Recently-listed telecommunications provider CamGSM Plc reported a sound business performance for the second quarter ended June 30, 2023 (Q2-2023) with the net profit up 9.9 per cent at 45.8 billion riel ($11.2 million) against 41.7 billion riel ($10.2 million) a year ago despite the slowdown of economic activities.

According to the company’s filing with Cambodia Securities Exchange (CSX) on September 19, revenue came in nearly 186 billion riel ($45.4 million) in Q2-2023.

The company went public on June 27 this year with 9.3 million shares at 2,270 riel per share listed on CSX, raising gross proceeds of $5.3 million.

As of June 30, 2023, CamGSM’s total assets amounted to 2.6 trillion riel ($637.42 million), with total equity of around 877.8 billion riel ($241 million), up 14.2 per cent from 768.3 billion ($187.4 million) in Q2-2022.

Kith Meng, chairman of CamGSM, said the company’s total revenue of 186 billion riel was a decrease of 3.2 per cent year-on-year compared to 192.2 billion riel in the second quarter of 2022. Despite the decrease in revenue, the second quarter net profit was higher than a year ago, he added.

He asserted that the company’s financial position remained strong on June 30, 2023 with increased assets and equity.

“The second half of 2023 was an intense period for the team with CamGSM Plc being the official Telecom Partner of the 32nd SEA Games and the 12th Para Games, while preparing for the initial public offering and maintaining our unwavering commitment to remain relevant in the market and providing our subscribers with exceptional service and experience every day.

“We continued expanding and optimising the network, which was subsequently recognised by the independent OpenSignal – Best Download Speed Experience Award (given in August 2023) and OOKLA - Fastest Mobile Network (Q1-Q2 2023),” he added.

Kim Sophanita, director of the CSX’s Market Operations Department observed that local investors are making money with the listing of the company. At the same time, she recommended investors to trade based on fundamental analysis and to invest in a company’s long-term future for a better return and risk management.

“The presence of the large conglomerates like Cellcard on the local bourse has shown a win-win outcome for all - the company, investors, and the market. Cambodian people as an investor are able to own part of one of the largest conglomerates in the country. The market now could attract more participants in the market making it more functional in mobilising funds and supporting economic growth,” Sophanita added.