PPAP is a state-owned company providing port authority, port operator, and logistics services for both domestic and international customers. The company posted revenues of $34.47 million in the January to October period of 2024, representing an 18 percent increase compared to the same period the previous year. The port benefits from strong domestic export growth and positioning on critical Mekong River corridors serving regional trade.
Cyborg Score Rationale
PPAP demonstrates solid fundamentals as Cambodia's second-largest port with consistent double-digit revenue growth (18% YoY in 2024). The state-owned operator benefits from strategic river positioning, expansion of container capacity, and Cambodia's robust export sector growth. However, dependence on single-country economics and competition from Sihanoukville port limits upside.
Top Insights
Strong momentum in 2024-2025 with 30% cargo growth reported in early 2025, driven by rising domestic demand and exports
Diversified revenue streams across container cargo, breakbulk, general cargo and tourist operations across seven terminals
Strategic Funan Techo Canal project ($1.7B investment) will enhance connectivity and expand PPAP's competitive position regionally
Public listing on Cambodia Securities Exchange provides transparency; net profit of $9.88M in 9M 2024 (38% increase YoY)
Named Competitors
Sihanoukville Autonomous Port — Cambodia's largest and primary seaport handling 67% of container exports
Merchant Fleet Shipping — Vietnamese and Thai ports offering alternative routes to PPAP
Recent Developments
(January 2025) Reported approximately 30% growth in cargo vessel traffic, container volume and revenue in early 2025
(November 2024) Full 10-month 2024 revenue of $34.47M, up 18% YoY with net profit of $9.88M for January-September period
(August 2024) Funan Techo Canal groundbreaking ceremony announced with $1.7B investment to connect Mekong to sea
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