Number of arrival flights at Phnom Penh airport by quarters:

24Q1: 4,627
24Q2: 4,627

23Q1: 3,882
23Q2: 4,235
23Q3: 4,251
23Q4: 4,430

** data is base on number of flights arrive only; not passengers number

Cambodia airports’s traffic 2024 (Phnom Penh + Sihanoukville) - OFFICIAL DATA

By Passengers numbers (+20% compare 2023):
Q1: 1.181 million
Q2: 1.136 million
Q3: 1.194 million
Q4: 1.328 million

By Commercial movements (+12% compare 2023):
Q1: 10,391
Q2: 10,544
Q3: 10,724
Q4: 11,438

Q4’s contribution from airports look encouraging!!

2025Q1 even better as average arrival flights >430 flights/week (first 3 weeks only) versus average of 382 flights/week in 2024Q4~

Muhibah - Cambodia Airport traffic break new high again since MCO! Favco will have Forex gain around 20m. All tenders projects awarded has been delay to Q1 2025, Muhibah expected to gain few projects. IMHO, the price is considered attractive now.

Q4 result forecast:

Airport: record highest number of arrival flights since MCO (Q4: 4,968 vs Q3: 4,717)

Crane: profit normalise + forex gain as USD/MYR rebound from Q3 low (Q3 unrealised forex loss 27m)

Construction: one Petronas project to deliver in Q4; compare none in Q3 and two in Q2
**Project deliver period base on earlier announcement during contract awarded)


The overall result should GOOD; unless any impairment occur

Muhibah core PBT (profit before tax & minority interest + exclude all one off items)

(RM‘000)

24Q3: 22,574
24Q2: 39,382
24Q1: 22,592

23Q4: 74,756
23Q3: 36,748
23Q2: 4,971
23Q1: 11,191

**Q4 used to exceptional stronger