AsemconnectVietnam - Phu Nhuan Jewelry Joint Stock Company (PNJ - HOSE) recorded accumulated business results for the first 10 months of 2024 with net revenue reaching VND32,371 billion and profit after tax reaching VND1,600 billion, up 22.7% and 4.4% respectively over the same period.

With the above results, PNJ has completed 87.1% of the 2024 revenue plan that the Company committed to at the General Meeting of Shareholders. Of which, sales from the retail jewelry channel accounted for 56.4% of the total revenue structure.
In terms of business performance, in the past 10 months, PNJ has grown steadily across all channels. Retail jewelry revenue increased by 16.5% (y/y) thanks to the effective exploitation of market segments, the development of store networks and diverse marketing campaigns; the number of new and old customers continued to increase. At the same time, wholesale jewelry revenue increased by 32.7% (y/y) thanks to the shift in wholesale customers' demand to reputable and quality manufacturers. In addition, in the first 10 months of 2024, PNJ's average gross profit margin reached 16.9%, down from 18.5% in the same period of 2023. This is considered a fairly good profit margin in the face of market fluctuations and consumer sentiment, thanks to factors such as: stable profit margins from retail and wholesale channels; effectively implement measures to optimize resources and improve production operations capacity, thereby reducing the impact of increasing the proportion of 24K gold in the revenue structure, increasing raw material costs and handling inventory to prepare for the next phase.
In addition, PNJ will deploy more creative marketing campaigns to "personalize" the shopping experience to increase new customers and attract old customers to return. This will be an important driving force for the company to reach the planned milestone in the last months of the year. In particular, the level of brand trust is also increased when PNJ continues to be recognized in prestigious awards such as: 9 consecutive times being honored as National Brand, top 10 listed enterprises with the best corporate governance and top 20 best annual reports of the non-financial group at the 2024 listed enterprise poll...
As of the end of October 2024, PNJ owns 421 stores nationwide. Including 412 PNJ stores, 5 Style by PNJ stores, 3 CAO Fine Jewellery stores and 1 Wholesale Center.
N.Nga
Source: VITIC/Tinnhanhchungkhoan