Taiwanese-owned garment manufacturer Grand Twins International (Cambodia) Plc (GTI) reported fair business performance over the fourth quarter of 2022, ended December 31, given the regional and global economic contexts as well as a general decline in orders for Cambodian apparel from key markets, although tailwinds driven by the Kingdom’s November 2021 economic-reopening policy shift have been said to have offered some solace.
In a financial report filed to the Cambodia Securities Exchange (CSX) on March 13, GTI stated that, for the October-December period, total revenue came to 103.737 billion riel – or $25.382 million – slipping by 27.81 per cent year-on-year.
Of the amount, 102.775 billion riel and 962 million riel came from product sales and subcontracts, respectively, compared to 143.690 billion riel (down 28.47 per cent on-year) and zero riel in the same period of 2021.
Profit before and after tax were to the tune of 909.071 million riel and 1.800 billion riel, respectively, falling by 49.38 per cent and 49.82 per cent.
Total assets and liabilities registered declines of 1.64 per cent and 15.34 per cent on a yearly basis, reaching 349.689 billion riel and 64.369 billion riel as of December 31, while total equity rose by 2.09 per cent to 285.319 billion riel.
“We would like to express our pleasure and [gratitude] to the board of directors, our management team, all staffs and workers for always support[ing] and [ensuring] good management in the past quarters and years,” GTI chairman Yang Po-Yu said in the report.
“We are also thankful to all supporting customers, especially to our major customers Adidas, who always support [us by] plac[ing] order[s], lead[ing] to today[’s success].
“Since the date of incorporation [on November 15,] 2007, Grand Twins has produced and expanded [its] product [portfolio] to meet customers’ require[ments] … as a leading garment manufacturer in Cambodia.
“For further quarters of 2023, we will commit to [enhancing] our corporate governance and accomplish[ing] our vision and mission. Our target is to [achieve] higher profit[s compared to] previous years,” he added.
The report recapped that the business was converted into a public limited company and changed its legal name to its current one on February 19, 2013, and that on July 16, 2018, it acquired major garment manufacturer QMI Industrial Co Ltd, which had been operating in the Kingdom since the 1990s.
On June 16, 2014, the firm became only the CSX’s second listing, raising 77.12 billion riel through an initial public offering (IPO), according to the local bourse’s website.
The report identified the company as a “sport Original Design Manufacturer”, adding that it manufactures sporting apparel for the likes of Adidas, Kohl’s, Nautica, New Balance (NB), North Face, Reebok, Russell Athletic, Salomon, and TaylorMade.
The company buys raw materials from mainland China, Taiwan, Thailand, and Vietnam, it said, adding without elaborating that, in the October-December quarter, “our export destinations [included] countries in Europe 56 per cent, United State[s] 28 per cent, Asia and other countries 16 per cent of total revenue”.