Increase in water sales and construction service saw Phnom Penh Water Supply Authority’s (PWSA) net profits inch up to 22.1 billion riel ($5.5 million) in its fourth quarter ended December 31, 2022, from approximately 22 billion riel last year.
The state-owned water supplier’s quarterly revenue came in marginally lower at 92.3 billion riel compared to 92.7 billion riel in the corresponding period in 2021, its latest filing with Cambodia Securities Exchange showed.
It generates revenue from three sources – water sales, construction service fees and other incomes, with 86.3 percent of the total representing water sales in the fourth quarter.
The reduced revenue was attributed to lesser net forex gains as well as “other incomes”, which is derived from water metre maintenance charges, sale of water connection materials, and penalties.
For the financial year ended December 31, 2022, net profit dropped 16.3 percent year-on-year to 108.2 billion riel ($26.8 million), from 129.3 billion riel as revenue fell 6.2 percent to 346.2 billion riel ($85.7 million), from 369.1 billion riel in 2021.
According to PWSA, the decrease in revenue and profits for the financial year was mainly due to a difference in other income in 2021, where PWSA was exempt from paying dividend for the financial years ended 2019 to 2020.
Its chairman, Sim Sitha, said PWSA laid the mains and distribution pipes measuring 116 kilometres, produced 61,697,304 cubic metres of clean water and installed 6,090 new house connections, including 408 connections for the low-income households.
Total water loss accounted for 9.7 due to leakages.
For the first quarter of 2023, PWSA plans to produce 57,414,700 cubic metres of clean water and add another 162 kilometres of distribution network, he added.
Its share price ended trading on Wednesday 1.05 percent higher at 7,700 riel for a full market capitalization of 3.7 trillion riel ($911.1 million).