AsemconnectVietnam - Phu Nhuan Jewelry Joint Stock Company (PNJ - HOSE) has just announced its 2026 semi-annual audit report, audited by PwC (Vietnam) Limited, highlighting key issues and reporting a net profit decrease of VND455.97 billion after the audit.

According to the auditing firm, although no exceptions were made, the auditors draw readers' attention to Note 39 of the report, which describes the diamond-related incident, the company's leadership assessments, and the related financial impacts.
In explanatory note No. 39, PNJ stated that on July 2, 2027, the Thanh Hoa Provincial Police Investigation Agency initiated legal proceedings against Mr. Dang Ngoc Thao, former Director of PNJ Appraisal Company Limited (P-Lad), a wholly owned subsidiary of PNJ, for smuggling diamonds for profit. This incident has raised concerns among customers regarding PNJ's diamond retail operations.
PNJ maintains that the diamond supply showed no unusual signs related to the supplier. On August 21, the Thanh Hoa Provincial Police Investigation Agency announced the results of the initial appraisal and investigation into the transnational diamond smuggling case. The investigation determined that Mr. Dang Ngoc Thao exploited his professional knowledge to smuggle diamonds for personal gain. PNJ possesses complete import documentation for the diamonds. The process of importing and distributing goods to the market is strictly controlled, in accordance with the information in the import documents and fully compliant with legal regulations.
However, in the first half of 2026, PNJ reported that it had provisioned for inventory devaluation of VND1,416.8 billion and provisioned for losses arising from the policy of exchanging sold goods of VND2,267.3 billion.
As of June 30, 2026, PNJ's total borrowings amounted to VND3,989.1 billion, equivalent to 29.6% of total equity. Specifically, the main loans are VND1,425 billion at Vietcombank, VND999.9 billion at BIDV, VND 928.3 billion at Vietinbank, VND200 billion at Shinhan Bank Vietnam, VND180 billion at KEB Hana Bank, VND161 billion at Woori Bank Vietnam…
After the 2026 semi-annual audit, PNJ recorded a 38% decrease in net profit compared to the pre-audit (self-prepared report), equivalent to a decrease of VND455.97 billion, to VND728.53 billion.
Regarding business operations, in the first half of 2026, PNJ recorded revenue of VND25,709.2 billion, an increase of 49.3% compared to the same period; after-tax profit reached VND728 billion, a decrease of 34.7% compared to the same period last year. Specifically, the cost of goods sold recorded a significant increase related to provisions for losses arising from the acquisition policy of VND2,267.3 billion compared to no provision recorded in the same period; and provisions for inventory devaluation of VND402.2 billion compared to VND 288.4 billion recorded in the same period.
PNJ stated that the value of repurchases executed from July 1st to September 3rd, 2026 was VND4,996.9 billion, with an estimated loss of VND1,446.2 billion, and an estimated total value of recovery policies of VND 26,053.1 billion, resulting in a loss of approximately VND2,267.3 billion.
It is known that in the first half of 2026, PNJ recorded two major shareholder groups reducing their ownership to below 5%.
Source: VITIC/Bao Tai chinh – Dau tu