Jewellery maker PNJ tops year profit target in 9 months

Phu Nhuan Jewellery JSC, Vietnam's leading jewelry maker, has reported an after-tax profit of VND1,340 billion ($54 million) in the first nine months of the year, up 133% year-on-year and equivalent to 101.5% of the year's plan.

The company's net revenues reached VND25,574 billion ($1.03 billion) in the period, up 104.4% year-on-year and equivalent to 99% of the year's target.

In the third quarter, the company recorded net revenues of VND7,364 billion ($296 million), 8.4 times year-on-year, and after-tax profits of VND252 billion ($10.13 million) compared to a negative VND160 billion in the same period last year.

The sale of gold, silver and precious stones made up most of the Q3 revenue at VND7,327 billion ($294.6 million), nearly 7.5 times higher year-on-year.

PNJ said its Q3 business results were positive because of the market’s post-pandemic recovery and flexible deployment of marketing programs in line with customer tastes.

At the end of September, PNJ had a total of 354 stores. It opened 21 new stores, two new Style by PNJ stores and one new PNJ Watch store this year. It also upgraded 19 PNJ Gold stores and closed six PNJ Gold and six PNJ Silver stores to optimize business performance.

On the HCMC Stock Exchange (HoSE), the PNJ share closed Tuesday at VND96,900 ($3.9).