Logo of Phnom Penh Post newspaper Phnom Penh Post - PPAP logs double-digit gains in revenue, gross profit for H1

PPAP logs double-digit gains in revenue, gross profit for H1

Content image - Phnom Penh Post
PPAP logged $12.867 million in revenue in the first half, a 10 per cent gain from $11.692 million in the same period last year. Heng Chivoan

PPAP logs double-digit gains in revenue, gross profit for H1

State-owned stock-listed river port operator Phnom Penh Autonomous Port (PPAP) reported sound business performance in the first half of this year despite Covid-19’s impact on commercial and trade activities regionally and internationally.

In its filing to the Cambodia Securities Exchange (CSX) on Friday, PPAP logged $12.867 million in revenue in the first half, a 10 per cent gain from $11.692 million in the same period last year.

It also recorded a 14 per cent growth in gross profit from $7.801 million to $8.903 million during the period.

PPAP director-general Hei Bavy said in June that despite the sweeping effects of the pandemic on the regional and global economies, the port operator has doubled down on its commitment to enhance its business performance by reducing expenses and postponing non-urgent investment.

He said: “In the face of the current situation, with the Covid-19 crisis still gripping Cambodia and large parts of the world, PPAP remains constant in its goal to minimise the impact to our business.

“We recently launched some measures in response, including adjustments to our 2020 business plan, cutting down on unnecessary expenses, holding off on investments that are not currently essential and focus mainly on important projects to shore up growth.”

CSX vice-chairman Ha Jong-weon told The Post on Sunday that PPAP’s first half growth reflects improved business performance due to an uptick in the level of import and export activity notwithstanding Covid-19.

He said: “I am personally optimistic that PPAP’s business will continue to grow further amid the current situation due to the fact that there are still some travelling restrictions and Covid-19 is still spreading.

“But people need to earn a living and continue to do business. So, port activity remains important to boost economic activity.

“PPAP’s business will be even better in the next quarters and as a result its stock price will rise,” he said.

MOST VIEWED

  • Tensions high ahead of historic Kun Khmer match up

    The long-awaited November 5 matchup between Kun Khmer legend Prum Samnang and Myanmar-Canadian boxer Dave Leduc has become the most anticipated fight of the year. The Wurkz Sena Kun Khmer promotion, which will be held at the Town Arena at Chip Mong 271 Megamall, will see six

  • Manet: Cambodia safe for travel

    Prime Minister Hun Manet acknowledged that Cambodia and China have cooperated to tackle internet scamming, fraud and other cross border crimes, but insisted that the “Kingdom of Wonders” is completely peaceful and safe. He welcomed tourists to come and explore its rich heritage. During a

  • UNESCO formally list Battambang gastronomy

    Battambang, renowned for its cultural heritage, has achieved a significant milestone as the first Cambodian municipality to join the UNESCO Creative Cities Network (UCCN). The UCCN unites nearly 300 cities prioritising creativity and cultural industries in local development plans and international cooperation. On World Cities Day,

  • Cambodia pivots to solar, wind energy

    Cambodia is planning a move towards solar and wind energy to meet its rising power demands, according to Minister of Mines and Energy Keo Rottanak. On the sidelines of the Singapore International Energy Week event held recently, Rottanak emphasised the urgency of diversifying Cambodia’s

  • Angkor causeway symbol of Cambodia-Japan ties

    In a historic moment marking another milestone in the 70-year-long diplomatic relations between Cambodia and Japan, King Norodom Sihamoni celebrated the formal inauguration of a causeway located to the west of the world-renowned Angkor Wat. While presiding over the November 4 ceremony, the King emphasised the

  • Kep selected for ‘world-class’ 2.7km beach development

    Kep province has been selected as the first site of a new coastal development initiative, with a “world-class” 2.7km beach planned for the near future. The Kep Provincial Administration met with the National Committee for Coastal Management and Development to discuss the development of the