Cambodia’s only deep-water port operator – Sihanoukville Autonomous Port – is looking to a renewed 2021 after posting more than a 4,000% increase in first-quarter net profit as well as announcing the Electronic Data Interchange system will go live this year.
The company’s Q1, 2021 report stated total revenue had increased to $20.03 million up 13.36% compared to its corresponding quarter last year while operating profit increased to $3.67 million up 63.89% and net profit increased to $9.06 million up 4,386% from only $200,000 in Q1 2020.
This was reportedly due to the increase in container cargoes and general cargo throughput, and the increase of unrealized foreign exchange gain in Japanese Yen compared to Q1, 2020.
The company is also looking to streamline its services through the EDI system which aims to ramp up inventory and logistics control and boost exports. EDI enables a digital exchange of business documents and data in a standardized electronic format between trading partners.
The signature project has been in the pipeline since 2019 and in conjunction with International Cooperation Agency to provide grant aid of up to 1.340 billion yen ($12.3 million) for the project.
Under this project, a computerized system will be constructed in both the Sihanoukville and Phnom Penh ports to streamline import and export procedures, including applications and notifications at vessel arrival and departure.
JICA expects that the project will streamline the import and export procedures of Cambodia while bringing them into line with international standards, and modernize port administration.
The introduction of the port EDI system is also expected to contribute to the creation of a “Single Window” in Cambodia as part of the ASEAN Single Window framework for streamlining import and export procedures at ports.
According to official documents, the Company has two substantial shareholders (5% or more), the Ministry of Economy and Finance (75%) and the Japanese multinational KAMIGUMI CO., LTD (13%).
PAS is currently the sole international and commercial deep-sea port in Cambodia. Its shares are currently trading at KHR 14,580 a share down from their peak of more than KHR 23,000 a share in late 2019 (before the COVID 19 pandemic).