Performance Highlights

2022 Review: A positive year with strong profitability

Container throughputs surge 20% YoY in 2022 despite the global supply chain disruption

• Container throughputs reached 417,412 TEUs in 2022, up 20% YoY. Imports of raw materials for garments represented 10% of total imports, rising 15% compared to 2021. Garment exports accounted for 74% of all exports, increasing 17.58% YoY, which contributed to the increase in container throughputs.


• Overall container shipments increased 15% from the same period in 2021 to 2,437,136 tons in 2022, mainly due to a 32% YoY rise in exports. On the other hand, the growth of cargo shipment was only 5% YoY. The total volume of shipment came to 4,025,965 tons, of which 817,233 tons (-9% YoY) were shipped as oil and gas cargo, and 771,596 tons (-8% YoY) were shipped as general cargo.


• The number of vessels increased significantly from 2,302 to 3,783 over the same period in 2022, a gain of 64.3%. The noticeable increase in the total number of vessels was mainly driven by the two-fold increase in the number of international vessels and barges. Notwithstanding the disruption to the global supply chain, international vessels made up 86.7% of all vessels, with oil vessels making up the remainder.

Top line grows 18.8% YoY, reaching the record high of KHR148.82bn in 2022

• In 2022, PPAP reported a record revenue of KHR148.82bn, up 18.8% YoY. The increase was attributable to the surge in container throughputs of 20% YoY and 15% YoY rise of total export and import. The two main sources of revenue, stevedoring and LOLO, accounted for 44% (+18% YoY) and 35% (+15% YoY) of the total revenue, respectively. Income from storage services increased by 21% YoY to KHR4.1bn and port services by 22% YoY to KHR17.7bn. Meanwhile other revenue streams such as gate fees, weighting fees, stuffing/unstuffing fees, trucking fees, sand dredging fees and others jumped 42% YoY to KHR9.6bn, compared to KHR6.8bn in 2021.


• Other income such as rental income, interest income, unwinding effect of long-term deposit, income from net investment in subleases, reversal of impairment loss on receivables were up 56.8% YoY from KHR13.6bn in 2021 to KHR21.3bn in 2022.

Operating profit margin squeezed as general administrative expenses rises 29.9% YoY

• PPAP reported a gross profit of KHR97.9bn in 2022, an increase of 15% compared to KHR85.3bn in 2021. The cost of services rose by 27.4% YoY to KHR50.9bn, driven by increases in depreciation by 19.9% YoY, crane fees by 38.1% YoY, and fuel and gasoline expenses by 90.8% YoY. Due to this, the gross profit margin decreased from 68.1% in 2021 to 65.8% in 2022—a decrease of 3.4%pt YoY.


• EBITDA and EBIT increased 16.5% YoY and 16.4% YoY to KHR95.7 billion and KHR79.8 billion, respectively, in 2022. While EBIT margin decreased 2.0%pt YoY to 53.7%, EBITDA margin decreased 2.0%pt YoY to 64.3%. The general administration costs soared 29.9% YoY to KHR39.4bn, mainly due to increases in salaries and wages by 11.2% YoY, donation expenditures by 17.1% YoY, utilities and fuel expenses by 23.7% YoY, and the shocking jump in business entertainments by 119.2% YoY.

Net profit rises 13.2% YoY to record high EPS

• PPAP earned almost KHR58.5bn in net profit in 2022 compared to KHR51.7bn (+13.2% YoY), the largest profitability the port operator has achieved in a single year. Even though the finance cost showed a decline of 4.5% YoY to KHR4.4bn, the net profit margin narrowed by 4.8%pt YoY to 39.3% as cost of services and general administrative expenses increased more than the revenue growth.


• Earnings per share (EPS) increased 13.2% YoY to the record high of 2,828KHR in 2022. PPAP is trading at a 2022 P/E of 5.19x compared to 5.88x in 2021 versus the median P/E of its peers of 15.67x.

Container throughputs

Container, general, and oil cargoes

Breakdown of revenue

Financial Ratios