PPAP reports revenues of over $30M in Jan-Sep
PPAP reports revenues of over $30M in Jan-Sep
River-port operator Phnom Penh Autonomous Port (PPAP) reported revenues from business activities of more than $30 million for the first nine months of this year, marking a 21 per cent year-on-year jump, despite regional and global economic uncertainty stemming from prolonged Covid-related slowdowns and the Ukraine crisis.
These numbers are according to an unaudited financial report filed by the local public-listed state-owned enterprise to the Cambodia Securities Exchange (CSX) on October 12.
Broken down by category, port operations accounted for the most, exceeding $25 million (up 26 per cent year-on-year), followed by administrative operations (over $3.19 million; up 20 per cent) and other services ($212,287; down 13 per cent), while other sources represented nearly $1.9 million, down 13 per cent.
PPAP said the number of cargo vessels handled at its facilities in the January-September period soared by 57.28 per cent year-on-year to 2,743, as oil, gas and cargo throughput rose by 5.23 per cent topping three million tonnes and container throughput increased by 28.33 per cent to 329,043 TEUs (twenty-foot equivalent units).
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.
PPAP also noted that 16 passenger boats carrying 868 people docked at its facilities over the period, up from zero in the same time last year.
Highlighting the figures reported for port and administrative operations, CSX director for market operations Kim Sophanita remarked that PPAP’s performance in the first nine months of this year had been “strong”.
She added that the 57 per cent and 28 per cent year-on-year rises in cargo vessels and container throughput, respectively, “while war in Ukraine raises global shipping costs and stifles trade … proves that PPAP has well managed its business operations so far in 2022”.
The port operator plans to expand the number of satellite river terminals under its purview to seven, to ensure greater accessibility for customers, and reduce costs and wasted time.
Although Minister of Public Works and Transport Sun Chanthol indicated in late April that all seven would be in operation by November, work on the terminals appears to have been hit by delays. No updates were immediately available.
These include the LM17 container terminal on the Mekong River in Kandal Loeu village, Banteay Dek commune of southeastern Kandal province’s Kien Svay district; and the TS11 multi-purpose port terminal on the Tonle Sap River in northern Phnom Penh.
Also known as Kilometre 6 Terminal, the TS11 is expected to significantly reduce the times and costs associated with shipping and receiving goods to and from Cambodia’s provinces.
The other five are Prek Anhchanh and Prek Kdam ports in Kandal province just north of the capital; Tonle Bet Port in Kampong Cham; Chhlong Port in Kratie; and Kampong Chhnang Port in the namesake province.
In March, PPAP director-general Hei Bavy commented that high coronavirus vaccination rates in the region and further afield have developed a meaningful degree of herd immunity, easing the impact of Covid-19 and prompting countries to more widely resume economic activity. This, he claimed, would translate to increased container throughput at port terminals.
