AsemconnectVietnam - Phu Nhuan Jewelry Joint Stock Company (PNJ) announced cumulative business results for the first 5 months of 2024 with net revenue reaching VND19,546 billion and profit after tax reaching VND1,051 billion.

Thus, PNJ's net revenue and profit after tax in the first 5 months of 2024 increased by 36.9% and 8.5% over the same period, respectively.
In terms of each channel's structure, PNJ's business activities have synchronous growth. Specifically, retail jewelry revenue in the first 5 months of 2024 increased by 12.8% over the same period thanks to flexible business strategies and efforts to launch new collections that suit customer tastes.
At the same time, PNJ has successfully implemented many effective marketing campaigns and sales programs, increasing new customers and increasing the return rate of old customers. The wholesale jewelry revenue in the first 5 months of 2024 also increased by 16.4% over the same period.
In addition, the average gross profit margin in the 5 months of 2024 will reach 16.5%, down from 19.0% in the same period in 2023 due to changes in the revenue structure of each business segment.
PNJ representative said: "Although 24K gold bar revenue tends to increase sharply due to people's need to buy gold for storage and investment, the profit margin of 24K gold is very low and this is not a main business segment of PNJ. Therefore, the average gross profit margin in the first 5 months of May decreased compared to the same period last year.
However, with stable profit margins of the remaining business segments, PNJ has implemented measures to optimize resources and improve operating capacity to maintain average gross profit margin at a positive level.
As of the end of May 2024, PNJ owns 405 physical stores nationwide. Including 396 PNJ stores, 5 Style by PNJ stores, 3 CAO Fine Jewelry stores and 1 wholesale business center.
N.Nga
Source: VITIC/Tinnhanhchungkhoan