Logo of Phnom Penh Post newspaper Phnom Penh Post - Taiwanese garment company posts surge in Kingdom profits

Taiwanese garment company posts surge in Kingdom profits

Content image - Phnom Penh Post
Women work at a garment factory in Phnom Penh. TANG CHHIN SOTHY/AFP

Taiwanese garment company posts surge in Kingdom profits

Taiwanese-owned garment manufacturer Grand Twins International (Cambodia) Plc (GTI) posted a 48.78 per cent surge in revenue and a massive 118 per cent in net profit last year, according to its report filed with the Cambodia Securities Exchange on Wednesday.

Its total revenue reached more than $120 million – a $39 million increase compared to 2017 – while net profit soared to $1.44 million, a $783,183 increase compared to the previous year.

During the fourth quarter of last year, GTI received total revenue of over $38.94 million – a 117.97 per cent rise – while its net profits were up 113.98 per cent from the same period in 2017 to $264,587.

GTI board chairman Yang Savsin said in a statement filed with the stock exchange that the increase was thanks to the company’s further improvement of its production lines to meet customer needs.

“[We] will strengthen our relationships with our customers, especially our main client, Adidas, with the goal of seeing an increase in orders for 2019,” he said, adding that: “We will cooperate with other partners to earn extra revenue through re-sewing and packaging.”

As of December 31, last year, GTI’s total assets are valued at more than $89 million, while its total capital was more than $68 million.

GTI stocks were not traded on the exchange on Wednesday – its share price stood at 4,360 riel ($1.09) per unit.

MOST VIEWED

  • No word on state of emergency

    The National Assembly (NA) said it will postpone all unnecessary meetings in line with guidance from the Ministry of Health and the World Health Organisation (WHO) amid the Covid-19 pandemic. However, it did not say when or how it will debate the “state of emergency”

  • Many in limbo as tension heightens

    As the Kingdom restricts travel and prepares for a state of emergency, some foreigners in Cambodia are scrambling for a way home. Foreign embassies in Phnom Penh are making efforts to get their citizens out, but cancelled flights have become common due to the coronavirus

  • State of emergency draft law set for NA

    A draft law aiming to place the Kingdom in a state of emergency amid the Covid-19 pandemic is set for a debate at the National Assembly (NA) after going through the Council of Ministers’ Standing Committee meeting led by Prime Minister Hun Sen on Tuesday.

  • NA, Senate set for bill on ‘emergency’

    Prime Minister Hun Sen has requested the Senate to convene an extraordinary meeting to review the draft law that aims to put the Kingdom in a state of emergency after the bill reached the National Assembly (NA) on Friday. The draft law, which was approved

  • Hun Sen, ministers, officials donate salaries in virus fight

    Prime Minister Hun Sen and other senior government officials have decided to donate their salaries to the National Committee for Combating Covid-19 in support of the ongoing battle against the coronavirus. Hun Sen announced in an April 1 letter that because the Covid-19 situation in Cambodia

  • Economic growth to shrink to 2.3% in 2020, ADB says

    The Asian Development Bank (ABD) has slashed Cambodia’s 2020 gross domestic product (GDP) growth to 2.3 per cent from its initial 6.8 per cent forecast due to the slowdown in major economies and China and reduced access to export markets. However, growth is projected to trend upwards