DBD Engineering Plc, the first company to list on the Cambodia Securities Exchange’s (CSX) secondary Growth Board, reported weaker business growth in the first quarter of the year – ended March 31 – amid a sluggish recovery in the local construction market.

In a filing to the CSX late last week, the multi-purpose engineering and construction firm posted total revenue and comprehensive income of 16.377 billion riel ($4 million) and 1.594 billion riel for January-March, respectively, up 1.28 per cent and up 19.34 per cent year-on-year.

Similarly, gross profit and profit before tax came to 4.361 billion riel and 2.446 billion riel for the three-month period, up 12.98 per cent and up 46.75 per cent against a year earlier. On the other hand, operating and financial costs fell by 13.61 per cent and 10.82 per cent.

Meanwhile, total assets stood at 60.752 billion riel as of March 31, growing by 12.23 per cent on an annual basis.

“I would like to express my appreciation to the board of directors, management and staffs, for good advice and your dedicated work [to] sustain growth of the company,” chairman and executive director Neang Vithy said in the filing.

Founded in 1995, DBD offers design, construction, installation, and maintenance services, the filing noted.

“DBD’s main revenue is derived from construction and maintenance services which include MEP [mechanical, electrical, plumbing] and civil engineering works, with the total revenues recorded in the financial statements separated into three categories, [namely] construction and maintenance, sales of goods, other income,” it said.

It noted that DBD in early 2022 was hired to work on a construction and MEP system installation project for Wing Tower on the corner of Monivong and Kampuchea Krom boulevards in the capital, which is expected to be completed this year.

The company also mentioned a “Biomass Steam Boiler Plant” project from Singapore-based Berkeley Energy Commercial and Industrial Solutions (BECIS) that would supply Dutch brewer Heineken with bio-steam power.

Additionally, the firm has worked on several major developments, including AEON 1, AEON 2, North Park Condominium, Chip Mong Sen Sok, Chip Mong 598 and Chip Mong 271.

The Ministry of Land Management, Urban Planning and Construction revealed in its 2022 annual report that it approved 4,276 projects nationwide in 2022, representing a floor area of 7.290 million square metres and registered capital of $2.972 billion.

For comparison, the corresponding figures for 2021 were 4,303 projects, 12.998 million square metres, and $5.334 billion in registered capital.