Saigon Jewelry reports $426M revenues in 2022

By Phuong Dong   May 8, 2023 | 11:12 pm PT
Saigon Jewelry reports $426M revenues in 2022
Jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company's revenues soared by 60% last year to VND27.15 trillion ($1.2 billion) as gold bullion prices rose to record levels.

SJC’s highest revenues in nine years meant its sales target was exceeded by almost half.

The gross profit was VND250 billion, nearly double that of the previous year.

But with selling and administrative expenses rising, profit before tax was only 23% up at VND69 billion.

Though the results were inflated somewhat by the low base of 2021 when revenues and profits were ravaged by the Covid pandemic, demand did skyrocket last year as gold prices rose to a historic peak of VND74 million per tael (37.5 grams).

Despite forecasts of reduced demand, SJC targets sales of VND30.4 trillion this year, a 12% increase from 2022.

It has elaborate targets such as selling 36,158 pieces of gold bullion and over half a million pieces of jewelry.

It targets profit before tax of VND71 billion, a 3% increase.

The SJC management said these targets are internal and it is waiting for targets to be set by HCMC, which owns the company.

The company also targets market expansion, including into other Southeast Asian countries.

It plans to tie up with fine arts universities and also recruit artisans to establish a jewelry training school.

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