Jewellery major Doji posts 4-fold profit increase in 2022

Doji Gold & Gems Group JSC, Vietnam's leading jewelry maker, has reported an after-tax profit of VND1.02 trillion ($43.25 million) in 2022, up 4.3 times year-on-year.

The performance was announced by Doji in its financial report to the Hanoi Stock Exchange (HNX).

From 2018-2021, Doji's after-tax profit reached from only VND80 billion ($3.4 million) to more than VND230 billion ($9.78 million).

As of December 31, 2022, Doji's equity stood at VND6.36 trillion ($270.75 million), an increase of more than VND1 trillion ($42.56 million) compared to the end of 2021.

The company's return on equity (ROE) increased to approximately 17.4%. Bonds outstanding to equity stood at 0.1x, while in the previous year, it was 0.72x.

In the report, Doji said that the debt/equity ratio at the end of last year was 1.95, equivalent to about VND12.4 trillion ($527.93 million) in liabilities.

Doji, formerly known as Trading and Technology Development Company, was established in 1994. The company currently has 15 subsidiaries, five capital-contributing affiliates and 61 branches, nearly 200 centers and stores nationwide, along with more than 400 agents and selling points.

In addition to trading in gold, silver, finance and banking, in 2014, Doji entered the real estate sector with the establishment of Doji Land.

Doji Land owns real estate with prime locations in Hanoi and Ho Chi Minh City and has completed apartment and resort projects in Quang Ninh. The company will continue to focus on developing luxury real estate projects in Hanoi, Hai Phong City, and the provinces of Vinh Phuc, Quang Ninh, and Thua Thien-Hue.

Meanwhile, Phu Nhuan Jewellery JSC, Vietnam's largest jewelry retailer, reported an after-tax profit of VND1.81 trillion ($76.9 million) in 2022, up 76% year-on-year.