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Taiwanese garment company posts surge in Kingdom profits

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Women work at a garment factory in Phnom Penh. TANG CHHIN SOTHY/AFP

Taiwanese garment company posts surge in Kingdom profits

Taiwanese-owned garment manufacturer Grand Twins International (Cambodia) Plc (GTI) posted a 48.78 per cent surge in revenue and a massive 118 per cent in net profit last year, according to its report filed with the Cambodia Securities Exchange on Wednesday.

Its total revenue reached more than $120 million – a $39 million increase compared to 2017 – while net profit soared to $1.44 million, a $783,183 increase compared to the previous year.

During the fourth quarter of last year, GTI received total revenue of over $38.94 million – a 117.97 per cent rise – while its net profits were up 113.98 per cent from the same period in 2017 to $264,587.

GTI board chairman Yang Savsin said in a statement filed with the stock exchange that the increase was thanks to the company’s further improvement of its production lines to meet customer needs.

“[We] will strengthen our relationships with our customers, especially our main client, Adidas, with the goal of seeing an increase in orders for 2019,” he said, adding that: “We will cooperate with other partners to earn extra revenue through re-sewing and packaging.”

As of December 31, last year, GTI’s total assets are valued at more than $89 million, while its total capital was more than $68 million.

GTI stocks were not traded on the exchange on Wednesday – its share price stood at 4,360 riel ($1.09) per unit.

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