AsemconnectVietnam - After the first 4 months of 2024, Phu Nhuan Jewelry Joint Stock Company (PNJ - HOSE) recorded a revenue increase of 33.1% over the same period last year, profit after tax increased by 6.5% compared to same period.

Specifically, according to the 4-month business report of 2024, PNJ revenue reached VND16,049 billion and profit after tax reached VND915 billion. In particular, PNJ's business activities grew steadily in all channels and in terms of total revenue structure, the jewelry segment accounted for a high proportion of 56.8% (49.2% retail and 7.6% wholesale).
PNJ's retail sales maintained a growth rate of 12.4% over the same period last year thanks to the increase in new customers, expanding customer network, and increasing the return rate of old customers.
In addition, the average gross profit margin in 4 months of 2024 will reach 17%, down from 19.1% in the same period in 2023 due to changes in the structure of goods sold in retail channels, revenue structure, and fluctuations of raw material prices and other input factors.
On the other hand, total operating costs increased by 29.3%. The 4-month operating expenses/gross profit ratio increased from 52% to 57% due to changes in customer shopping behavior.
Currently, PNJ is the leading jewelry retail brand in Vietnam with a network of 403 stores present in 57/63 provinces and cities nationwide. The company has a high level of brand recognition and reputation throughout 36 years of establishment and development. This will be the strength and also the future development strategy of the business.
In 2024, PNJ sets a revenue target of VND37,147 billion, an increase of 12% compared to 2023; Profit after tax increased by 6% to VND2,089 billion. Thus, in the first 4 months of the year, the Company has completed more than 43% of the year's plans.
N.Nga
Source: VITIC/Tinnhanhchungkhoan