PPAP revenue jumps 14% in first 11 months
PPAP revenue jumps 14% in first 11 months
Local publicly-listed river port operator Phnom Penh Autonomous Port (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 state-owned enterprise 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).
From January-November, accumulated container throughput was 315,692 twenty-foot equivalent units (TEU), a 19.39 per cent year-on-year surge from 264,424 TEUs.
A TEU is an inexact unit of cargo capacity used in the shipping industry roughly equivalent to a container with internal dimensions measuring about 20 feet long, eight feet wide and 8.5 feet tall, or a volume roughly 38.5 cubic metres.
Last month alone, PPAP logged $2,765,609 in total revenue, up by 19 per cent over November 2020, and container throughput of 26,844 TEUs, surging by 19.33 per cent year-on-year.
Cambodia Logistics Association (CLA) president Sin Chanthy told The Post on December 12 that international water transport has faced many Covid-related challenges such as high shipping costs and a container shortage, especially to further destinations.
He emphasised, however, that the sector has been gradually recovering, especially in the last four or five months, and that PPAP and Sihanoukville Autonomous Port (PAS) are recording accelerating throughput.
In particular, agricultural commodities passing through PPAP to international markets – regional countries above all – have achieved remarkable growth, he said.
“This not only helps the port earn more revenue, but could also help make Cambodia’s economic activities more vibrant and robust,” Chanthy said, predicting that revenue will pick up pace as production in all Cambodian economic sectors moves on a positive track.
Hong Vanak, director of International Economics at the Royal Academy of Cambodia, remarked that PPAP accounts for a significant chunk of goods exports to neighbouring countries, especially agricultural produce, even though the scale of its shipping operations pale in comparison to PAS.
He believes that the river port operator will see greater growth on multiple fronts following the government’s announcement of the Kingdom’s reopening in all sectors.
“The growth in revenue and container throughput confirms the strength of the transport sector as well as the Cambodian economy,” Vanak said.
PPAP earlier reported an unaudited revenue of $29.48 million for 2020, 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.
