Two listed firms reported sound business performance in the second quarter of the year ended June 30, thanks to business growth despite the regional and global economic slowdown.

State-owned Phnom Penh Water Supply Authority (PWSA), in its filing with the Cambodia Securities Exchange (CSX) on August 11, showed an increase of 24 per cent in revenue at 99.6 billion riel (around $24 million)while operating profit rose 51.8 per cent to 38.7 billion riel.

Net profit fell 52.4 per cent year-on-year to 13.2 billion riel in the period.

“The decrease in net profit in the second quarter of 2023 is mainly due to the finance costs-net increased by 20.7 billion riel, or 394.7 per cent, and income tax by 7.1 billion riel, or 242.03 per cent,” the firm said.

It added that the sale income climbed 15.1 billion riel, or 20.4 per cent, while other income went up by 4.8 billion riel, or 362.8 per cent.

Meanwhile, Mengly J Quach Education Plc (MJQE) reported that operating profit has risen by 17.9 per cent, from 8.3 billion riel to more than 9.8 billion riel with net profit climbing 6.9 per cent from more than 5.2 billion riel to over 5.5 billion riel in the quarter ended June 30.

The increase in revenue and operating profit between the second quarter of 2023 and second quarter of 2022 also demonstrates positive and significant growth, MJQE said.

“Our revenue for the second quarter of 2023 amounts to 40.1 billion riel, representing a substantial increase of 45.9 per cent compared to the revenue in the second quarter of 2022 [27.5 billion riel].

“The remarkable growth in revenue and operating profit is the result of an increase in both tuition fee and student enrollment,” the firm stated.

On June 28, MJQE became the first education company to list on the Main Board of the CSX, having raised more than $5 million in its initial public offering (IPO).

At the listing ceremony, MJQE chairman and CEO Quach Mengly revealed that the company operates 16 branches of Aii Language Centre (Aii) and American Intercon School (AIS) and intends to increase that to 160 nationwide.

He said four more branches would be established without IPO proceeds.

“We want more small and medium enterprises (SMEs) to go public as well. Many businesses in nearby countries have embraced listing on the stock market as a means of expanding. To raise funds, grow and contribute to economic development and stability, I’d like to encourage local SMEs to consider listing on the bourse,” he said.