Cash flow Progressive Path Group Holdings Limited

Stocks

1581

KYG725391109

Construction & Engineering

Market Closed - Hong Kong S.E. 04:08:07 2026-09-02 EDT			5-day change	1st Jan Change
0.2900 ^HKD	-3.33%		-3.33%	+37.44%

06-29	Progressive Path Group Holdings Limited Reports Earnings Results for the Full Year Ended March 31, 2026	CI
06-18	Progressive Path Group Flags Drop in Fiscal Profit	MT

411af8d4ab2fc3d12052b94eea6.Om7r9ZPxfZAhzGCMYnlRHCFuhj8D683CJEHpYrWpXS4.Cxjes9WnTfdygljgGEsif3QB9011mZ2nQB6AAZj9J1ZvKbmT9psfvXaOOQ

Published financial data: PROGRESSIVE PATH GROUP HOLDINGS LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2022 (HKD)	2023 (HKD)	2024 (HKD)	2025 (HKD)	2026 (HKD)
Revenues	516M	511M	729M	914M	841M
Total Revenues	516M	511M	729M	914M	841M
Cost of Goods Sold, Total	482M	507M	671M	850M	810M
Gross Profit	33.64M	3.68M	57.77M	63.44M	31.56M
Selling General & Admin Expenses, Total	23.58M	23.88M	22.23M	25.33M	22.71M
Provision for Bad Debts	-1.6M	9.94M	1.53M	4.37M	-1.7M
Other Operating Expenses, Total	21.98M	33.82M	23.75M	29.7M	21.01M
Operating Income	11.66M	-30.15M	34.02M	33.74M	10.56M
Interest Expense, Total	-6.48M	-10.56M	-14.65M	-10.75M	-6.18M
Interest And Investment Income	63K	516K	388K	538K	1.1M
Net Interest Expenses	-6.41M	-10.05M	-14.27M	-10.21M	-5.09M
Other Non Operating Income (Expenses)	2.89M	7.32M	2.85M	3.36M	2.06M
EBT, Excl. Unusual Items	8.13M	-32.88M	22.6M	26.89M	7.53M
Gain (Loss) On Sale Of Assets	3.3M	649K	508K	1.9M	15.05M
Insurance Settlements	1.29M	169K	783K	679K	441K
Other Unusual Items	-	10.28M	-	-	-
EBT, Incl. Unusual Items	12.72M	-21.78M	23.89M	29.47M	23.02M
Income Tax Expense	587K	176K	1.67M	-4.63M	2.64M
Earnings From Continuing Operations	12.13M	-21.96M	22.22M	34.1M	20.39M
Net Income to Company	12.13M	-21.96M	22.22M	34.1M	20.39M
Minority Interest	-	-	1K	-	-
Net Income - (IS)	12.13M	-21.96M	22.22M	34.1M	20.39M
Net Income to Common Incl Extra Items	12.13M	-21.96M	22.22M	34.1M	20.39M
Net Income to Common Excl. Extra Items	12.13M	-21.96M	22.22M	34.1M	20.39M
Per Share Items
Net EPS - Basic	0.06	-0.07	0.05	0.08	0.05
Basic EPS - Continuing Operations	0.06	-0.07	0.05	0.08	0.05
Basic Weighted Average Shares Outstanding	208M	325M	415M	415M	415M
Net EPS - Diluted	0.06	-0.07	0.05	0.08	0.05
Diluted EPS - Continuing Operations	0.06	-0.07	0.05	0.08	0.05
Diluted Weighted Average Shares Outstanding	208M	325M	415M	415M	415M
Normalized Basic EPS	0.02	-0.06	0.03	0.04	0.01
Normalized Diluted EPS	0.02	-0.06	0.03	0.04	0.01
Supplemental Items
EBITDA	40.58M	20.22M	70.46M	66.96M	54.98M
EBITA	11.66M	-30.15M	34.02M	33.74M	10.56M
EBIT	11.66M	-30.15M	34.02M	33.74M	10.56M
EBITDAR	112M	103M	145M	-	62.56M
Effective Tax Rate - (Ratio)	4.62	-0.81	6.99	-15.72	11.45
Current Domestic Taxes	115K	170K	315K	-	-
Total Current Taxes	115K	170K	315K	-	-
Total Deferred Taxes	416K	-21K	1.35M	-4.63M	2.64M
Normalized Net Income	5.08M	-20.55M	14.13M	16.8M	4.71M
Interest on Long-Term Debt	4.79M	6.9M	8.84M	6.18M	2.82M
Supplemental Operating Expense Items
General and Administrative Expenses	23.58M	23.88M	22.23M	25.33M	22.71M
Net Rental Expense, Total	71.78M	82.68M	74.76M	-	7.58M
Imputed Operating Lease Interest Expense	25.09M	35.37M	43.86M	-	3.2M
Imputed Operating Lease Depreciation	46.68M	47.31M	30.9M	-	4.38M

