Gold giant SJC sees sales slump to seven-year low

By Phuong Dong April 25, 2022 | 12:15 am PT

SJC gold bullion sold at a store in HCMC. Photo by VnExpress/Quynh Tran.

The State-owned Saigon Jewelry Company has reported revenues of VND17.7 trillion ($770.3) in 2021, down 25 percent year-on-year to its lowest since 2014.

It has attributed the decrease to Covid-19 restrictions and lockdowns last year, which brought sales from VND13 trillion in the first half down to just VND4.7 trillion in the third and fourth quarter, well below its target of VND23.5 trillion.

The company posted pre-tax profits of VND56 billion last year, down 42.6 percent, and return on equity of 2.8 percent, short of the targeted 5 percent.

At the end of 2021, its total assets value was VND1.7 trillion, 70 percent of it in inventory.

Established in 1988, SJC is a wholly state-owned enterprise based in Ho Chi Minh City. It has been the sole producer of gold bullion in the country since 2012, and has around 90 percent of the bullion market.