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PNJ achieved VND749 billion profit after tax in Q1/2023 

 Friday, May 19,2023

AsemconnectVietnam - Phu Nhuan Jewelry Joint Stock Company (PNJ - HOSE) announced its business results for the first quarter of 2023 with net revenue of VND9,753 billion, slightly down from the record high of the same period last year.

However, profit after tax still maintained growth, reaching VND749 billion (up 3.8% over the same period), which is also considered a new record ever.
Explaining the above financial figures, PNJ shared that this is the effort of the Board of Management and PNJ collective in the journey of F5 - Refresh - Press the button to regenerate, optimize inventory and implement a new strategy in terms of commodity infrastructure.
Specifically, the growth of the retail jewelry segment in the first quarter remained at the same level as compared to the same period last year thanks to the success of the new collection and the implementation of effective marketing strategies and sales programs attract more new customers.
Besides, the average gross profit margin in the first quarter of 2023 reached 19.4% compared to 17.4% in the same period due to the change in sales structure. Total operating expenses increased by 13.2%; the ratio of operating expenses/gross profit increased from 46.5% to 49% due to a higher base price due to the influence of inflation factors.
By the end of March 2023, the PNJ system had 371 stores in 55/63 provinces and cities across the country. In which, there are 350 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, opening 8 new PNJ Gold stores.
By the end of 2022, PNJ achieved a profit after tax of VND1,811 billion, a remarkable growth of 176%. In order to acknowledge the efforts and encourage employees, PNJ has also announced that the Board of Directors submitted to the General Meeting of Shareholders for consideration and approval the issuance of shares under the employee selection program (ESOP). In 2023, there is an adjustment to the issue price based on the results of after-tax profit in 2022.
Source: VITIC/Tinnhanhchungkhoan


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