PPAP logs double-digit gains in revenue, gross profit for H1
STATE-OWNED stocklisted 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 Jongweon 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.