Logo of Phnom Penh Post newspaper Phnom Penh Post - Smart Axiata accounts for 1.5 per cent of GDP

Smart Axiata accounts for 1.5 per cent of GDP

Content image - Phnom Penh Post
Smart Axiata Co Ltd contributed nearly $374 million to the Cambodian economy last year, its CEO Thomas Hundt said on Wednesday. Post Pix

Smart Axiata accounts for 1.5 per cent of GDP

Smart Axiata Co Ltd, the Kingdom’s leading mobile telecommunications operator, contributed nearly $374 million to the Cambodian economy last year, accounting for 1.5 per cent of gross domestic product (GDP), its CEO Thomas Hundt said on Wednesday.

Speaking at the launch of the company’s 2018 Sustainability Report, Hundt said the firm supported 51,035 jobs across its value chain.

“At Smart, we have always taken our national responsibilities very seriously. By the end of last year, Smart had invested more than $1.42 billion, as well as paid over $374 million in taxes, levies and regulatory fees.

“We also allocate more than one per cent of our annual revenue every year for CSR [corporate social responsibility] programmes that make a significant impact on the communities in which we operate,” Hundt said.

He said as well as remitting $86 million in taxes, levies and regulatory fees, with its tax payments alone representing 2.6 per cent of total national tax income, Smart Axiata was also the first telecoms operator to be recognised with a Gold Award for Tax Compliance by the General Department of Taxation.

The company has said it is committed to carrying out projects that drive mobile broadband infrastructure and human resource development by contributing more than $8.3 million to the government’s Universal Service Obligation Fund, as well as its Capacity Building and Research and Development Fund.

“I am delighted, and proud of Smart’s increased national contributions, business performance and societal impact.

“I hope the company builds on its mobile data leadership, exciting lifestyle entertainment services and long term commitment to Cambodia, while playing a collaborative role in developing the Kingdom’s digital ecosystem,” said David Lau Nai Pek, the chairman of Smart Axiata’s board of directors.

Minister of Posts and Telecommunications Tram Iv Tek said: “The event today was a good platform to understand Smart’s efforts in [the telecoms sector], and the opportunities they provide for us, universities, NGOs and the private sector to achieve better sustainability in Cambodia.”

Smart Axiata posted a net profit of $67.6 million last year, a slight drop from $68.1 million in 2017.

MOST VIEWED

  • Omicron patients can stay home: PM

    The Ministry of Health has issued a directive on the treatment of people who have tested positive for the highly transmissible Omicron coronavirus variant, following a suggestion from Prime Minister Hun Sen on the night of January 21. The directive permits home quarantine for those who

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • Cambodia’s first ever anime festival kicks off Jan 22 at capital’s F3 centre

    Phnom Penh's first ever Anime Festival will bring together fans, artists, shops and other local businesses with ties to the Japanese animation style for cosplay competitions, online games, pop-up shops and more on January 22, with Friends Futures Factory (F3) hosting. F3 is a project that

  • Hun Sen gets 4th Covid shot, urges compatriots to follow

    Prime Minister Hun Sen and his wife Bun Rany on January 14 received their fourth dose of Covid-19 vaccine and called on compatriots to follow suit as the Omicron coronavirus variant continues to spread in the community. This marks the launch of Cambodia's fourth-dose vaccination campaign,

  • Fourth dose Covid booster drive jabs 43K in two days

    In the first two days of the fourth-dose Covid-19 vaccination campaign, more than 43,000 people volunteered to get the jabs, while over 4.6 million people have received a third shot. Health ministry spokeswoman Or Vandine said that fourth-dose vaccinations, which began on January 14 exclusively with the Pfizer

  • Singapore backs Cambodia's efforts on Myanmar

    Singaporean Prime Minister Lee Hsien Loong supports Cambodia in its efforts to seek a solution to the ongoing Myanmar crisis as the chair of ASEAN. Lee expressed his support during a meeting with Prime Minister Hun Sen via videoconference on January 14, with the talks focused