Jewelry major PNJ appoints new CEO, targets record profit of $129 mln for 2026

Vietnam's leading jewelry maker Phu Nhuan Jewelry JSC (HoSE: PNJ) has appointed a new CEO as part of a broader restructuring plan, while setting a record net profit target of VND3.41 trillion ($129.42 million) for 2026.

The company said Phan Quoc Cong officially took over as CEO from Le Tri Thong on April 3, completing a planned leadership transition aimed at ensuring continuity and long-term growth.

PNJ’s board of directors said Cong was selected for his extensive management experience and ability to drive organizational transformation and unlock new growth opportunities - key priorities for the company’s next phase.

Cong, born in 1970, has more than 30 years of corporate leadership experience and holds a doctorate in business administration.

He previously held senior roles at multinational firms including Electrolux Vietnam, SmithKline Beecham, and Nestlé Vietnam, and founded International Consumer Products (ICP). Since 2015, he has focused on technology-driven investments and has served on boards including PNJ, Mekong Capital, and Mobile World.

Ambitious growth targets

PNJ targets revenue of VND48.66 trillion ($1.85 billion) and net profit of VND3.41 trillion ($129.42 million) for 2026, representing increases of 37% and 21% from 2025, respectively - which would mark a record high.

The company also plans to restructure into a group model by establishing new entities within its ecosystem and engaging consultants to design a holding structure aimed at enhancing shareholder value and investor appeal.

Dividend maintained despite market headwinds

PNJ plans to maintain a cash dividend payout ratio of 20% for both 2025 and 2026.

The gold and jewelry sector faced significant challenges in 2025, with soaring gold prices, limited import supply and weakening demand for luxury goods.

Increased regulatory scrutiny and compliance requirements also weighed on the industry, leading some businesses to scale back or suspend operations.

According to the World Gold Council, Vietnam’s gold and jewelry market contracted by 15.5% in 2025, with investment gold down 14% and jewelry demand plunging 20% - one of the sharpest declines in decades.

Against this backdrop, PNJ’s revenue fell 7.4% to VND35.41 trillion ($1.34 billion). However, improved margins helped lift net profit by 34% to nearly VND2.83 trillion ($107.37 million).

The gain was driven by a higher contribution from retail jewelry, which accounted for 69.6% of revenue, up from 58.3% in 2024, along with improved recovery value from buyback inventory amid rising gold prices and tighter cost control.

The board has proposed a 20% dividend for 2025, equivalent to a payout of VND853 billion ($32.38 million). The company has already paid an interim dividend of VND341 billion (10%), with the remaining VND511.7 billion to be distributed after completing a 50% bonus share issuance.

On the Ho Chi Minh Stock Exchange (HoSE), PNJ shares closed Friday at VND108,800 ($4.13) apiece.