Cambodia Investment Review

Cellcard Reports $11M in Net Profit for Q2’23 Highlighting Robust Performance & Financial Position

Cellcard Reports $11M in Net Profit for Q2’23 Highlighting Robust Performance & Financial Position

Cambodia Investment Review

CAMGSM PLC (Cellcard), one of Cambodia’s leading mobile operators, has disclosed its financial results for the second quarter of the fiscal year 2023. According to the Q2 report, the telecom giant has shown a significant uptick in various financial metrics, including operating profit, profit before income tax, and total comprehensive income.

Read more: Cellcard Raises $5.3M IPO on Cambodia’s Stock Market

In Q2 2023, the company reported an operating profit of approximately $3.29 million (13,488 million Riels), marking an increase of 29.3% compared to Q2 2022. Profit before income tax also rose by about $1.35 million (5,544 million Riels), or 10.4%. Total comprehensive income witnessed an upswing of around $0.93 million (3,800 million Riels) or 9%.

Cellcard Q2’23 Financials.

Total revenue for the quarter was approximately $45.36 million (185,978 million Riels). The net profits reached around $11.18 million (45,834 million Riels), which represents a 9.9% year-on-year increase from the net profit of $10.16 million (41,697 million Riels) reported in the same quarter last year.

Strategic Initiatives and Partnerships

CAMGSM PLC attributes its strong performance to its strategic focus on optimizing operating costs and enhancing network quality and coverage. The company’s Chairman, Neak Okhna Kith Meng, mentioned, “2H 2023 was an intense period for the team with CAMGSM PLC being the Official Telecom Partner of the 32nd SEA Games and the 12th Para Games. We also prepared for an IPO at the Cambodia Stock Exchange while maintaining our commitment to providing exceptional service to our subscribers.”

Cellcard Q2’23 Financials.

 

Further boosting its credentials, CAMGSM PLC was recognized by independent agencies for its network performance. It won the Best Download Speed Experience Award from OpenSignal in August 2023 and the Fastest Mobile Network for Q1-Q2 2023 from OOKLA.

As of June 30, 2023, the company’s total assets stood at approximately $637.18 million (2,613,434 million Riels). Total equity has risen to about $213.84 million (877,752 million Riels), showing an increase of 14.2% when compared to its Q2 2022 performance of around $186.67 million (768,348 million Riels).

Transparency and Compliance

The ‘Second Quarterly Report of Financial Year 2023,’ released on September 15, 2023, offers a comprehensive review of the company’s operational and financial metrics. The Interim Financial Statements have been prepared following the Cambodian International Financial Reporting Standard (CIFRS) and reviewed by Independent Auditors.

The robust financial results of CAMGSM PLC in Q2 2023 affirm the effectiveness of its strategic initiatives. As the company prepares for an IPO and continues its partnerships, it remains a strong player in Cambodia’s telecom sector.

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