Jewellery major SJC profit up 12% in 2022

Saigon Jewelry Company Limited (SJC), Vietnam's leading jewelry maker, reported an after-tax profit of VND48.6 billion ($2.07 million) in 2022, up 12% year-on-year.

SJC earned net revenue of VND27.15 trillion ($1.16 billion), a 54% increase and the highest in nine years.

By the end of 2022, SJC's total assets had stood at VND1.74 trillion ($74.15 million), up 4% compared to the beginning of 2022, of which inventory, worth VND1.17 trillion ($50 million), accounted for 68%.

SJC targets revenue of VND30.42 trillion ($1.3 billion) for this year, up 12%, and pre-tax profit of nearly VND71 billion ($3.03 million), up 3%. It expects to sell 36,158 taels of gold bars and 568,578 jewels in 2023.

However, this plan is yet to receive approval from the Ho Chi Minh City People's Committee, which represents 100% state capital in the firm.

SJC said it is considering bringing the SJC gold brand to countries in Southeast Asia. The wholly state-run company is also cooperating with universities specializing in fine arts and recruiting artisans to establish a jewelry training and vocational school.