PWSA aims to achieve $85M in revenue this year, up 7.1%
PWSA aims to achieve $85M in revenue this year, up 7.1%
Cambodia Securities Exchange- (CSX) listed Phnom Penh Water Supply Authority (PWSA) has set a revenue target of 347,441,665,000 riel ($85.35 million) for 2021, or 7.11 per cent up from the figure reported last year.
The goal was revealed on May 21 at the 9th General Meeting of Shareholders, held via Zoom and led by chairman Oum Sotha, the state-owned water utility said in a press release.
This year, PWSA said it plans to produce 227,960,358 cubic metres of clean water (up by 1.42 per cent year-on-year) and reach 27,006 new customers (up 52.47 per cent), targeting 103,742,504,000 riel in profit after tax (up 17.42 per cent) and 217,763,535,000 riel in total expenditures.
CSX CEO Hong Sok Hour told The Post on May 24 that the figures were encouraging and could attract more public attention in the sector.
“I do not think business in this sector was adversely affected during the Covid-19 outbreak, but it may be difficult to collect payments from users,” he noted.
According to its 2020 Business Performance Report, PWSA produced 224,773,971 cubic metres of clean water last year, added 17,712 new customers to its network, and logged 324,367,856,000 riel in total revenue and profit after tax to the tune of 88,351,845,000 riel.
Revenue and profit after tax surged 49.83 and 165.39 per cent, or 108 and 55 billion riel, over full-year 2019 results.
On February 1, the state-owned enterprise broke ground on the $380 million Bakheng Water Treatment Plant on the northeastern outskirts of the capital in response to rising demand.
Construction of the facility will be carried out in two phases, with the first slated to be completed by the end of 2022, boasting an initial production capacity of 195,000 cubic metres per day.
The second phase will add another 195,000 cubic metres to the plant’s daily supply and is scheduled to be completed by the end of 2023.
