAP reported an unaudited revenue of $29.48 million, down six per cent from $31.31 million in 2019, which director-general Hei Bavy blamed primarily on Covid and its impact on goods transport and other services.
