CAMGSM Plc. Reports Strong Financial Performance Amidst Telecom Industry Shifts
CAMGSM Plc., Cambodia's mobile and broadband operator, has announced its financial results for the second quarter of 2024. Despite challenges in the telecom industry and new regulations from relevant authorities, the company has shown resilience and strategic adaptability.
According to a press release issued by CAMGSM Plc., the company has achieved significant milestones, including the expansion of its portfolio with a comprehensive home internet offer.
CAMGSM saw a notable increase in its total assets by 11 per cent to 2,847 billion riel, thanks to strategic investments in network infrastructure and expansion. Although total liabilities grew by 13 per cent to 1,654 billion riel, the company's shareholder equity also rose by 8 per cent to 1,193 billion riel, underscoring its strong financial position.
The company also experienced a 19.29 per cent increase in profit for the period of the first half of 2024, compared to the same period in 2023, reflecting its successful strategic repositioning in response to new telecom regulations, such as the limit of five SIM cards per identification card (ID) and competitive pressures.
"We are proud of our team's dedication and resilience in navigating a dynamic market," said Simon Perkins, CEO of the ICT Division of the Royal Group of Companies. “Our strategic pivot towards expanding the home internet services, coupled with innovative marketing initiatives, has positioned us for sustained growth and profitability.”
CAMGSM Plc. has expressed a continued commitment to building a sustainable long-term business through ongoing investments in network expansion, digital services, and enhanced customer experience. The company also says it will continue to deliver exceptional value to its customers, employees, and shareholders while contributing to Cambodia's digital transformation.
This article is adapted from a supplied press release.