PNJ sees profits jump 70 pct

By Tat Dat   May 23, 2022 | 05:11 pm PT
PNJ sees profits jump 70 pct
Customers view PNJ products in a shop in Ho Chi Minh City. Photo courtesy of PNJ
Jewelry giant PNJ’ profits surged 70.5 percent year-on-year in April to VND145 billion ($6.26 million).

Revenues also rose by 50 percent to VND2.28 trillion.

April is the seventh month in a row the company surpassed its pre-Covid results of VND2-trillion in revenues and VND100-billion in profits.

For the first four months this year, it recorded revenues of VND12.9 trillion and profits of VND866 billion, up 40 percent from last year.

Gold bar was PNJ’s fastest growing segment with revenues rising by 64 percent, thanks to geopolitical conflict in Ukraine and the global risk of inflation.

Vietnamese consider gold a safe haven holding in times of market volatility.

But its profit margin was down from 18.4 percent to 17.8 percent, dragged down by the lower margin of gold bars.

As of the end of April, PNJ had 343 independent stores. It opened seven locations in the first four months but closed two.

It eyes opening 35-40 new outlets by the end of this year.

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