Two listed state-owned enterprises – Phnom Penh Water Supply Authority (PPWSA) and Phnom Penh Autonomous Port (PPAP) showed better results in the first quarter of the year due to a rise in revenue.
According to PPWSA’s interim financial statement ending March 31, that was filed with the Securities Exchange of Cambodia (CSX), total revenue increased by 14.15 percent, compared with the same period last year, to $14 million. Net profit also went up by 49.53 percent to $2.83 million.
“The increase in water revenue was due to a corresponding increase in the number of new customers,” said PPWSA’s director-general Sim Sitha. The interim financial statement indicated that PPWSA’s customers increased to 5,830 in the reporting period.
PPAP’s interim financial statement for the first quarter filed with the CSX indicated that its total revenue increased to $4.1 million. This represented a 5.37 percent increase from $3.9 million in the same quarter last year. However, the company’s net profit decreased by 8 percent to $836,800, compared with the same period last year.
Hei Bavy, PPAP’s CEO, said the slight fall in net profit was due to rising operating costs. “PPAP had to undertake the management, maintenance and operation of the port as well as related port facilities to service the country’s commercial, industrial and tourism sectors,” he added.
Lamun Soleil, CSX’s director of market operations, welcomed the improved performance of the two listed companies and said it will instill investor confidence in Cambodia’s fledgling stock market.
“Certainly, an increase of revenue and profit of a listed company will attract public investors to the stock market, and particularly to that company,” said Mr Soleil.
Besides PPWSA and PPAP, there are two other companies – Phnom Penh Special Economic Zone Plc. and Grand Twins International (Cambodia) Plc. – listed on the CSX.
The Sihanouk Autonomous Port (SAP) plans to be listed on the CSX by the end of the month and will then become the fifth company on the bourse.
SAP plans to issue 21.4 million shares, through an initial public offering. This will be about 25 percent of the company’s authorised capital of $105 million, to raise its paid up share capital from $18.85 million to $27.74 million.