Phenikaa Group Joint Stock Company (Phenikaa Group) has just announced the successful issuance of its first corporate bond issue in 2025.
Specifically, on October 29, 2025, Phenikaa issued 1,200 bonds with a face value of VND 100 million per bond, thereby raising VND 120 billion.
The bond will mature in September 2031 with a fixed interest rate of 8.2% per annum. This is a non-convertible, non-warrant, and secured bond.
This is Phenikaa's first bond issuance in 2025. Prior to this, in 2023-2024, the group had four bond issuances, and the bonds from that period are still outstanding.
As of June 2025, Phenikaa had four outstanding bond issues with a total value of VND 1,420 billion. The group's financial report also indicated that the debt from bond issuance at that time amounted to 15% of the company's equity. After the recent bond issuance, the group's bond debt will increase to VND 1,540 billion.
At the end of June, Phenikaa's equity stood at VND 9,274 billion and its liabilities at VND 8,729 billion. The debt structure was primarily composed of bank loans, valued at VND 5,101 billion.
In the first six months of 2025, Phenikaa achieved a net profit of VND 241.1 billion, a decrease of 58% compared to the same period last year. Undistributed net profit stands at VND 4,233 billion.
Phenikaa Group is rated A with a stable outlook by VIS Rating. Accordingly, its strengths lie in its profitability and strong operating cash flow, contributed by its quartz-based artificial stone segment.
In addition, Phenikaa's education segment has grown and become the second largest contributor to the Group's revenue and profit. In 2024, revenue from education increased by 77% year-on-year, reaching VND 665 billion thanks to enrollment activities and tuition fee adjustments.
In the healthcare sector, Phenikaa University Hospital began trial operations in December 2024 and will fully launch its services in November 2025. In the first half of 2025, Phenikaa's EBITDA (earnings before interest, taxes, and depreciation) margin decreased from 43% in 2024 to 37%, mainly due to operating losses from the hospital, leading to weakened operating cash flow. Even so, Phenikaa's EBITDA margin remains higher than the industry average (12%).
VIS Rating forecasts that the group's total outstanding debt will increase by 13-16% annually, and the debt leverage ratio will also increase, but will remain lower than the average for Vietnamese businesses.
Source: https://baodautu.vn/phenikaa-group-tang-vay-no-trai-phieu-d429768.html
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