Electrical transmission provider PESTECH Cambodia (CSX:PEPC) has posted an after-tax profit of $1.25 million in the six months from July to December of 2021 turning around the company’s fortunes after reporting a $728,000 loss in the corresponding period of 2020.
The company which adheres to the Malaysian financial calendar of June to July filed its review to the Cambodia Securities Exchange with PESTECH CEO Han Fatt Juan stating: “Total Revenue recorded during Q2 was commendable, reportedly 62% higher at $14.33 million quarter to quarter, and 20% year on year.
The progress on our transmission line project and also the finalization of the large-scale solar plant project were the foremost contributors towards this Total Revenue figure in Q2.
Operating Profit was recorded at 14% betterment quarter to quarter and 15% year on year. The overall profit after tax in Q2 was positive at $161,329 a positive trend that we foresee to be sustainable going forward.
The Group’s current ratio was at 0.93, an improved level amidst the condition where PESTECH (Cambodia) has been building up its own capability to undertake own funding requirements for its projects portfolio.
We have started to establish a local financing track record in order to prepare itself in charting its long-term growth path as a distinct Cambodian listed entity, which is capable of commanding most of its operational and financial requirements in the future,” he added.
‘Energizing Growth Sustainably’ in Cambodia
The CEO added, “The company is in the final stage of the development of 20MW large scale photovoltaic solar farm located in Bavet Province had been completed, and shall be proceeding into testing and commissioning phase in the 3rd quarter.
We are confident in bringing this renewable energy plant to a full commission by end of January 2022 and contributing towards sustainable, green energy generation to the national grid of Cambodia.
The project teams handling transmission line projects were also in full force executing various projects in hand at their respective stage of progress. The management of PCL takes this opportunity to send our appreciation to all our operational team, project team, suppliers, and customers, for providing the Group their seamless cooperation, dedication, and relentless support towards our business.
We also reciprocate by giving our utmost commitment in delivering the best to all the stakeholders of the Group; in line with our Chairman’s vision of Energizing Growth Sustainably,” he said.
PESTECH (Cambodia) was listed on the Cambodia Securities Exchange in July 2020. The IPO listed 3.945 million ordinary shares at an offer price of KHR 3,120 per share. The total gross proceeds from the IPO amount to approximately $3 million.
PEPC is currently trading at KHR 3,200 (a 3.5% rise from its IPO price). PEPC’s 2020 annual dividend was approved at KHR 26.52 or 0.85% of its IPO.