The municipal water utility – Phnom Penh Water Supply Authority (CSX:PWSA) has reported $31.7 million in after tax profit for 2021 an increase of 30% from $24.17 in 2020, as ongoing water leakage remains an issue.
In its fourth quarter filing to the Cambodia Securities Exchange (CSX) PWSA Chairman Oum Sotha stated: “The company has a clear strategy to expand the water distribution network to the surrounding areas of Phnom Penh based on the extension of water treatment facilities, keeping the same tariff and standard for Phnom Penh, and a strong commitment to social and environmental responsibility.
PPWSA keeps supplying clean water that is straight drinkable from the tap on 24×7 basis. In this quarter, we produced 59,559,854m3 of clean water. We have also replaced alum by polychloride aluminium (PAC) to improve water quality and reduce raw materials cost.
As a result, in this quarter, we laid the mains and distribution pipes of 66,895.09m and installed 5,912 new house connections, of which 376 connections were for the low-income whom we always care for.
Furthermore, the water loss accounted for 9.71% due to spread of Covid-19 disease, it is difficult for us to issue bills to the customer and pipe leakage caused by the development and repair of many road infrastructures.”
PPWSA stock price remains stubbornly at 2012 IPO price
PWSA stock price is currently trading at KHR 7,300 a share and was the first company to list on the local exchange in 2012 when its IPO floated at KHR 6,300.
The listing was aimed to give credibility to the stock market as well as promote greater transparency and accountability for PPWSA providing the platform to better achieve its goals.
Last year, the board approved an annual dividend KHR 262 per share equivalent to 3.3% of the stock price, before the announcement, trading at KHR 8,000 a share or 4.2% of its 2012 IPO.
Cambodia Investment Review previously reported on the change in management after Prime Minister Hun Sen has appointed by Sub Decree Long Naro as the new Director-General of PPWSA. Naro replaced Sim Sitha, who retired and was appointed as Secretary of State of Ministry of Industry, Science, Technology & Innovation.