New terminal spurs PAS port expansion
THE state-run, listed deep-sea Sihanoukville Autonomous Port (PAS) reported gradual growth in the third quarter of 2023, despite the slowdown of the regional and global economy, which stemmed from the ongoing impact of geopolitical tension.
According to its filing with the Cambodia Securities Exchange (CSX) on November 24, the company revealed its business activities with solid government support. In the third quarter of 2023, the port’s total revenue was 94.877 billion riel ($23.02 million), an increase of 11.47%, and net profit reached 21.997 billion riel ($5.336 million), an increase of 8.71% compared to the same period in 2022.
For the nine-month period ending September 30, total revenue reached 264.568 billion riel ($64.18 million), a decrease of 0.81%, while net profit was nearly 118 billion riel ($28.63 million), an increase of 20.14% compared to the same period in 2022.
The improvement in business performance during this period was due to the increase in container cargoes and cargo throughput. Container turnover amounted to 207,907 TEUs (20-foot equivalent units), an increase of 16,479 TEUs or 8.61% compared to the third quarter of 2022.
The company’s earnings per share were 256.47 riel ($0.062) in the third quarter of 2023.
Total assets stood at 1.509 trillion riel ($366.4 million), an increase of 5.81%, and total equity was more than 968 billion riel ($235.02 million), an increase of 12.06%, as of September 30.
PAS chairman Lou Kim
Chhun stated that the port would continue its efforts to improve its business and service operations for the benefit of their shareholders.
“PAS has strengthened work efficiency and built additional infrastructure to meet the increasing demand of customers and the growing economy. With the increasing volumes of cargoes and container throughput, PAS has renovated the new wharf (constructed in 1969 with 350m in length) to become an additional container terminal with 253m in length, which currently has only two terminals,” he stated in the filing.
He noted that the port has been implementing the construction of a new container terminal (Phase 1) with a length of 350m and a depth of 14.5m, including the installation of three quay cranes (QCs), nine rubber-tyred gantry cranes (RTGs), two empty reach stackers and 16 container trucks, as well as one automated container terminal management system.
“The new container terminal will allow larger … vessels in the region to call at PAS, which will solve the [current] water depth constraints of the port. Also, the Ocean Freight Cost [OFC) would be comparable to neighbouring countries and the region, which will contribute to trade facilitation and the development of the Cambodian socio-economy,” he stated.
Kim Chhun added that the project is expected to be completed by mid-2025 and container handling capacity will reach 1.15 million TEUs per year when the new container terminal is launched for operation.