Cambodia, Phnom Penh, (August 01, 2020)- On Saturday 01st August, 2020 Credit Bureau (Cambodia) Co, Ltd (CBC) held the mid-year review with its management team and staff from all departments at Rosewood Hotel. It was the second staff engagement of the year after the Kick-off meeting in January 2020.
This mid-year review was aimed at informing the staff about the overall achievement and performance of the company for the first half of the year, and sets the key activities to be taken in semester 2 of 2020. Each department head takes turns to present their individual department achievements and planning for the upcoming semester 2 of 2020. A lot of activities is planning to support the member to growth during this period. Two main solutions will be released in semester 2 to enable FIs to leverage more on their portfolio. Data Analytics Report V2 will be available in Q3, 2020, and will serve as the new analytic suit to unlock their potential. Generation 2 K-Sore is planning to launch in the market by Q4 of 2020 which enables the FIs to experience a new version of the bureau score. In addition to these, CBC is planning to release the CBC’s Mobile which enables the end consumer to check their own credit report anywhere and anytime.
Mr. Oeur Sothearoath, CBC’s CEO mentioned that beginning of 2020 was the hardest period for Cambodia. Credit enquiry dropped dramatically in April and started increasing slowly in May and June. As the result, our first half 2020 revenue decreased by KHR 726 million (US$ 0.20 million) or 4.9% year on year to KHR 14.01 billion (US$ 3.42 million) due to the ongoing pandemic. It has also resulted in the margin for profit after tax to be decreased from 54.2% to 52.1%. The company is looking at ways to overcome the current challenges and to stimulate growth during this challenging time. We are also getting good support from the ABC, CMA and ECH. Our two strategic shareholders are facing the same challenges. ECH which has seen their share of profit dropped by 8.7% from KHR 3.92 billion (US$ 0.96 million) to KHR 3.58 billion (US$ 0.87million) has been working with CBC’s management and Board to propose new and relevant services.