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PWSA enjoys banner 2020

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PWSA posted 324 billion riel ($79.68 million) in full-year revenue for 2020. POST STAFF

PWSA enjoys banner 2020

Stock-listed utility Phnom Penh Water Supply Authority (PWSA) reported strong growth and solid overall business performance last year despite economic disruptions caused by the Covid-19 pandemic.

In a full-year 2020 financial report filed to the Cambodia Securities Exchange (CSX) on March 2, PWSA said revenues amounted to 324,367,856,000 riel ($79.68 million), up 107,871,040,000 riel or 49.83 per cent from 2019.

Full-year net-profit came in at 88,351,845,000 riel, gaining 55,059,932,000 riel or 165.39 per cent year-on-year, the state-owned enterprise said without specifying which particular profit measure (gross, operating, net) it was referring to.

In the fourth quarter, PWSA netted 86,884,128,000 riel in revenue, climbing 46,434,466,000 or 114.80 per cent compared to the third quarter, and raked in 18,785,810,000 riel in profit, soaring 24,818,244,000 riel or 411.41 per cent quarter-on-quarter.

CSX vice-chairman Ha Jong-weon told The Post on March 2 that 2020 was a red-letter year for PWSA with profits enjoying a significant 165 per cent year-on-year uptick even at a time when the world has been “humbled” by the pandemic.

He said: “If we look at the financial statement and disclosure of PWSA, the increase in [the] company’s revenue and profit were mainly due to the implementation of new tariff[s] applied from the beginning of 2020 and the increase in construction service fee[s].

“We may see that the water supply business or utilities sector is somehow less impacted by the pandemic rather than other business, as water is necessary for daily life, so that water consumption from the people [not only didn’t remain] unchanged but [kept] increasing.”

Growth in the company will heighten confidence among investors and shareholders in making decisions in the stock market, he asserted.

“I think the shareholders are very satisfied with the business performance, and new investors will be interested in putting the money in this type of growing business.

“As a stock exchange, we’re really delighted to see the companies listed on our board keep growing and we hope the CSX will become one of the trusted gateways for companies to raise more capital and [a source of] investment diversification for investors.

“We are very optimistic to see further growth in 2021 [as] the vaccine is starting to [be] rolled out to the public. [This will] lessen [the] impact of [the] pandemic,” Ha said.

PWSA on February 1 broke ground on the $380 million Bakheng Water Treatment Plant on the northeastern outskirts of the capital in response to rising demand, offering new investment growth potential for the company.

The construction of the plant will be carried out in two phases. The first is slated to be completed by the end of next year, with water production following soon after at 195,000 cubic metres per day.

Scheduled to be delivered by the end of 2023, the second phase will add another 195,000 cubic metres to the facility’s daily capacity for a total of 390,000.

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