Cambodia: Sihanoukville Autonomous Port Q4 net surges to $5.9 million

Sihanoukville Autonomous Port (PAS) recorded a net profit of $5.9 million for the fourth quarter in 2021 due to an increase in container throughput and foreign exchange gains.

PAS has also posted a 4.21 percent increase in revenue at more than $21 million in the fourth quarter, as against revenue of $864,729 for the same quarter in 2020.

The company reported a net profit of $5.9 million, as compared to net profit after tax of $3.3 million for the corresponding quarter in the previous year. The company’s earnings per share were 285.72 Riels for the quarter.

The quantity of PAS’s container throughput rose 5.30 per cent to 9,350 TEUs equivalent in the fourth quarter, as against the container throughput for the same quarter in 2020.

However, the gross cargoes throughput dropped 1.65 per cent to 29,229 tonnes, the company said.

Among the gross cargoes throughput, the container in tonnes rose 1.35 per cent to 17,229 tonnes, while general cargoes fell 38.11 per cent to 32,442 tonnes. The fuels & gas reported a 3.44 per cent drop to 14,016 tonnes, while PAS’s calling vessel decreased 4.02 per cent to 16 vessels. The gross tonnages also posted a decrease of 18.27 per cent to 688,078 tonnes in the fourth quarter this year, as against the figures for the corresponding period in 2020.

PAS’s Chairman and CEO, Lou Kim Chhun, attributed the result in fourth quarter to the increase in container throughputs and the rise in unrealised foreign exchange gain (Japanese Yen).

PAS said it will continue its efforts for developing its business and service operations to achieve good benefits for its shareholders. PAS has strengthened the work efficiency and built additional infrastructure to meet the increasing demand of customers and the growing economy. Besides, the multi-purpose terminal is designed to contribute and promote such important fields as agriculture, agro-industry, industry, trade, and especially in order to support the export of such Cambodian agricultural products as rice, dry tapioca, and bulk cargo in response to the Royal Government’s market expansion strategy for rice export as well as the provision of logistic services for oil exploration within Cambodia’s sea territory. In addition, the multi-purpose terminal is also designed to import coal to be used for the generation of electricity and cement production. PAS is also in the process of its New Container Terminal Project which is still under architectural detail designs. This new container terminal will be able to accommodate vessels with gross tonnage of 60,000 tonnes or container vessels with 5,000 TEUs which are the Post Panamax vessels.

According to Kim Chhun, the board of directors has also approved a request to purchase a 650,000sqm plot of land for development as a container depot (ICD) and other infrastructure at Keo Phos Commune, Stung Hav District, Preah Sihanouk Province. The cost of the land is $15/sqm.