Cambodia Investment Review

CAMGSM PLC. Doubles Profit

CAMGSM PLC. Doubles Profit

Cambodia Investment Review

CAMGSM PLC, commercially known as “Cellcard”, a premier and the only homegrown mobile operator in Cambodia, proudly announced a phenomenal doubling of its profit after tax for the full year 2023, continuing its impressive streak of significant growth with a 50% increase in both 2021 and 2022.
The company’s Q4 Report for the Financial Year 2023 revealed a substantial boost in profit compared to the previous year, demonstrating its robust financial health and operational success.

In the Q4 financial results ended 31 December 2023, Cellcard also demonstrated outstanding performance on profit after tax of 182.6 billion riels, a 220% surge compared to the same period in 2022, and total comprehensive income at 181.1 billion riels, a 218% rise.

Cellcard has cemented its dominance in the Cambodian mobile network landscape, once again securing the title of Fastest Mobile Network for the fourth quarter of 2023. This accolade comes from both OpenSignal and Ookla. Ookla reported that Cellcard users experienced the fastest median mobile download speed at a staggering 33.74 Mbps during Q4 2023, while OpenSignal confirmed Cellcard’s leadership with an average download speed of 22.3 Mbps. The impressive scores surpass competitors significantly, highlighting Cellcard’s commitment to providing superior speed and performance.
“Cellcard remains Cambodia’s fastest mobile network, serving over four million customers with its reliable nationwide coverage and unmatched expertise of over 20 years in the market. Financially,

Q4 2023 saw a strong performance in key areas: total assets grew by 3%, or 81 billion riels; comprehensive income climbed by 218%, or 124 billion riels, compared to Q4 2022. Q4 also delivered impressive results in profit and profitability: Profit after tax (PAT) skyrocketed by 220%, or 125.4 billion riels, compared to Q4 2022. These exceptional financial results demonstrate Cellcard’s continued strength and resilience. We are confident that our strategic initiatives, coupled with our commitment to innovation and customer excellence, will continue to drive our success in the future.” — Cellcard’s Chairman, Neak Oknha Kith Meng remarked.

As of December 31, 2023, Cellcard reported Q4 revenue of 186.9 billion riels, total assets of 2,561 billion riels (up 3% or 81 billion riels), and total equity of 1,093 billion riels. The company’s equity grew by 29% in 2022 over 2021 and by an additional 42% in 2023.
Cellcard’s notable achievements in 2023 can be attributed to its strategic efforts to refine operating costs while significantly enhancing network quality and coverage, as highlighted in its 2023 Business Turnaround Strategy. A key milestone was the issuance of Cambodia’s first internationally certified sustainability bond in November 2023, through which Cellcard raised $20 million. This move underscored the company’s dedication to environmental and social responsibility.

Additionally, in December 2023, Cellcard secured a sustainability loan of $50 million from Deutsche Bank AG, Singapore Branch. These funds, backed by a $70 million guarantee from Guarantco, part of the Private Infrastructure Development Group (PIDG), are earmarked to expand Cellcard’s telecommunications infrastructure.

The positive impact of these financial initiatives on Cambodian society is expected to be profound. More than one million consumers are anticipated to benefit from improved internet speed and broader coverage, enhancing their daily lives and increasing productivity. Businesses, too, stand to gain significantly from these improvements, experiencing enhanced productivity thanks to better speed and service coverage. Through these strategic actions, Cellcard is not only advancing its service quality but also contributing to the broader socio-economic development of Cambodia.

In December 2023, Cellcard initiated a significant transformation of its technological and business operations. This includes a comprehensive overhaul of its billing and business support systems, accompanied by an exhaustive review of its internal processes. The objective is to ensure the long-term sustainability and efficiency of the business, effectively preparing it for the future.

The ‘Fourth Quarterly Report of Financial Year 2023’, disclosed on 15 February 2024, provides an overview of the operational and financial results based on Interim Financial Statements as of 14 February 2024 reviewed by Independent Auditors. The Interim Financial Statements had been prepared in accordance with Cambodian International Financial Reporting Standard ‘’CIFRS’’.

Full report is available at the Cambodia Stock Exchange website ( http://csx.com.kh/ )For more information, please email: Investor_relations@cellcard.com.kh
About CAMGSM

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