Jewelry firm PNJ reports 24 pct surge in profit

By Dat Nguyen January 17, 2020 | 10:45 pm PT

Customers view PNJ products in a shop in Ho Chi Minh City. Photo courtesy of PNJ.

Phu Nhuan Jewelry Jsc posted its first trillion dong topping after-tax profit of VND1.19 trillion ($51.2 million) last year, up 24 percent year-on-year.

The third largest jewelry company in Vietnam in terms of 2018 revenues, PNJ saw its 2019 net revenue rise 17 percent year-on-year to VND17 trillion ($732.3 million).

The rising business results came with an expansion in the number of outlets from 324 in 2018 to 369 nationwide last year.

The company also saw its Q4 2019 revenue surge 31 percent year-on-year thanks to year-end discounts which attracted wedding customers. It also reported rising demand from customers in the second half last year.

PNJ has also been expanding its watch segment business. Its 24 wrist watch outlets in the country contributed about 0.5 percent of its revenue last year. It plans to expand to 70 watch outlets this year.

The company signed a deal with The Walt Disney Company South East Asia last November to promote its necklace and earrings products with Disney’s iconic characters.

Vietnam’s jewelry demand reached a record-high 18.2 tonnes in 2018, up 10.3 percent year-on-year, according to the World Gold Council.