Phnom Penh Water Supply Authority Reports Notable Profit Increase in 2023
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The Phnom Penh Water Supply Authority (PWSA), a state-owned entity, has announced a notable increase in its annual profits for the year 2023. The details, disclosed in the company’s recent financial statements to the Cambodian Securities Exchange (CSX), highlight a significant upward trend in the utility’s financial performance.
For the year ending December 31, 2023, PWSA reported a net profit of KHR126.6 billion ($31.2 million), marking a 17 percent increase from the previous year’s KHR108.2 billion. This growth is reflective of the company’s robust operational strategies and expanding service reach.
Revenue for PWSA also saw an appreciable rise, with a 12.9 percent increase year-over-year, totaling KHR392.1 billion ($96.5 million) in 2023. This growth from KHR347.3 billion in 2022 underscores the utility’s expanding market presence and operational efficiency.
The fourth quarter of 2023, in particular, showcased remarkable financial performance with a more than 50 percent increase in net profits compared to the same period in the previous year. The quarter ended with a net profit of KHR35.2 billion ($8.7 million), a substantial 59.3 percent increase from the KHR22.1 billion net profit at the close of the fourth quarter in 2022.
Revenue for the final quarter of 2023 followed suit, with a 13.7 percent increase to KHR104.9 billion ($25.8 million), compared to KHR92.3 billion ($22.7 million) in the corresponding quarter of 2022. The utility attributes this growth to a surge in water sales and a reduction in foreign exchange losses, alongside a 10 percent increase in water sales revenue and a significant decrease in forex losses.
Despite facing a 16.31 percent decline in profits in 2022 compared to 2021, PWSA remained optimistic about its financial trajectory, as evidenced by the continuous growth in sales revenue throughout 2023. The utility’s strategic expansions of its water supply network in 2022 and 2023 have been instrumental in enhancing its sales capacity and minimizing losses, contributing positively to its financial outcomes.
Long Naro, the Director General of PWSA, emphasized the utility’s increased production capacity, now capable of producing about 1 million cubic meters of water per day. This capacity comfortably exceeds Phnom Penh’s daily demand of approximately 820,000 cubic meters, ensuring a reliable water supply to the city and surrounding regions, including Tahkmao, Tbong Khmom, and Mlech.
Since its debut on the CSX in April 2012, PWSA has experienced a steady growth in its stock price, reflecting growing investor confidence. At an investor forum in April 2023, Naro highlighted a nearly 20 percent increase in the share price over the past decade. Despite a slight dip in the share price at the end of 2022, the recent financial achievements of PWSA indicate potential for positive stock momentum in 2024, promising continued investor interest and confidence in the utility’s future prospects.
Source: Khmer Times
