Logo of Phnom Penh Post newspaper Phnom Penh Post - CSX-listed state firms post dull results for start of 2023

CSX-listed state firms post dull results for start of 2023

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PPAP posted $7.928 million in revenue from port operations for the January-April period, representing a year-on-year drop of 23.68 per cent. Heng Chivoan

CSX-listed state firms post dull results for start of 2023

Two local public-listed state-owned enterprises (SOE) have posted financial results for either the first three or four months of the year, which fell somewhat short of expectations, as local, regional and global economies continue to feel the shockwaves of the Russo-Ukrainian conflict.

In a May 16 filing to the Cambodia Securities Exchange (CSX), Phnom Penh Water Supply Authority (PWSA) reported revenues, operating profit, and total comprehensive income of 83.012 billion riel ($20 million), 26.870 billion riel and 38.410 billion riel for the first quarter – ended March 31 – which were respectively: up 1.21 per cent, down 16.12 per cent, and up 26.80 per cent year-on-year.

Similarly, “finance income”, income tax and expenses totalled 16.049 billion riel, 3.331 billion riel and 56.141 billion, up 69.49 per cent, down 67.95 per cent, and up 12.32 per cent year-on-year.

CSX CEO Hong Sok Hour told The Post on May 17 that the price of PWSA stock has generally trended up since 2017, and is now roughly double what it had been then. He described this as a sign that more investors are confident in the SOE and see its potential.

“PWSA is a very stable stock. Although the pilot launch of the Bak Kheng water treatment plant has not yet affected the current share price, once operations [officially begin] … the volume of PWSA sales will increase, and the business’ situation, revenues and profits will improve,” he said.

Meanwhile, river-port operator Phnom Penh Autonomous Port (PPAP) reported revenues of more than $10.772 million in the first four months of the year, down nearly 14.06 per cent from over $12.534 million in the corresponding period of 2022. It noted that 2022 figures are audited, while the 2023 numbers are not.

However, revenue from port operations fell by 23.68 per cent on a yearly basis to $7.928 million in the January-April period.

Speaking to The Post on May 17, CSX Market Operations Department director Kim Sopha Nita assured that the downturn in revenue from port operations is “only short-term” and should not adversely affect the SOE’s overall operations.

“So, investors should keep an eye on the overall performance of the company as a whole. In addition, the company should also present its plans and expectations in the next quarter or for this year,” she said.

According to Sok Hour, PWSA is due to convene a shareholders’ meeting on May 26 to determine dividends.


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