In 9 months, PNJ earned more than 29,000 billion VND

Phu Nhuan Jewelry Joint Stock Company (PNJ) has just announced its business results for the third quarter of 2024. Accordingly, PNJ recorded net revenue of VND 7,130 billion and after-tax profit of VND 216 billion, a decrease of approximately 14% compared to the same period in 2023 (VND 253 billion). The average gross profit margin reached 17.5%, a slight increase compared to the same period last year (17.3%).

PNJ achieved significant revenue after 9 months of business. (Photo: Dai Viet)

In Q3 2024, PNJ's retail jewelry channel grew by over 20% year-on-year, accounting for nearly 70% of its revenue. Meanwhile, 24K gold revenue decreased by 46% year-on-year.

For the first nine months of 2024, PNJ recorded net revenue of VND 29,242 billion, an increase of over 25% compared to the same period last year, and after-tax profit of VND 1,382 billion, an increase of approximately 3% compared to the same period last year (VND 1,340 billion).

The company's retail jewelry revenue increased by nearly 16% in the first nine months of the year. Wholesale channel revenue recorded growth of over 30%. In the first nine months of the year, PNJ's average gross profit margin reached 16.7%, down from 18.4% in the same period last year.

Responding to a reporter from VTC News online, a representative from PNJ stated that, despite market fluctuations, PNJ's average gross profit margin has remained relatively high thanks to several factors. A prime example is the stable profit margin of both the retail and wholesale channels.

As of the end of Q3/2024, PNJ had a total of 418 stores.

PNJ's average gross profit margin remains at a fairly good level. (Photo: Dai Viet)

Recently, PNJ was fined 1.34 billion VND following a joint inter-agency inspection by the Government of gold trading businesses.

This is the result of a joint inter-agency inspection by the Government of gold trading businesses nationwide from May 24 to September 10.

The reason PNJ was penalized is because the company's internal regulations, customer risk classification practices, reporting of large-value transactions, and internal audits were not sufficiently rigorous and did not fully comply with legal regulations on anti-money laundering.

Furthermore, this company also has some shortcomings and incomplete data in the process of reporting and providing information to regulatory agencies.

DAI VIET

Source: https://vtcnews.vn/9-thang-pnj-thu-hon-29-000-ty-dong-ar903153.html