State-owned utility, Phnom Penh Water Supply Authority (PWSA), has reported a significant rise
in annual profits in 2023, according to the company’s latest financial filings on the Cambodian Securities Exchange (CSX).
For the financial year ended December 31, 2023, PWSA net profit increased 17 percent year-on-year from KHR108.2 billion to KHR126.6 billion ($31.2 million).
In the same period, the water distributor witnessed overall revenues grow 12.9 percent year-on-year, summing at KHR392.1 billion ($96.5 million) for 2023, as compared to KHR347.3 billion in 2022.
Comparing the firm’s performance in the most recent quarter shows a rise in net profits of over 50 percent compared to the year prior.
In 2023’s fourth quarter, ended December 31, PWSA recorded a KHR35.2 billion ($8.7 million) net profit.
This marks a 59.3 percent net profit growth at the close of 2023, compared to just KHR22.1 billion net profits posted a year ago at the close of 2022’s fourth quarter.
PWSA quarter-four 2023 revenue grew 13.7 percent to KHR104.9 billion ($25.8 million), versus 92.3 billion riel ($22.7 million) in the same period of 2022.
The company cited increased water sales, along with diminished forex losses, as key drivers behind improved earnings in the fourth financial quarter.
State-owned utility, Phnom Penh Water Supply Authority (PWSA), has reported a significant rise in annual profits in 2023, according to the company’s latest financial filings on the Cambodian Securities Exchange (CSX).
For the financial year ended December 31, 2023, PWSA net profit increased 17 percent year-on-year from KHR108.2 billion to KHR126.6 billion ($31.2 million).
In the same period, the water distributor witnessed overall revenues grow 12.9 percent year-on-year, summing at KHR392.1 billion ($96.5 million) for 2023, as compared to KHR347.3 billion in 2022.
Comparing the firm’s performance in the most recent quarter shows a rise in net profits of over 50 percent compared to the year prior.
In 2023’s fourth quarter, ended December 31, PWSA recorded a KHR35.2 billion ($8.7 million) net profit.
This marks a 59.3 percent net profit growth at the close of 2023, compared to just KHR22.1 billion net profits posted a year ago at the close of 2022’s fourth quarter.
PWSA quarter-four 2023 revenue grew 13.7 percent to KHR104.9 billion ($25.8 million), versus 92.3 billion riel ($22.7 million) in the same period of 2022.
The company cited increased water sales, along with diminished forex losses, as key drivers behind improved earnings in the fourth financial quarter.
Naro said that the guarantee of sufficient water supply is due to the capacity of the authority to produce more water than previously due to the completion of a series of water treatment plants, among other factors.
Outside of Phnom Penh, the state-owned entity also processes and distributes water for surrounding areas including Tahkmao, Tbong Khmom, and Mlech.
PWSA was the first ever company listed on CSX in April of 2012, and since its initial public offering (IPO) the stock has seen steady price growth.
In an investor forum in April 2023, Naro noted that PWSA stocks have been gaining investors’ confidence ever since it first joined the CSX main board in 2012, citing an overall share price growth of close to 20 percent over the last ten years.
Naro noted that from 2012 to 2022, the share price increased from the IPO price of KHR6,300 per share in 2012 to KHR7,560 riels per share by December 30, 2022.
As of now, however, the stock sits slightly below close-of 2022 levels, at KHR7,300 per share.
Yet, news of increasing profits for PWSA may suggest upward momentum for the stock in 2024.