Fiscal Period: March	2022 (HKD)	2023 (HKD)	2024 (HKD)	2025 (HKD)	2026 (HKD)
Assets
Cash And Equivalents	17.26M	27.31M	28.46M	30.4M	35.99M
Short Term Investments	10.07M	8.31M	11.31M	22.99M	23.74M
Total Cash And Short Term Investments	27.33M	35.62M	39.77M	53.39M	59.73M
Accounts Receivable, Total	211M	231M	300M	348M	377M
Other Receivables	8K	-	16K	555K	515K
Total Receivables	211M	231M	300M	349M	377M
Inventory	-	-	-	-	-
Prepaid Expenses	10.01M	12.8M	16.27M	6.89M	10.18M
Other Current Assets, Total	3.51M	4.95M	6.07M	241K	8.08M
Total Current Assets	252M	284M	362M	409M	455M
Gross Property Plant And Equipment	563M	716M	767M	770M	780M
Accumulated Depreciation	-348M	-436M	-534M	-591M	-630M
Net Property Plant And Equipment	215M	280M	233M	179M	150M
Other Long-Term Assets, Total	4.4M	2.72M	2M	2.83M	-
Total Assets	471M	567M	597M	591M	606M
Liabilities
Accounts Payable, Total	37.92M	49.83M	84.8M	73.56M	77.71M
Accrued Expenses, Total	19.6M	19.49M	23.1M	14.01M	26.02M
Short-term Borrowings	78.84M	77.65M	74.79M	59.31M	69.81M
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	41.41M	68.68M	58.82M	36.66M	21.21M
Current Income Taxes Payable	3K	56K	184K	-	-
Unearned Revenue Current, Total	-	-	-	-	-
Other Current Liabilities	19.28M	42.38M	36.59M	90.78M	73.7M
Total Current Liabilities	197M	258M	278M	274M	268M
Long-Term Debt	-	-	-	-	-
Long-Term Leases	61.92M	66.67M	53.05M	21.05M	18.93M
Deferred Tax Liability Non Current	7.99M	7.97M	9.32M	4.69M	7.32M
Total Liabilities	267M	333M	341M	300M	295M
Common Stock, Total	10.38M	20.75M	20.75M	20.75M	20.75M
Additional Paid In Capital	109M	151M	151M	151M	151M
Retained Earnings	84.67M	62.71M	84.94M	119M	139M
Comprehensive Income and Other	-	-	-	-	-
Total Common Equity	204M	234M	257M	291M	311M
Minority Interest	-16K	-16K	-17K	-	-
Total Equity	204M	234M	257M	291M	311M
Total Liabilities And Equity	471M	567M	597M	591M	606M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	208M	415M	415M	415M	415M
ECS Total Common Shares Outstanding	208M	415M	415M	415M	415M
Book Value / Share	0.98	0.56	0.62	0.7	0.75
Tangible Book Value	204M	234M	257M	291M	311M
Tangible Book Value Per Share	0.98	0.56	0.62	0.7	0.75
Total Debt	182M	213M	187M	117M	110M
Net Debt	155M	177M	147M	63.63M	50.22M
Debt Equivalent Oper. Leases	574M	661M	598M	-	60.6M
Minority Interest, Total (Incl. Fin. Div)	-16K	-16K	-17K	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Finished Goods, Total	-	-	-	-	-
Land - (BS)	9.69M	9.69M	9.69M	9.69M	9.69M
Buildings, Total	-	-	-	-	-
Machinery, Total	371M	442M	463M	559M	633M
Full Time Employees	508	70	69	64	58
Accumulated Allowance for Doubtful Accounts (Supple)	23.08M	31.88M	33.44M	33.09M	31.09M
Order Backlog	121M	181M	143M	647M	867M

