The company achieved a 28.06% year-over-year revenue expansion, supported by a 17.61% operating margin that reflects efficient administrative scaling.
| Metric | Mar'25 | Mar'24 | Mar'23 |
|---|
| Sales/Revenue | 7.37M | 5.76M | 2.23M |
| Revenue Growth % | 28.06% | 158.28% | - |
| Cost of Goods Sold | 5.19M | 4.27M | 1.66M |
| COGS % of Revenue | 70.48% | 74.21% | 74.63% |
| Gross Profit | 2.18M | 1.48M | 565.26K |
| Gross Margin % | 29.52% | 25.79% | 25.37% |
| Gross Profit Growth % | 46.6% | 162.56% | - |
| Operating Expenses | 878.19K | 251.49K | 188.48K |
| OpEx % of Revenue | 11.91% | 4.37% | 8.46% |
| Selling, General & Admin | 878.19K | 251.49K | 188.48K |
| SG&A % of Revenue | 11.91% | 4.37% | 8.46% |
| Research & Development | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 |
| Operating Income | 1.3M | 1.23M | 376.78K |
| Operating Margin % | 17.61% | 21.42% | 16.91% |
| Operating Income Growth % | 5.27% | 227.16% | - |
| EBITDA | 1.35M | 1.27M | 420.64K |
| EBITDA Margin % | 18.34% | 22.12% | 18.88% |
| EBITDA Growth % | 6.13% | 202.72% | - |
| D&A (Non-Cash Add-back) | 53.81K | 40.72K | 43.86K |
| EBIT | 1.3M | 1.24M | 392.96K |
| Net Interest Income | -733 | -820 | -1.14K |
| Interest Income | 0 | 0 | 0 |
| Interest Expense | 733 | 820 | 1.14K |
| Other Income/Expense | -670 | 6.97K | 15.04K |
| Pretax Income | 1.3M | 1.24M | 391.83K |
| Pretax Margin % | 17.6% | 21.54% | 17.58% |
| Income Tax | 270.67K | 183.07K | 40.76K |
| Effective Tax Rate % | 20.87% | 14.77% | 10.4% |
| Net Income | 1.03M | 1.06M | 351.06K |
| Net Margin % | 13.92% | 18.36% | 15.75% |
| Net Income Growth % | -2.86% | 200.97% | - |
| Net Income (Continuing) | 1.03M | 1.06M | 351.06K |
| Discontinued Operations | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
| EPS (Diluted) | 0.00 | 0.05 | 0.02 |
| EPS Growth % | -100% | 200% | - |
| EPS (Basic) | 0.00 | 0.05 | 0.02 |
| Diluted Shares Outstanding | 0 | 21.6M | 21.6M |
| Basic Shares Outstanding | 0 | 21.6M | 21.6M |
| Dividend Payout Ratio | - | - | - |
Project concentration and regulatory
As reported in financial statements, Phoenix Asia Holdings achieved a 28.06% year-over-year revenue increase, signaling successful contract acquisition within the Hong Kong substructure market, though the $7.37M TTM figure highlights a reliance on a limited number of active, lumpy project-based engagements rather than recurring service streams.
The double-digit growth suggests the company is effectively capturing mid-sized site formation opportunities that larger Tier-1 firms may overlook. However, investors should monitor whether this trajectory is sustainable or merely reflects the peak execution phase of a single large-scale contract.
Based on reported figures, the company maintains a 29.52% gross margin, which appears to be a structural advantage derived from its specialized technical registrations in ground investigation, allowing for higher value-add services compared to general construction peers who often face significant pricing pressure in the competitive Hong Kong market.
This margin profile suggests that PHOE likely performs complex technical tasks in-house rather than outsourcing, which protects them from the margin compression typically seen in commodity-based construction. Future profitability remains sensitive to potential increases in mandatory safety-related idle time or rising labor costs for skilled site supervisors.
According to recent filings, the firm's 17.61% operating margin indicates a highly efficient administrative core, suggesting that management has successfully scaled its overhead to support project growth without incurring the bloated cost structures often observed in larger, more diversified civil engineering competitors operating within the Kowloon Bay area.
The ability to convert a significant portion of gross profit into operating income implies a lean operational model that is well-suited for a niche specialist. Analysts should investigate if this efficiency is sustainable as the company scales or if it is a byproduct of a temporary, low-overhead project phase.
As indicated by the company's 2024 incorporation and project-based revenue model, the primary risk involves extreme concentration, where the loss of a single key government license or a major contract could disproportionately impair the firm's financial stability compared to more diversified, established industry peers in Hong Kong.
Short-sellers might focus on the potential for 'percentage of completion' accounting to mask underlying cash flow issues, particularly if contract assets build up without corresponding cash inflows. The lack of long-term historical data makes it difficult to determine if current performance is a repeatable trend or a transient result of favorable market conditions.
Quick answers to the most common questions about buying PHOE stock.
For fiscal year 2025, Phoenix Asia Holdings Limited Ordinary Shares (PHOE) reported total revenue of $7.4M. This represents a 230.7% increase compared to $2.2M in 2023.
Phoenix Asia Holdings Limited Ordinary Shares (PHOE) is profitable, generating $1.0M in net income for the fiscal year ending 2025 with a net profit margin of 13.9%.
Phoenix Asia Holdings Limited Ordinary Shares (PHOE) reported an operating income of $1.3M, resulting in an operating profit margin of 17.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Phoenix Asia Holdings Limited Ordinary Shares (PHOE) generated $2.2M in gross profit for the year, representing a gross profit margin of 29.5%. This demonstrates the company's core pricing power and production efficiency.