Stock-listed utility Phnom Penh Water Supply Authority (PWSA) reported strong business performance in the first quarter (Q1) of the year, despite the effect the spread of the novel coronavirus has had on economic activity.
In a financial report filed to the Cambodia Securities Exchange (CSX) on June 15, PWSA reported net profit of 30.7 billion riel ($7.5 million) for Q1, increasing by 4.1 billion riel or 15.67 per cent quarter-on-quarter.
“The increase in net profit in the first quarter of 2021 was mainly due to the rise in finance income-net, amounting to 6.1 billion riel or 361.86 per cent quarter-on-quarter,” it said.
CSX Market Operations Department director Kim Sophanita told The Post on June 15 that household and commercial demand for clean water remains despite the coronavirus outbreak’s effects on businesses.
“There’s no doubt for PWSA’s good financial performance. Its sale of water to household and commercial clients, which are the main source of revenue, stands strong regardless of the Covid-19 crisis. This is its absolute advantage of doing a monopoly business, selling basic consumption goods to serve the daily lives of people,” she said.
In full-year 2020, PWSA reported 324,367,856,000 riel in revenue, 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, according to PWSA.
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.