Jewelry major PNJ records billion-dollar revenue in 7 months 

Ho Chi Minh City-based Phu Nhuan Jewelry JSC (PNJ) posted revenue of VND24.62 trillion (nearly $1 billion) and after-tax profit of VND1.22 trillion ($48.84 million) in the first seven months of the year, up 31% and 4% year-on-year respectively.

With these results, the firm had fulfilled 66.3% of the year's net revenue plan and 58.3% of the profit target, according to its financial statement for Q2/2024.

The company said business activities grew steadily in all segments. Retail jewelry revenue in the seven months increased by 14.6% over the same period last year, thanks to the diversification of new collections which meet market trends and the increasing needs of customers.

Creative marketing campaigns and attractive promotions also contributed to boosting sales and customer preference for the brand, it added.

Customer network expansion made wholesale jewelry revenue surge 24.7% year-on-year, while 24k gold revenue soared 67% thanks to the bustling gold market in the first months of the year.

However, PNJ's average gross profit margin decreased from 18.7% to 16.4%, due to changes in the revenue structure of each business segment, with a sharp increase in the gold bullion which has a thin profit margin.

In July, the company deployed many activities to promote sales and increase public awareness of its brand such as re-promoting the "PNJ betel and areca" collection, a step forward for the upcoming wedding season; deploying a sales promotion program themed "Smart beauty - Thousands of incentives".

It also accelerated the opening of stores. At the end of July, PNJ had 409 stores nationwide, an increase of four compared to late June and nine compared to the beginning of the year. Of which, there were 400 PNJ stores, five Style by PNJ, three CAO Fine Jewellery and one wholesale center.

PNJ, listed on the Ho Chi Minh Stock Exchange (HoSE) as PNJ, targeted VND37.15 trillion ($1.46 billion) in revenue and VND2.09 trillion ($82.33 million) in after-tax profit this year, up 12% and 6% from 2023.

On the stock market, PNJ closed Friday at VND108,900 ($4.36) per share.