Phnom Penh’s state-owned water utilities firm – one of the only two companies listed on Cambodia’s fledgling stock exchange – will boost its annual dividend almost twofold.

According to a March 27 announcement, Phnom Penh Water Supply Authority will pay out 9.149 billion riel – more than $2.2 million – on April 24.

Shareholders will receive 105.2 riel ($0.026) per share, almost double last year’s amount of 54.75 riel.

PPWSA’s revenues for last year stood at more than $39 million, with net profit after tax, up over 19 per cent to $11.363 million year-on-year.

Svay Hay, CEO of brokerage firm Acleda Securities, said the dividend increase reflected the company’s good business performance over the past year.

“It’s a good move, and with this dividend rate, more corporate and small time investors will be interested in buying the shares,” said Hay.

Soleil Lamun, deputy director of the market operations department at the CSX, said doubling dividends was no silver bullet.

“The nearly-double amount of dividends obviously should make the shareholders happier, but how much this increase will be reflected positively in the stock price remains to be seen,” he said.