Logo of Phnom Penh Post newspaper Phnom Penh Post - Superb Q1 for 3 listed firms

Superb Q1 for 3 listed firms

Content image - Phnom Penh Post
On the Cambodia Securities Exchange (CSX), shares of Grand Twins International (Cambodia) Plc (GTI) closed flat on Wednesday at 4,100 riel ($1.01), 2.8 per cent lower than at end-2021. Heng Chivoan

Superb Q1 for 3 listed firms

Three locally-listed firms reported positive business performance in the first quarter of this year, ended March 31, as Cambodia navigated its recovery from the Covid-19 pandemic after the government’s push towards the full resumption of socio-economic activities started in early November.

In a financial statement filed to the Cambodia Securities Exchange (CSX) on May 17, Advanced Bank of Asia Ltd (ABA), a subsidiary of National Bank of Canada, reported 12,622 new loans worth $590.3 million in the quarter, raising its gross loan portfolio by eight per cent to $5.8 billion as of March 31.

On a quarterly basis, ABA’s deposit portfolio gained six per cent to $6.7 billion, while its customer base grew by eight per cent, with accounts totalling 2.2 million at end-March.

ABA chairman Yves Jacquot stressed that the Kingdom in January-March was on a “recovery curve” from the acute phases of Covid.

“The country’s reopening in November last year was amplified in March 2022 when Cambodia abolished PCR and rapid tests for fully vaccinated passengers. It is believed to improve international tourism and positively impact local businesses, especially in the hospitality sector,” he said in the filing.

Meanwhile, RMA (Cambodia) Plc (RMAC) reported gross profit of more than $75.47 million for the first quarter, up by over 2.6 per cent year-on-year from $73.5 million, but a 10.8 per cent dip in total revenues to $430 million, from $482 million in the same period last year.

RMAC chairman Kevin Whitcraft noted in his company’s CSX filing that the Kingdom had logged a marginal uptick in Covid-19 infections, albeit with fewer deaths, which he interpreted as a “progressive return to normality” from the pandemic.

“This is great news which derives from the great efforts on vaccination, which has been envied by many surrounding countries. Combined with the opening up of Cambodia during this period.

“During the same period, RMAC has accomplished solid sales performance. However, compared to 2021 sales of vehicles have reduced somewhat on the back of limited inventory – resulting from a combination of the temporary impact of new governmental regulation enforcing the importation of EURO4 compatible vehicles-only starting” on January 1 and “global logistic challenges”, he said.

Similarly, Grand Twins International (Cambodia) Plc (GTI) posted total revenue as well as profit before and after tax of 111.98 billion riel ($27.58 million), 2.051 billion riel and 1.117 billion riel respectively for the first quarter, figures it says represent a “slight increase” over the corresponding periods of previous years.

GTI chairman Yang Shaw Shin said in his company’s filing to the local bourse: “We continuously to maintain good relationship with our main customer namely Addida [sic], in order to received more purchase order in 2020, meanwhile, we continuously collaborate with other customers to increase our other revenues such as from subcontract and CMP to stablized [sic] and gain higher revenue than previous year.

“For further quarters of 2022, we will commit to keep more effort to enhence [sic] our corporate governance and accomplish our vision and mission. Our target is to achieve higher profit more than previous years,” he added.

MOST VIEWED

  • Research key to Kanitha’s rep for expertise

    Sok Kanitha is used to weighing in on controversial issues using a confident approach that signals expertise and authority, and a recent video she made was no exception. Her “Episode 342: The History of NATO” video went live on January 16, 2023 and immediately shot to 30,000 likes and 3,500

  • Cambodia maintains 'Kun Khmer' stance despite Thailand’s boycott threat

    Cambodia has taken the position that it will use the term "Kun Khmer" to refer to the sport of kickboxing at the upcoming Southeast Asian (SEA) Games, and has removed the term Muay from all references to the sport. Despite strong reactions from the Thai

  • Knockout! Kun Khmer replaces ‘Muay’ for Phnom Penh Games

    Cambodia has decided to officially remove the word Muay from the programme of the 32nd Southeast Asian (SEA) Games 2023 in May. “Kun Khmer” will instead be used to represent the Southeast Asian sport of kickboxing, in accordance with the wishes of the Cambodian people. Vath

  • Artificial insemination takes herd from 7 to 700

    Some farms breed local cows or even import bulls from a broad for the purpose of breeding heavier livestock for meat production. One Tbong Khnum farmer has found a more efficient way. Hout Leang employs artificial insemination to fertilise local cows. Thanks to imported “straws”

  • New int’l airport nearly half complete as travel industry returns to life

    Construction of a new airport that is slated to serve the capital has passed the 43 per cent completion mark, raising prospects for a proper recovery in the civil aviation and tourism sectors as international travellers return to the Kingdom in increasingly large numbers. The figure

  • Chinese group tours return to Cambodia starting Feb 6

    Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban. As the days tick down until the programme kicks off on February 6,