PPAP revenue increases 11.7%, profit dips 7.18%
PPAP revenue increases 11.7%, profit dips 7.18%
Public-listed Phnom Penh Autonomous Port (PPAP) netted a revenue of $18.32 million in the first half of 2024, a rise of 11.7 percent, compared to the same period last year, according to the latest report it filed with the Cambodia Securities Exchange (CSX).
The second largest port in the country also declared a net profit of $4.39 million, a decline of 7.18 percent, compared to the first six months in 2023, said the report.
For the second quarter (April to June) of 2024, the port earned a total revenue of $10.25 million, an increase of $1.46 million or 15.93 percent compared to the second quarter of 2023.
The net profit in the second quarter of 2024 was $2.87 million, increased by $110,821 or 3.40 percent, compared to the second quarter of 2023.
For the six months of 2024, the total revenue of $18.32 million achieved a target of 45.14 percent set for the year and a net profit of $4.39 million, a target of 35.17 percent for the year.
The company’s earnings per share for the second quarter stood at 566.59 riels or $0.14, according to the report filed with CSX.
According to Hei Bavy, Chairman and CEO of PPAP, the achievements were the result of the company paying attention to providing the service of the port with transparency, efficiency and also by addressing the needs of customers.
In fact, PPAP has utilized all the mechanisms by strengthening the service quality, expanding storage capacity, infrastructure development and installing new machinery and facilities, he noted in a message with the report.
The container throughput of PPAP in the second quarter of 2024 has increased by 11,705 TEUs to 111,461 TEUs or 11.73 percent compared to the second quarter of 2023.
For vessels, the second quarter of 2024 showed an increase of 528 units or 56.05 percent compared to the second quarter of 2023. However, ship services (voyages) in the second quarter of 2024 decreased by 26 voyages or 8.41 percent compared to the second quarter in 2023.
General cargo in the second quarter of 2024 has also increased by 63,681 tonnes or 28.74 percent compared to the second quarter of 2023.
This revenue increase was mainly contributed by the increase of container throughput and the number of vessels. This showed the growth in the construction industry and other commercial industries such as textiles, apparel and footwear manufacturing industry, the report said.
Moreover, the opening of Cap Mei port in Vietnam also contributed to the increase of container throughput from our terminals as it provides a more direct and faster route to East Pacific countries and the US.
International passenger and tourist cruises via Cambodia-Vietnam in Q2, 2024, were recorded at 283 voyages, a decrease of 8.41 percent compared to Q2, 2023 (309 Voyages). For Q2, 2024, PPAP has accomplished 57.59 percent of the target for 2024 in this category.
According to the port, 6,849 passengers were transported in the Cambodia-Vietnam sector through the port in Q2, 2024, an increase of 15.01 percent compared to Q2, 2023 (5,955 passengers). PPAP has accomplished 80.88 percent of the target for the year in this category.
