AsemconnectVietnam - Phu Nhuan Jewelry Joint Stock Company (PNJ) announced its accumulated business results for the first 5 months of 2023 with net revenue and profit after tax reaching VND14,281 billion and VND970 billion, respectively.

PNJ's business report for the first 5 months of 2023 just released shows that, in May 2023 alone, the Company recorded net revenue and profit after tax of VND2,223 billion and VND111 billion, respectively, approximately to April 2023. Accordingly, at the end of the first 5 months of the year, PNJ's net revenue reached VND14,281 billion, profit after tax reached VND970 billion. Thus, PNJ has completed 50.1% of the annual profit plan. This is a remarkable result in the "headwind" period of the market.
Explaining in detail the above financial figures, a representative of PNJ said that with the general purchasing power of the market declining, retail jewelry revenue in the first 5 months of 2023 decreased by 8.7% compared to the same period in 2022. However, with the continuous introduction of effective business strategies and market approaches, PNJ still managed to maintain its market share and control a lower decline than the general market.
Besides, due to a decrease in the purchasing power of domestic jewelry and orders from corporate customers, wholesale jewelry revenue in the first 5 months of 2023 decreased by 27% compared to the same period in 2022, but the bright spot is that PNJ continues to grow in the number of new customers. 24K gold revenue in the first 5 months of the year only decreased slightly by 1.4% over the same period.
In addition, the average gross profit margin in the first 5 months of 2023 reached 19% compared to 17.8% in the same period due to the change in sales structure. Total operating expenses in 5 months in 2023 increased by 2.1% over the same period, the ratio of operating expenses/gross profit increased from 51.7% in 2022 to 54.1% in 2023 due to high price base by the inflation factor.
By the end of May 2023, the PNJ system had 376 independent stores, including 355 PNJ Gold stores, 7 PNJ Silver stores, 3 CAO Fine Jewelery stores, 5 Style by PNJ stores, and 3 PNJ Watch stores and 3 PNJ Art stores.
N.Nga
Source: VITIC/Tinnhanhchungkhoan