Fiscal Period: March	2022 (HKD)	2023 (HKD)	2024 (HKD)	2025 (HKD)	2026 (HKD)
Net Income	12.13M	-21.96M	22.22M	34.1M	20.39M
Depreciation & Amortization - CF	71.66M	98.16M	102M	97.97M	82.4M
Depreciation & Amortization, Total	71.66M	98.16M	102M	97.97M	82.4M
(Gain) Loss From Sale Of Asset	-3.3M	-649K	-508K	-1.9M	-15.05M
Provision and Write-off of Bad Debts	-1.6M	9.94M	1.53M	4.37M	-1.7M
Other Operating Activities, Total	5.58M	319K	15.52M	5.68M	6.96M
Change In Accounts Receivable	-9.65M	-29.66M	-70.66M	-52.77M	-26.91M
Change In Inventories	-	-	-	-	-
Change In Accounts Payable	911K	21.44M	33.7M	20.99M	14.81M
Change in Unearned Revenues	-	-	-	-	-
Change in Other Net Operating Assets	-45K	1.6M	-1.71M	-916K	-3.76M
Cash from Operations	75.68M	79.2M	102M	108M	77.14M
Capital Expenditure	-42.84M	-41.16M	-13.87M	-31.75M	-42.56M
Sale of Property, Plant, and Equipment	7.04M	1.1M	609K	2.32M	16.3M
Other Investing Activities, Total	-5.46M	-4.06M	-4.71M	3.45M	-6.9M
Cash from Investing	-41.26M	-44.12M	-17.97M	-25.98M	-33.17M
Short Term Debt Issued, Total	123M	188M	240M	266M	246M
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	123M	188M	240M	266M	246M
Short Term Debt Repaid, Total	-85.18M	-189M	-243M	-282M	-243M
Long-Term Debt Repaid, Total	-66.99M	-75.78M	-65.93M	-61.49M	-35.97M
Total Debt Repaid	-152M	-265M	-309M	-343M	-279M
Issuance of Common Stock	-	53.95M	-	-	-
Other Financing Activities, Total	-5.2M	-2M	-14.43M	-2.64M	-5.5M
Cash from Financing	-33.95M	-25.02M	-83.22M	-79.6M	-38.38M
Net Change in Cash	475K	10.05M	1.15M	1.94M	5.6M
Supplemental Items
Cash Interest Paid	6.48M	10.56M	14.65M	10.75M	6.18M
Cash Income Tax Paid (Refund)	206K	144K	187K	423K	79K
Levered Free Cash Flow	19.88M	42.58M	59.65M	72.14M	9.36M
Unlevered Free Cash Flow	23.92M	49.18M	68.81M	78.86M	13.22M
Change In Net Working Capital	12.19M	-11.02M	40.82M	8.44M	33.21M
Net Debt Issued / Repaid	-28.75M	-76.97M	-68.79M	-76.96M	-32.88M

