A surge in land sales has helped tycoon Kith Meng’s Phnom Penh SEZ Plc (PPSP) to return to the black, posting $5.7 million net profit in the first quarter ended March 31 (Q1’23) after suffering a $680,743 net loss a year ago.
Revenue skyrocketed 618 percent to $30.3 million in the quarter from $4.2 million last year, PPSP revealed in a filing with Cambodia Securities Exchange (CSX) today.
The developer and operator of Phnom Penh and Poipet special economic zones, shared that revenue from the sale of land for the first quarter of 2023 was significantly higher than the first quarter of 2022, resulting in higher operating profits and net profits.
According to the income statement, land sales totalled $28.02 million in Q1’23 versus zero sales in the corresponding quarter last year.
At closing, its share price slipped 0.42 percent to settle at 2,360 riels for a full market capitalisation of 169.6 trillion riel ($41.07 million).