Royal Group Phnom Penh SEZ Plc (RGPPSP) experienced a remarkable surge in its annual net profits for the year 2023, marking a significant fo...
Royal Group Phnom Penh SEZ Plc (RGPPSP) experienced a remarkable surge in its annual net profits for the year 2023, marking a significant four-fold increase compared to the previous year, as disclosed in a recent filing with the Cambodia Stock Exchange (CSX). The company's robust performance can be attributed to substantial revenue growth driven by continued investments from the Royal Group of Companies.
In the 12-month period ending December 31, 2023, RGPPSP reported a staggering 3.7-fold increase in net profit, reaching a total of $7.9 million. This substantial rise contrasts sharply with the $2.1 million net profit recorded in 2022, showcasing the company's exponential growth trajectory.
The surge in profits was complemented by a remarkable 136% year-on-year increase in revenue, soaring from $26.3 million in 2022 to an impressive $62 million in 2023. This substantial revenue growth underscores the firm's resilience and strategic positioning in the market.
While the overall annual performance was outstanding, RGPPSP experienced a slight slowdown in the fourth financial quarter of 2023 compared to the same period in the previous year. The company reported a 42.6% decline in net profit for Q4, citing lower margins from land sales as a contributing factor.
Despite the quarterly dip in profits, RGPPSP still achieved an expanded quarterly revenue of $5.9 million, indicating a notable 68.2% increase compared to the previous year. This growth was primarily driven by higher construction revenue received by the developer, showcasing the company's ongoing expansion efforts.
As the holding company of the Phnom Penh Special Economic Zone, RGPPSP remains a frontrunner in Cambodia's SEZ sector. With a strategic location in the capital city and a reputation for providing comprehensive services to manufacturing investors, the company continues to attract both local and international businesses.
RGPPSP offers a range of services to its tenants, including customized infrastructure solutions, administrative support, and access to skilled human resources. Additionally, the company provides essential facilities such as wastewater treatment, infrastructure maintenance, and independent power, further enhancing its appeal to investors.
Looking ahead, RGPPSP is poised to maintain its leadership position in the market, fueled by the continued support of the Royal Group of Companies and its commitment to enhancing the performance of the SEZ. With a focus on delivering value to its clients and driving sustainable growth, the company remains optimistic about its future prospects.
The remarkable financial performance of Royal Group Phnom Penh SEZ Plc in 2023 underscores its resilience and strategic vision in navigating challenging market conditions. As it continues to expand its operations and attract investment, the company is well-positioned to capitalize on emerging opportunities and drive long-term success in Cambodia's SEZ sector.
.j.jpg)
No comments