Saigon Jewelry Company (SJC) expects to make a profit of more than 70 billion VND.

The Board of Directors of Saigon Jewelry Company (SJC) set a target of decreasing revenue this year but expected after-tax profit to reach 70 billion VND, higher than the target of 56 billion VND last year.

In the business plan report sent to the Ho Chi Minh City People's Committee, the Board of Members of Saigon Jewelry Company Limited estimated that this year's revenue would be VND30,145 billion. Pre-tax and after-tax profits would reach VND92.7 billion and VND70.2 billion, respectively. The net profit margin would be only 0.23%.

This year's revenue plan is down VND270 billion compared to last year's plan, while after-tax profit is up about VND14 billion. This plan was set by SJC's Board of Directors based on the target of gold bar production reaching 31,692 taels and selling 444,912 jewelry items. The company estimates that it will pay about VND93.6 billion in taxes this year.

According to SJC’s Board of Directors, this year, the company will focus on investing in jewelry production and trading to become one of the leading jewelry enterprises, thereby expanding its business market to Southeast Asia. In addition, the company will also launch new products such as handicrafts, watches, eyeglasses and cooperate with travel companies to apply new business models.

“This will motivate the company to expand its business network, increase revenue for the budget and create more jobs for workers,” the report of SJC's board of directors wrote.

SJC has not yet announced its 2023 financial report.

SJC was established in 1988 and is a 100% state-owned enterprise under the People's Committee of Ho Chi Minh City. According to the latest financial report published by SJC in mid-2023, the Company is operating under the model of a one-member LLC and has total assets of about VND 1,740 billion.

Since 2012, SJC has been selected by the Government and the State Bank as the national gold bar brand. The company's leaders have said that since then, the production of gold bars has been strictly managed by the State Bank in all stages, starting from weighing products, checking series, burning and stamping gold bars. SJC is not allowed to stamp gold bars from raw materials and has completely lost its business advantages when becoming a national exclusive brand.

Source: https://baodautu.vn/cong-ty-vang-bac-da-quy-sai-gon-sjc-du-tinh-lai-hon-70-ty-dong-d214571.html