Jewelry firm PNJ remains on high-growth path

By Phuong Dong May 20, 2021 | 09:39 pm PT

A PNJ store in Ho Chi Minh City. Photo courtesy of PNJ.

Phu Nhuan Jewelry JSC reported post-tax profits of VND598 billion ($26 million) for the first four months of the year, a 95 percent year-on-year rise.

It attributed the profit jump to a cut in production costs.

Revenues were up 64 percent to over VND9 trillion, with bullion and jewelry sales rising by 70 percent and 60 percent.

It has a sales target of VND21 trillion for the full year, 20 percent higher than last year, and a profit target of VND1.2 billion, up 15 percent.

The company’s chairwoman, Cao Thi Ngoc Dung, said the targets are achievable since the pandemic would be contained this year and the economy would recover.

PNJ plans to open 40-45 stores and invest in machinery this year.

It opened 29 stores and closed 36 existing ones in 2020, most of the latter being silver jewelry stores in shopping malls with modest business and high rentals.