RMA (Cambodia) Plc’s release of its financial disclosure for the first quarter of 2021 yesterday reported a 14.5 percent increase in pre-tax profit year-over-year to $14.642 million.
RMA is the exclusive distributor of Ford, Jaguar, Range Rover and John Deere products in the Kingdom among others.
The company registered $118.663 million in revenue during the quarter, a 13.9 percent increase over the same period last year.
Sales of Ford vehicles drove the company’s gains, accounting for 87.7 percent of total revenue, according to the disclosure. Revenue from other assets, including John Deere, JLR and Fuso, increased by 38.4 percent to approximately $4.494 million.
“The Covid-19 pandemic in Cambodia impacted both demand and supply conditions starting from Q22020,” said Kevin Whitcraft, RMA’s chairman.
“Supply was initially impacted by lockdowns, notably at the Ford factory in Thailand, but has subsequently returned to normal starting in Q32020. Demand has been impacted by delays and cancellations of major public and private sector projects, a reduction in consumer confidence, loss of tourism and hospitality business and more cautious bank lending,” Whitcraft noted.
A total of 90 percent of the company’s revenue – $116.291 million – was derived from the sale of goods with the remainder coming from services.
The company ended the year with $105.89 million in assets, a modest $2.323 million over the same period last year.
Ford continued to dominate new car sales by commanding 42.18 percent of the market in the first quarter, a hefty increase from 36.5 percent during the same period last year.
The Ford Ranger pickup remained the top-selling new vehicle in the country.
The company expressed optimism surrounding entering the mid-size sports utility vehicle (SUV) segment with the release of the Ford Territory earlier this year.
With an inclination towards hybrid and smaller SUVs, the market is projected to grow to $716 billion by 2023, according to a market study by consulting firm TechSci Research.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.
