Prasac ‘acts with agility’ to save H1
Prasac ‘acts with agility’ to save H1
Bond-listed Prasac Microfinance Institution Plc on August 11 reported a strong business performance in the first half of the year, as net profit skyrocketed more than 83 per cent year-on-year.
In a financial statement filed to Cambodia Securities Exchange (CSX), Prasac said it attained $68.47 million in net profit in the January-June period, compared to $37.37 million in the corresponding period last year.
Chairman Jun Kwi-sang said in the statement that as the pandemic continues to pose threats to business operations, Prasac has “acted with agility” to guard against risks and has taken “decisive actions” to ensure protection for employees and provide timely support to customers.
“Despite this time of uncertainty, Prasac continues to grow in all key areas, including the total assets, deposits and loans, profit as well as financial technology. We have learned a lot from the challenges of the past several years that made Prasac become a strong and stable institution for more than 25 years of sustainable growth,” he said.
In mid-June, Prasac said it had increased its registered share capital to $300 million from $230 million to achieve a sound financial position to gain the public’s confidence.
The increase is distributed among four shareholders – KB Kookmin Bank in South Korea, The Bank of East Asia Ltd (BEA) in Hong Kong, Lanka Orix Leasing Company Plc (LOLC) in Sri Lanka, and Prasac Staff Co (PSCo), Prasac said in an announcement.
Executive vice-president Say Sony told The Post in June that, since 2008, Prasac has raised its registered capital eight times, to $3.75 million in 2008, to $20 million in 2012, to $47 million in 2014, to $72 million in 2015, to $110 million in 2016, to $168 million and then to $230 million in 2019, and now to $300 million.
On May 5 last year, Prasac listed a corporate bond on the CSX, allocating 1,272,000 shares in the public offering, with a total issue amount of 127.2 billion riel ($31 million).
As of June 30, Prasac’s total assets, gross loan portfolio, deposit balance and shareholder’s equity amounted to $3.83 billion (up 14.23 per cent year-on-year), $3.35 billion, $2.32 billion and $587 million, respectively.