Fiscal Period: March	2022 (HKD)	2023 (HKD)	2024 (HKD)	2025 (HKD)	2026 (HKD)
Profitability
Return on Assets	1.69	-3.63	3.65	3.55	1.1
Return on Total Capital	2.1	-4.52	4.77	4.96	1.58
Return On Equity %	6.13	-10.02	9.05	12.46	6.78
Return on Common Equity	6.12	-10.01	9.05	12.46	6.78
Margin Analysis
Gross Profit Margin %	6.52	0.72	7.93	6.94	3.75
SG&A Margin	4.57	4.67	3.05	2.77	2.7
EBITDA Margin %	7.87	3.96	9.67	7.33	6.54
EBITA Margin %	2.26	-5.9	4.67	3.69	1.25
EBIT Margin %	2.26	-5.9	4.67	3.69	1.25
Income From Continuing Operations Margin %	2.35	-4.3	3.05	3.73	2.42
Net Income Margin %	2.35	-4.3	3.05	3.73	2.42
Net Avail. For Common Margin %	2.35	-4.3	3.05	3.73	2.42
Normalized Net Income Margin	0.98	-4.02	1.94	1.84	0.56
Levered Free Cash Flow Margin	3.85	8.33	8.19	7.89	1.11
Unlevered Free Cash Flow Margin	4.64	9.62	9.45	8.63	1.57
Asset Turnover
Asset Turnover	1.2	0.98	1.25	1.54	1.41
Fixed Assets Turnover	2.83	2.06	2.84	4.44	5.11
Receivables Turnover (Average Receivables)	2.51	2.31	2.75	2.82	2.32
Short Term Liquidity
Current Ratio	1.28	1.1	1.3	1.49	1.7
Quick Ratio	1.21	1.03	1.22	1.47	1.63
Operating Cash Flow to Current Liabilities	0.38	0.31	0.37	0.39	0.29
Days Sales Outstanding (Average Receivables)	145.31	157.77	133.29	129.45	157.31
Average Days Payable Outstanding	28.74	31.56	36.73	33.99	34.09
Long Term Solvency
Total Debt/Equity	89.25	90.88	72.74	40.25	35.34
Total Debt / Total Capital	47.16	47.61	42.11	28.7	26.11
LT Debt/Equity	30.34	28.45	20.67	7.24	6.09
Long-Term Debt / Total Capital	16.03	14.9	11.97	5.16	4.5
Total Liabilities / Total Assets	56.67	58.67	57.04	50.79	48.65
EBIT / Interest Expense	1.8	-2.85	2.32	3.14	1.71
EBITDA / Interest Expense	12.86	6.44	9.3	12.25	15.03
(EBITDA - Capex) / Interest Expense	6.25	2.54	8.35	9.3	8.15
Total Debt / EBITDA	2.19	3.13	1.37	0.89	1.18
Net Debt / EBITDA	1.86	2.61	1.08	0.48	0.54
Total Debt / (EBITDA - Capex)	4.5	7.93	1.53	1.17	2.18
Net Debt / (EBITDA - Capex)	3.82	6.6	1.2	0.64	1
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	18.45	-0.96	42.56	25.43	-7.93
Gross Profit, 1 Yr. Growth %	53.48	-89.07	1.47K	9.8	-50.25
EBITDA, 1 Yr. Growth %	113.09	-50.18	248.48	-4.97	-17.89
EBITA, 1 Yr. Growth %	-229.39	-358.59	-212.84	-0.82	-68.72
EBIT, 1 Yr. Growth %	-229.39	-358.59	-212.84	-0.82	-68.72
Earnings From Cont. Operations, 1 Yr. Growth %	224.53	-281.02	-201.2	53.44	-40.21
Net Income, 1 Yr. Growth %	224.53	-281.02	-201.21	53.43	-40.21
Normalized Net Income, 1 Yr. Growth %	-161.74	-504.37	-168.74	18.96	-71.99
Diluted EPS Before Extra, 1 Yr. Growth %	224.54	-215.57	-179.26	53.44	-40.21
Accounts Receivable, 1 Yr. Growth %	5.63	9.35	29.96	16.14	8.21
Net Property, Plant and Equip., 1 Yr. Growth %	43.53	30.5	-16.77	-23.45	-15.78
Total Assets, 1 Yr. Growth %	20.87	20.39	5.32	-1.09	2.55
Tangible Book Value, 1 Yr. Growth %	6.32	14.83	9.48	13.28	7.01
Common Equity, 1 Yr. Growth %	6.32	14.83	9.48	13.28	7.01
Cash From Operations, 1 Yr. Growth %	50.41	4.64	30.06	5.06	-28.25
Capital Expenditures, 1 Yr. Growth %	28.77	-3.91	-66.3	128.91	34.06
Levered Free Cash Flow, 1 Yr. Growth %	32.15	114.22	40.11	6.05	-85.54
Unlevered Free Cash Flow, 1 Yr. Growth %	30.26	105.57	39.92	2.17	-81.49
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	28.58	8.31	18.83	33.72	7.46
Gross Profit, 2 Yr. CAGR %	58.83	-59.03	31.05	315.3	-26.09
