Daughter of Vietnam jewelry major PNJ head to spend $15 mln on company’s shares
Tran Phuong Ngoc Thao, vice chairwoman of Phu Nhuan Jewelry JSC (PNJ), has registered to purchase 4 million PNJ shares between December 18 and January 16, 2025.
This move aims to raise her ownership to 11.9 million shares, equivalent to a 3.51% stake.
Thao is a daughter of Cao Thi Ngoc Dung, chairwoman of PNJ, who currently owns 9.6 million PNJ shares. Tran Phuong Ngoc Giao, Thao's younger sister and a member of PNJ's board of directors, owns 9.7 million shares.

A shop of PNJ. Photo courtesy of PNJ.
PNJ shares traded at VND97,000 ($3.82) per share last Friday, marking an over 6% increase against mid-November. At this price, Thao is expected to spend about VND390 billion ($15.4 million) on the acquisition.
Profit re-increases
In the third quarter, PNJ reported a 3% year-over-year rise in revenue, reaching VND7.13 trillion ($280.65 million).
The gross profit margin slightly improved from 17.3% to 17.5%. Pre-tax profit stood at VND318 billion ($12.5 million), on par with the same period last year.
However, current income tax expenses surged from VND60 billion ($2.36 million) to VND102.6 billion ($4 million), causing after-tax profit to drop by 15% to VND216 billion ($8.5 million), the lowest since the third quarter of 2021.
The company attributed the profit decline to ongoing investments in expanding its business network and market share, along with fulfilling tax obligations as required by regulations.
PNJ's profit, however, rebounded in the last quarter, achieving VND218 billion ($8.58 million) in October alone, a 13% increase year-over-year and the highest monthly profit in eight months.
SSI Research noted that Q3 profits were impacted by a sharp rise in gold prices and an unexpected inventory write-down. These challenges, however, are expected to be short-term.
As the peak season approaches, PNJ plans to launch new collections and adjust its pricing strategy to offset higher gold costs. The company also anticipates recovering part of the written-down inventory value as repurposed gold is crafted into new jewelry. Consequently, PNJ’s Q4 profit is likely to improve.
As regulations on the origin of gold tighten, small retail stores using untraceable gold have been forced to scale down or shut operations. This trend help PNJ capture a larger market share.
The company is also accelerating its expansion efforts. By the end of October, PNJ operated 421 stores, up by 21 compared to the start of the year. This included the opening of 32 new stores and the closure of 11.
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