The Kingdom’s leading economic zone, the first private Cambodian company on the Cambodian Stock Exchange, received strong approval for its strategy from shareholders
Phnom Penh, 20th April 2018 – On Friday 20th, Phnom Penh SEZ Plc. (listed on the Cambodian Stock Exchange under PPSP) board of directors recapped on financial performance and key activities in the fiscal year 2017, and briefed on the business plan 2018.
“We started the year 2017 with a concrete roadmap to sustainably fuel our future growth. We set ambitious directions and strategies by emphasizing on our competitive advantages within the industry in Cambodia. We have employed these strategies as a framework for our business operations, which we regularly monitor to ensure the achievement of our short- and long-term goals. In particular, the company endeavors to increase its non-land sales revenue portion to 50% by the year 2020. Enabled by an efficient financing strategy, we aim to expand our businesses both vertically and horizontally,” said Lok Chumteav Okhna Lim Chhiv Ho, Chairwoman of Phnom Penh SEZ Plc. in her introduction speech.
“Our net profit for 2017 is US$ 1.68 million, an increase of 16.24% on the year 2016,”says Mr. Fong Nee Wai, Chief Financial Officer of Phnom Penh SEZ Plc.“Our debt-to-equity ratio, a key financial indicator on capital structure, improved to 0.51X from 0.55X in 2016.” He also emphasized on the company’s growth by incorporating more subsidiaries and associates after Initial Public Offering (IPO) to generate more recurring income
During the AGM, Phnom Penh SEZ Plc’s shareholders have approved the minutes of the Extraordinary General Meeting from 22nd December 2017, as well as the 2017 financial statement (finalized on 31 December 2017). Both resolutions were unanimously embraced by the shareholders. In the meantime, Mr. Tanate Piriyothinkul, non-executive director, has been re-elected and appointed for two more years.
The AGM was also a great occasion for Phnom Penh SEZ Plc’s board of directors to present the company’s future development plans to the shareholders. The industrial estate is currently diversifying its offerings to investors into the Cambodian economy by expanding its business model. In addition, they also shed light on potential socially impact housing project in Phnom Penh SEZ: “We plan to allocate 7 hectares of land to develop affordable housing project.” says Hiroshi Uematsu, Chief Executive Officer of Phnom Penh SEZ Plc. “Our main target is the workers inside Phnom Penh SEZ. Currently, we are preparing design contest to make sure that we will come up with the best design. Our primary target is to build livable community.”