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Sihanoukville Autonomous Port posts $8.1M in Q1’22 net profit

Harrison White

Sihanoukville Autonomous Port (CSX:PAS) has posted an after-tax profit of $8.14 million, down 10% from $9.06 million over the same period last year as the country’s only deep sea port prepares for increased traffic.

The publicly traded but majority government-owned posted an annual net profit of $93.7 million citing increased container throughput and unrealized foreign exchange gains. To read more about the company’s 2021 annual report click here.

PAS stock is one of the local stock markets best performing currently trading at KHR 14,260 a share up from the company’s IPO price of KHR 5,100 in 2017 with a price-to-earnings ratio of 13.05.

Revenue increases 11% in Q1’22 year-on-year

In the company’s quarterly report to market PAS Chairman Lou Kimchhun commented that with the solid support of the Royal Government as well as the two Ministries in Charge, PAS has continued an immense evolution to serve its business activities with an earned revenue of $22.27 million and a net profit of $8.14 million in this 1st quarter 2022.

The revenue increased by $2.24 million equal to 11% compared to the same period of 2021, while the net profit after tax decreased by $927,351 equal to 10%.

“This was the result of increasing in Container cargoes and general cargoes throughput, yet the decreased of Unrealized foreign exchange gain (Japanese Yen) which lead to decrease in net profit after tax compared to 1st quarter 2021,” he said.

“As a result, PAS’s earnings per share is 385.23 Riels in this 1st quarter 2022. By the way, the container throughputs amounted to 198,182 TEUs, an increase of 27,812 TEUs equal to 16.32% compared to 1st quarter 2021,” he added.

Increasing container traffic

In the first quarter, Chinese containers made up 61% of imported containers and the USA for 40% of exported containers with loading and unloading containers accounting for the majority of quarterly revenue. The company is expecting container traffic to increase in the coming years in response investing in both an increased capacity as well as new technology to facilitate.

“PAS is going to continue its efforts for the betterment of business and service operation and to achieve the highest 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,” PAS Chairman Lou Kimchhun said.

“With increasing the volumes of cargoes and containers throughput, PAS has renovated of the new wharf (Constructed in 1969, 350m in length) to become additional container terminal with 243m in length, which currently has only two terminals,” he added.

Sihanoukville Autonomous Port which is the sole international deep seaport of the Kingdom of Cambodia is performing its business operation on a land area of approximately 125 hectares.

Situated along the coastal line of the Kingdom of Cambodia, in the Gulf of Thailand, PAS enjoys a favorable natural condition that contributes smoothly to the year-round business operation with calm seawater and no tidal storms.

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