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

2025
By Passengers numbers
2025 Jan: + 25% y-y
By Commercial movements
2025 Jan: + 23% y-y

2024
By Passengers numbers (+20% compare 2023):
24Q1: 1.181 million
24Q2: 1.136 million
24Q3: 1.194 million
24Q4: 1.328 million

By Commercial movements (+12% compare 2023):
24Q1: 10,391
24Q2: 10,544
24Q3: 10,724
24Q4: 11,438

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

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

FAVCO 24Q3 result:
If exclude the one off items (eg: forex, allowances, derivatives & etc), core PBT stood as:

24Q3: 27.231m
24Q2: 14.863m
24Q1: 14.686m

23Q4: 50.988m
23Q3: 22.040m
23Q2: 7.088m
23Q1: 9.994m