Vietnam’s jewelry major PNJ to pay cash dividend, seek share bonus as stock defies market slump

Phu Nhuan Jewelry JSC (HoSE: PNJ) said it will pay an interim cash dividend for 2025 at a rate of 10% and seek shareholder approval to issue bonus shares in January next year. Its stock has risen against a broader market correction.

PNJ said in a board resolution that January 9, 2026 will be the ex-dividend date for the interim cash dividend and for collecting written shareholder opinions.

The company will pay a first-round cash dividend for the 2025 financial year of VND1,000 ($0.04) per share on January 28, 2026.

With around 341 million shares outstanding, the payment is expected to cost the company about VND341 billion ($12.97 million).

The jewellery retailer will also seek shareholder approval in January 2026 for a plan to issue shares from equity to increase charter capital, along with other matters under the authority of the general meeting of shareholders.

PNJ has for years maintained a stable cash dividend policy of about 20%, or VND2,000 ($0.08) per share annually. In some years, it has also issued bonus shares, including at ratios of 3-for-1 in 2022 and 2019, and 2-for-1 in 2018.

PNJ shares have been among the few gainers since the broader market began correcting in August, rising from around VND83,000 to VND95,900 ($3.65) and approaching this year’s peak of VND97,200 set in February 2025. The stock had fallen to about VND61,000 in April last year.

The company posted resilient earnings in the first nine months of the year amid higher gold prices. Net revenue fell 13.3% to VND25.35 trillion ($964.3 million), while net profit rose 16.5% to VND1.61 trillion ($61.24 million), supported by a higher gross margin.

Brokerage firms remain positive on PNJ’s outlook. Mirae Asset said Decree 232/2025/NĐ-CP amending Decree 24/2012/ND-CP allowing for the issuance of gold import and export quotas and eliminating the state monopoly in the production of gold bars would enable private firms to participate in bullion production and raw material imports, helping to ease domestic supply shortages.

As the country’s leading jewellery retailer, PNJ stands to benefit from the new policy, Mirae Asset said.

Seasonal demand for gold is also expected to pick up in Q4/2025 and Q1/2026 due to year-end festivals and the peak wedding season, with PNJ having built up inventories and stepped up marketing campaigns to boost sales of new collections.