Cellcard Reports Strong Financial Performance And Secures Funding For Continued Growth
Cellcard (CAMGSM PLC.) released its annual report for the financial year which ended on December 31, 2023. The report highlights a series of milestones the company achieved, solidifying its position as a key player in the Cambodian market.
Cellcard's Initial Public Offering (IPO) on the Cambodia Securities Exchange (CSX) in June 2023 marked a significant turning point for the company. The report states that this strategic move validated Cellcard's belief in its long-term potential and also unlocked new investment opportunities to accelerate growth initiatives and create value for all stakeholders.
According to a press release issued by Cellcard, the telecommunications company successfully refinanced its existing debt and secured an additional USD $70 million in financing by the 2023 year-end. This includes a USD $20 million internationally certified sustainability bond, which also furthers Cellcard's commitment to environmental and social responsibility.
“Cellcard has solidified its position as the undisputed leader in Cambodia's mobile networks, securing the title Fastest Mobile Network for two consecutive years,” said the press release, referencing previous recognitions received from Ookla and OpenSignal.
Neak Oknha Kith Meng, Chairman of Cellcard's Board of Directors, expressed confidence in the company's future built on a foundation of innovation, customer-centricity, and operational excellence.
“This journey wouldn't have been possible without the support and dedication of our stakeholders,” he said. “Together, we have built a strong foundation for future success. I am confident that with your continued trust and collaboration, we will reach even greater heights in the years to come.”
Simon John Perkins, CEO of Cellcard added, "Our unwavering commitment to innovation, sustainability, and community empowerment has propelled us to new heights. As we look towards the future, I am certain that our collective efforts will drive even greater success and create lasting value for our customers, partners, and communities.”
The release further stated that Cellcard continues to be recognised for its cutting-edge technology, citing its role as the exclusive telecommunications partner for the 2023 Southeast Asian Games (SEA Games) as an example.
The company also affirmed that it remains dedicated to bridging Cambodia’s prevailing digital divide by strategically investing in infrastructure development to connect underserved communities. In February 2024, Cellcard reported a doubling of its after-tax profits to 182.6 billion riel, or approximately USD $45 million, for the full year of 2023.
This press release was supplied.