Logo of Phnom Penh Post newspaper Phnom Penh Post - Metfone celebrates $2B profits over 10 years

Metfone celebrates $2B profits over 10 years

Content image - Phnom Penh Post
Viettel acting chairman Le Dang Dung (left) speaks at a ceremony held to celebrate Metfone’s 10 years of operation in Cambodia on Tuesday. VIET NAM NEWS

Metfone celebrates $2B profits over 10 years

Vietnamese military telecom firm Metfone has posted an accumulated revenue of more than $2.2 billion during its 10 years of operation in Cambodia with its accumulated profit reaching $300 million, according to a Viet Nam News report.

The Vietnamese state-owned media newspaper quoted Le Dang Dung, acting chairman of Viettel, the parent firm of Metfone, during the celebration of Metfone’s 10 years of operation in the Kingdom last week as saying by the end of last year Metfone had helped Viettel pay back its dividend of nearly $250 million, nearly six times higher than its investment capital.

He said Viettel considers Metfone’s new mission to be modernising the economy with advanced technologies, including 5G, artificial intelligence, virtual reality and big data.

“After 10 years of development, we realised the goal of Metfone of being a pioneer in building the digital economy and society in Cambodia,” Dung said.

‘Boosting local economy’

Metfone reported it has contributed $500 million in taxes to the Cambodian government and directly created 3,000 jobs.

Metfone started offering services in Cambodia on February 19, 2009. The firm

announced that after two years of operation in Cambodia, Metfone holds a market share of 48 per cent.

Telecommunication Regulator of Cambodia spokesperson Im Vutha on Sunday said the Kingdom’s telecom sector is growing and the success of its telecom operators have contributed to government revenue through taxes, annual licensing fees and other non-tax revenue.

He added that the development of the sector has also contributed to boosting other sectors such as education and business as it provides easier methods of communication and makes people’s lives easier.

“Future economic trends will be digitally based, so we believe that the company [Metfone] will use more of its profit to invest in infrastructure and will be more helpful in boosting the local economy,” he said.

According to Ministry of Posts and Telecommunications figures released last month, the number of registered SIM cards provided the Kingdom’s mobile operators reached 19.3 million by the end of last year, a nearly four per cent increase from the end of 2017.

The figure is equivalent to 120 per cent of Cambodia’s total population of more than 16 million.

MOST VIEWED

  • Omicron patients can stay home: PM

    The Ministry of Health has issued a directive on the treatment of people who have tested positive for the highly transmissible Omicron coronavirus variant, following a suggestion from Prime Minister Hun Sen on the night of January 21. The directive permits home quarantine for those who

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • Cambodia’s first ever anime festival kicks off Jan 22 at capital’s F3 centre

    Phnom Penh's first ever Anime Festival will bring together fans, artists, shops and other local businesses with ties to the Japanese animation style for cosplay competitions, online games, pop-up shops and more on January 22, with Friends Futures Factory (F3) hosting. F3 is a project that

  • Hun Sen gets 4th Covid shot, urges compatriots to follow

    Prime Minister Hun Sen and his wife Bun Rany on January 14 received their fourth dose of Covid-19 vaccine and called on compatriots to follow suit as the Omicron coronavirus variant continues to spread in the community. This marks the launch of Cambodia's fourth-dose vaccination campaign,

  • Fourth dose Covid booster drive jabs 43K in two days

    In the first two days of the fourth-dose Covid-19 vaccination campaign, more than 43,000 people volunteered to get the jabs, while over 4.6 million people have received a third shot. Health ministry spokeswoman Or Vandine said that fourth-dose vaccinations, which began on January 14 exclusively with the Pfizer

  • Singapore backs Cambodia's efforts on Myanmar

    Singaporean Prime Minister Lee Hsien Loong supports Cambodia in its efforts to seek a solution to the ongoing Myanmar crisis as the chair of ASEAN. Lee expressed his support during a meeting with Prime Minister Hun Sen via videoconference on January 14, with the talks focused