Vietnam jewelry giant PNJ's gross profit margin highest in 5 years
Phu Nhuan Jewelry JSC (PNJ), a leading jewelry company in Vietnam, posted VND2.11 trillion ($84.08 million) in net profit in 2024, up 7.3% year-on-year and reaching its target.
Last year, the firm, listed on the Ho Chi Minh Stock Exchange as PNJ, earned VND37.82 trillion ($1.5 billion) in net revenue, up 14.1% from 2023. The jewelry segment accounted for 68.3% of the total revenue.
A jewelry shop of PNJ. Photo courtesy of the firm.
In the fourth quarter of 2024, PNJ posted a net profit of VND733 billion ($29.14 million), up 16% year-on-year, while net revenue fell 12% to VND8.58 trillion ($341.13 million).
The company’s gross profit margin averaged 20.9% in Q4, rising from 17.9% in the same period of 2023, the highest level in five years.
PNJ’s revenue from retail channels grew 14.4% year-on-year in 2024. The company also expanded its retail presence by opening 29 new jewelry stores, bringing its total store count to 429.
PNJ shares closed at VND95,800 ($3.81) apiece on Wednesday.
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