The state-run, listed deep-sea port Sihanoukville Autonomous Port (PAS) reported slower growth in the second quarter of 2023 due to the slowdown of the regional and global economy stemming from the ongoing impact of the geopolitical tension.
According to its filing with the Cambodia Securities Exchange (CSX) on August 14, PAS revealed its business activities with the solid support of the government.
Its revenue grew 0.91 per cent or 833 million riel (over $200,000)to 92 billion riel from the year prior while net profit came in close to 30 billion riel in the second quarter of 2023, falling 33.3 per cent or 15 billion riel from the corresponding period in 2022.
Although container throughput rose12.8 per cent or 23,366 TEUs (20-foot equivalent units) to 205,307 TEUs in the period, net profit dropped due to a decrease in unrealised foreign exchange gain (Japanese yen).
As a result, PAS’ earnings per share was 349.27 riel in the second quarter of 2023.
PAS chairman Lou Kim Chhun said the port would continue its efforts to improve its business and service operation to achieve the best results for the benefit of their shareholders.
“PAS strengthened its efficiency and built additional infrastructure to meet the increasing demand of customers and the growing economy. With the rising volume of cargos and container throughput, PAS has renovated the new wharf (constructed in 1969, 350m in length) to become an additional container terminal with 253m in length, which currently has only two terminals,” he added.
The port plans to construct a new container terminal (Phase 1) measuring 350m in length with a depth of 14.5m, including the installation of three units of QCs, nine units of RTGs, two units of Empty Reach Stackers, 16 units of container trucks and one set of auto container terminal management system.
“The new container terminal would allow larger container vessels in the region to call at PAS, which would solve the water depth constraints for the port. Also, the ocean freight cost would be similar to neighbouring countries and the region. This would contribute to trade facilitation and the development of Cambodia’s socio-economy,” Kim Chhun shared.
He said the project is expected to be completed by mid-2025. The container handling capacity would reach 1.2 million TEUs within one year when the new container terminal is launched for operation in 2025.