Cambodia Investment Review
CAMGSM Plc., the operator of cellcard, reported a 58% year-on-year increase in net profit for the first quarter of 2026, citing higher data revenues, subscriber growth, and continued investment into Cambodia’s expanding 5G telecommunications infrastructure.
According to the company’s first quarterly report, net profit for the three months ended March 31, 2026 reached KHR 4.8 billion, or approximately $1.2 million, compared to KHR 3 billion during the same period in 2025.
Revenue increased 4% year-on-year to KHR 172.8 billion, equivalent to around $43 million, while profit before income tax surged 136% to KHR 9.5 billion.
The company said the improved performance was primarily driven by stronger telecom service revenues, continued subscriber growth, and increasing monetization of mobile data usage as Cambodia transitions further into the early stages of commercial 5G adoption.
Shares in CAMGSM were recently trading at around KHR 2,590 on the Cambodia Securities Exchange, above the company’s IPO price of KHR 2,270 when it listed in June 2023.
5G Expansion Accelerates Across Cambodia
During the quarter, Cellcard officially launched 5G services in Siem Reap, making it the third city after Phnom Penh and Takhmao to receive commercial 5G coverage from the company.
The telecom operator also expanded network infrastructure into provinces including Kandal, Banteay Meanchey, Preah Sihanouk, Kampong Cham, Kampong Speu, Takeo, and Tboung Khmum as part of broader nationwide rollout plans.
CAMGSM Chairman Neak Oknha Kith Meng said the company remained focused on supporting Cambodia’s digital transformation ambitions through continued infrastructure investment and service expansion.
“5G is more than just faster connectivity; it is a foundational technology that will unlock new opportunities across tourism, education, commerce, and public services,” he stated in the report.
Cellcard said it secured exclusive indoor 5G coverage rights across AEON malls and introduced a 50% data bonus for 5G subscribers to encourage adoption.
The company also partnered with Vivo to launch affordable 5G smartphones starting from around $102, while strategic partnerships with PassApp, OCIC Group, and the Siem Reap provincial administration formed part of broader efforts to strengthen its digital ecosystem positioning.
Finance Costs Rise Alongside Infrastructure Investments
Despite the stronger profitability, CAMGSM reported increased finance costs associated with continued 5G rollout and infrastructure expansion.
Finance costs rose 14% year-on-year to KHR 30 billion during the quarter, partially offsetting gains in operating profit.
Cash and cash equivalents declined to KHR 227.6 billion at the end of March 2026, compared to KHR 408.9 billion at the end of 2025, reflecting ongoing capital expenditure related to network upgrades, property, equipment, and intangible assets.
The company also confirmed it completed the nationwide deployment of an artificial intelligence-powered energy management system designed to reduce electricity consumption across network sites while maintaining service quality.
Cellcard additionally launched “WiFiX powered by cellcard,” which it described as Cambodia’s largest public WiFi network, spanning more than five kilometres across Norea City through a partnership with OCIC Group.
Competition Intensifies In Cambodia’s Telecom Sector
CAMGSM said Cambodia’s telecommunications market entered a more competitive phase during the quarter following the nationwide rollout of 5G services beginning January 1, 2026.
The company noted that operators including Cellcard, Smart Axiata, and Metfone continued accelerating investments in network quality, coverage expansion, and customer experience improvements amid rising mobile data demand.
Management added that CAMGSM would continue prioritizing 5G expansion, fiber infrastructure development, and customer experience optimization as part of its long-term growth strategy.
CAMGSM reported total assets of KHR 3.12 trillion, or approximately $781.6 million, as of March 31, 2026, with total equity standing at KHR 1.21 trillion, or around $302.6 million.
