Cambodia’s only deep-water port operator and publicly traded Sihanoukville Autonomous Port (CSX:PAS) has posted an annual after tax annual profit of $93.7 million citing increased container throughput and unrealized foreign exchange gains.
The strong results come after the company’s net profit fell in 2020 to $26.6 million with the company was severely impacted by the COVID 19 pandemic. PAS stock is currently trading at KHR 13,620 a share rising KHR 100 or 0.73% yesterday after the fourth quarterly review was released.
Last year, PAS announced shareholders had approved a KHR 403 a share for its 2019 annual dividend, (8% of its KHR 5,040 a share in its 2017 IPO). 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%).
Strong potential for growth
Cambodia Investment Review had previously reported on the company’s strong potential as it looks to continue increasing container throughput and streamline its services installing its Electronic Data Exchange system.
According to the company, the 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.