Phenikaa Group increases bond debt

A&A Green Phoenix Group Joint Stock Company (Phenikaa Group) has just announced the successful issuance of the first batch of corporate bonds in 2025.

Specifically, on October 29, 2025, Phenikaa issued 1,200 bonds with a face value of VND 100 million/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 batch in 2025. Previously, in 2023 - 2024, the group had 4 issuances and the bonds of that period are still in circulation.

As of June 2025, Phenikaa had 4 outstanding bonds with a total value of 1,420 billion VND. The group's financial report also stated that the debt from the bond issuance at that time was equal to 15% of the company's equity. After issuing the latest bond, the group's bond debt will increase to 1,540 billion VND.

At the end of June, Phenikaa's equity was VND9,274 billion and its liabilities were VND8,729 billion. The debt structure mainly came from bank loans with a value of VND5,101 billion.

In the 6-month business period of 2025, Phenikaa achieved 241.1 billion VND in profit after tax, down 58% compared to the same period last year. Undistributed profit after tax is at 4,233 billion VND.

Phenikaa Group is rated A with a stable outlook by VIS Rating. Accordingly, its strengths are its profitability and good operating cash flow, contributed by the quartz-based engineered stone segment.

In addition, Phenikaa's education segment has grown and become the second largest source of revenue and profit for the Group. In 2024, revenue from education increased by 77% year-on-year, reaching VND665 billion thanks to enrollment activities and tuition adjustments.

In the healthcare sector, Phenikaa University Hospital has started trial operations since December 2024 and will fully deploy services from November 2025. In the first half of 2025, Phenikaa's EBITDA margin (earnings before interest, taxes, depreciation and amortization) will decrease from 43% in 2024 to 37%, mainly due to operating losses from the hospital, leading to weakened operating cash flow. However, Phenikaa's EBITDA margin is still higher than the industry average (12%).

VIS Rating forecasts that the total outstanding debt of this group will increase from 13-16% per year, the debt leverage ratio will also increase but still lower than the average of Vietnamese enterprises.

Source: https://baodautu.vn/phenikaa-group-tang-vay-no-trai-phieu-d429768.html