EBITDA, 2 Yr. CAGR %	115.29	3.04	31.76	81.98	-11.66
EBITA, 2 Yr. CAGR %	-3.85	82.92	70.82	5.79	-44.3
EBIT, 2 Yr. CAGR %	-3.85	82.92	70.82	5.79	-44.3
Earnings From Cont. Operations, 2 Yr. CAGR %	-11.87	142.37	35.35	24.61	-4.22
Net Income, 2 Yr. CAGR %	-11.81	142.37	35.35	24.61	-4.22
Normalized Net Income, 2 Yr. CAGR %	-28.42	58.01	66.73	-9.57	-42.28
Diluted EPS Before Extra, 2 Yr. CAGR %	-11.81	93.67	-4.29	10.28	-4.22
Accounts Receivable, 2 Yr. CAGR %	7.15	7.47	19.21	22.86	12.11
Net Property, Plant and Equip., 2 Yr. CAGR %	24.33	36.86	4.21	-20.18	-19.7
Total Assets, 2 Yr. CAGR %	13.95	20.63	12.6	2.06	0.71
Tangible Book Value, 2 Yr. CAGR %	4.13	10.49	12.13	11.36	10.1
Common Equity, 2 Yr. CAGR %	4.13	10.49	12.13	11.36	10.1
Cash From Operations, 2 Yr. CAGR %	3.59	25.46	16.28	16.9	-13.18
Capital Expenditures, 2 Yr. CAGR %	-0.54	11.23	-43.1	-12.17	75.18
Levered Free Cash Flow, 2 Yr. CAGR %	-9.5	68.26	73.25	30.17	-62.91
Unlevered Free Cash Flow, 2 Yr. CAGR %	-7.91	63.64	69.6	26.63	-58.61
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	32.59	17.87	18.7	20.99	18.08
Gross Profit, 3 Yr. CAGR %	20.31	-34.91	38.14	23.55	104.73
EBITDA, 3 Yr. CAGR %	116.99	32.18	54.66	18.16	39.58
EBITA, 3 Yr. CAGR %	-37.27	33.72	55.71	42.51	-29.52
EBIT, 3 Yr. CAGR %	-37.27	33.72	55.71	42.51	-29.52
Earnings From Cont. Operations, 3 Yr. CAGR %	-35.64	12.03	81.16	41.13	-2.45
Net Income, 3 Yr. CAGR %	-35.64	12.08	81.16	41.13	-2.45
Normalized Net Income, 3 Yr. CAGR %	-45.78	27.48	19.73	48.98	-38.82
Diluted EPS Before Extra, 3 Yr. CAGR %	-35.64	-3.49	43.79	12.01	-10.08
Accounts Receivable, 3 Yr. CAGR %	6.27	7.88	14.5	18.18	17.77
Net Property, Plant and Equip., 3 Yr. CAGR %	26	26.36	15.95	-5.97	-18.74
Total Assets, 3 Yr. CAGR %	10.27	16.06	15.29	7.84	2.22
Tangible Book Value, 3 Yr. CAGR %	0.04	7.58	10.16	12.51	9.89
Common Equity, 3 Yr. CAGR %	0.04	7.58	10.16	12.51	9.89
Cash From Operations, 3 Yr. CAGR %	18.82	3.94	26.7	12.41	-0.66
Capital Expenditures, 3 Yr. CAGR %	-3.38	-1.68	-25.29	-9.5	1.13
Levered Free Cash Flow, 3 Yr. CAGR %	-0.75	20.61	58.3	53.68	-39.65
Unlevered Free Cash Flow, 3 Yr. CAGR %	0.42	20.36	55.32	48.83	-35.45
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	1.27	6	26.9	23.97	14.07
Gross Profit, 5 Yr. CAGR %	-13.06	-36.85	24.5	36.61	7.57
EBITDA, 5 Yr. CAGR %	-19.22	-24.06	77.74	50.21	23.62
EBITA, 5 Yr. CAGR %	-23.57	36.69	-6.35	21.76	3.22
EBIT, 5 Yr. CAGR %	-23.57	36.69	-6.35	21.76	3.22
Earnings From Cont. Operations, 5 Yr. CAGR %	-12.7	30.9	-13.35	16.9	40.39
Net Income, 5 Yr. CAGR %	-12.7	30.9	-13.35	16.93	40.39
Normalized Net Income, 5 Yr. CAGR %	-28.05	46.17	-15.02	11.12	-10.57
Diluted EPS Before Extra, 5 Yr. CAGR %	-15.37	19.67	-24.57	1.8	22.22
Accounts Receivable, 5 Yr. CAGR %	-2.3	0.11	11.27	13.64	13.54
Net Property, Plant and Equip., 5 Yr. CAGR %	7.45	20.06	16.79	5.15	0.1
Total Assets, 5 Yr. CAGR %	-1.11	5.12	11.2	10.24	9.22
Tangible Book Value, 5 Yr. CAGR %	-3.72	-1.47	4.71	9.08	10.13
Common Equity, 5 Yr. CAGR %	-3.72	-1.47	4.71	9.08	10.13
Cash From Operations, 5 Yr. CAGR %	3.72	24.95	17.8	8.8	8.92
Capital Expenditures, 5 Yr. CAGR %	12.45	17.65	-21.82	-6.02	5.05
Levered Free Cash Flow, 5 Yr. CAGR %	5.4	47.15	24.02	24.34	-9.05
Unlevered Free Cash Flow, 5 Yr. CAGR %	3.9	36.83	23.84	22.83	-6.36