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Port operator, Pestech book decent business performance

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Two firms reported recoveries in business performance in CSX filings on Friday. Hean Rangsey

Port operator, Pestech book decent business performance

Two locally-listed firms on October 8 reported recoveries in business performance this year thanks to improvements across regional and global economies as they emerge from the Covid-19 health crisis.

In a financial statement filed to the Cambodia Securities Exchange (CSX), Phnom Penh Autonomous Port (PPAP) reported 19 per cent and 4.23 per cent increases in container throughput, and cargo and fuel oil throughput, respectively, for the January-September period.

Similarly, Pestech (Cambodia) Plc (PEPC) logged 273.628 billion riel ($67 million) in revenue for its 2021 financial year – corresponding to the period between July 1, 2020 and June 30, 2021, up by 34.8 per cent or 70.614 billion riel from 203.014 billion riel in the equivalent interval a year prior.

“The increase was mainly derived from execution of electrical infrastructure projects in Cambodia and Papua New Guinea,” the company said.

Operating profit for the year came to 31.033 billion riel, down by 33.647 billion riel or 52.0 per cent from 64.680 billion riel a year earlier, “mainly due to higher profit margin attributable to completion of two major projects” between July 2019 and June 2020.

Net profit clocked in at 5.980 billion riel, down by 23.463 billion riel or 79.7 per cent year-on-year from 29.443 billion riel. “Higher net profit in financial year 2020 was due to higher profit margin attributable to completion of two major projects”, PEPC said.

In May, CEO Han Fatt Juan reported that PEPC “intensively performed the work” on the Okvau Gold Mine in Mondulkiri province during the quarter ended March 31.

He added that the company was actively working on a 20MW photovoltaic solar farm in Svay Rieng province’s Bavet town, with preliminary civil work progressing at a steady pace, and had placed orders in advanced for key materials and components that are to be delivered in the fourth quarter of this year and beyond.

Work on the 130km East Siem Reap-Oddar Meanchey transmission line project is running smoothly, with a number of foundations being built in select locations, he said, adding that transmission towers and power conductors would be installed once materials arrive in the coming quarters.

“We are hopeful to continue the project-execution activities amidst this pandemic-insurgence period, and strive to work with the relevant authorities in ensuring a safe working environment for all our team members,” Han said.

He said PEPC had also been tasked to carry out certain portions of the work on the second phase of the 230kV Phnom Penh City Transmission and Distribution System Expansion Project, which he stressed would be an important power infrastructure project in the heart of the capital.

The project involved the deployment of horizontal directional drilling (HDD) machines, which minimises disruption to vehicular and pedestrian traffic, he said.

PEPC listed on the CSX on August 12, 2020, issuing 3,945,000 shares, with a par value of 400 riel, at an offering price of 3,120 riel. Upon completion of listing, Malaysia-based Pestech International Bhd owned 97.74 per cent of PEPC’s shares, the latter reported.

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