PPSP Q4 Net Profit Nosedives, No Land Sale

Latest filings by the special economic zone developer and operator show low gains in net profit and revenue in its reporting periods
Phnom Penh SEZ PLC (PPSP). Kiripost/Siv Channa
Phnom Penh SEZ PLC (PPSP). Kiripost/Siv Channa

The absence of land sale activity for Phnom Penh SEZ Plc (PPSP) saw net profit plunge 95.3 percent to $180,995 in its fourth quarter, ended December 31, 2022 (Q422), compared to $3.8 million last year.

Its filing with Cambodia Securities Exchange today also showed a decline of 81.8 percent in revenue at $3.5 million from $19.3 million in Q421.

While there was no sale of land registered for the current quarter, PPSP said other income consisting of construction and rental income was “higher than the previous year”.

Meanwhile, full year net profit for the period ended December 31, 2022, was up 10 percent at $2.1 million versus $1.9 million last year, while revenue slipped 6.4 percent year-on-year to $28.1 million.

PPSP closed unchanged at 2,430 riel for a full market capitalization of 174.7 billion riel (approximately $42.6 million).