PNJ's after-tax profit increased by 6.5% in the first 4 months of the year

Phu Nhuan Jewelry Joint Stock Company (PNJ - HoSE) recorded a 33.1% increase in revenue in the first 4 months of the year compared to the same period in 2023, and a 6.5% increase in profit after tax over the same period.

According to the 4-month business report of 2024, PNJ's revenue reached 16,049 billion VND and after-tax profit reached 915 billion VND. In particular, PNJ's business activities grew steadily in all channels and in terms of total revenue structure, the jewelry segment accounted for a high proportion of 56.8% (49.2% retail and 7.6% wholesale).

PNJ's after-tax profit increased by 6.5% in the first 4 months of the year.

PNJ's retail sales maintained a growth rate of 12.4% compared to the same period last year thanks to an increase in new customers, expansion of the customer network, and increased return rate of old customers.

In addition, the average gross profit margin for the first 4 months of 2024 reached 17%, down from 19.1% in the same period in 2023 due to changes in the structure of goods sold in the retail channel, revenue structure, fluctuations in raw material prices and other input factors.

On the other hand, total operating expenses increased by 29.3%. The ratio of operating expenses/gross profit for the 4 months increased from 52% to 57% due to changes in customer shopping behavior.

Currently, PNJ is the leading jewelry retail brand in Vietnam with a network of 403 stores in 57/63 provinces and cities nationwide. The company has a high level of brand recognition and prestige throughout 36 years of establishment and development. This will be the strength and also the development strategy of the enterprise in the coming time.

In 2024, PNJ sets a revenue target of VND 37,147 billion, an increase of 12% compared to 2023; profit after tax increases by 6% to VND 2,089 billion. Thus, in the first 4 months of the year, the Company has completed more than 43% of the year's plans.

PNJ leaders believe that the world's macro economy in 2024 is expected to continue to face many challenges from global geopolitical tensions, and global trade has not yet recovered. Therefore, Vietnam's economy in 2024 will also face many challenges as an economy with a large openness. Vietnam also faces many challenges as an economy with a large openness, consumer retail activities, and general purchasing power may not recover as expected this year.

On the other hand, one difficulty that PNJ is facing is that it is difficult to meet the input materials for production, including the God of Wealth festival at the beginning of the year. In order to have a supply to the market, the Company must prepare very early, but there are not enough materials to produce and meet the demand of buyers. Therefore, the profit earned during this year's God of Wealth season is not as good as previous years.

Meanwhile, the Company's purchased raw materials must also ensure quality, especially in the context of the current volatile gold market, where purchasing raw materials on the market is even more difficult. That is also due to the slight decrease in PNJ's profits in the first quarter of the year.

Source: https://baodautu.vn/loi-nhuan-sau-thue-cua-pnj-tang-65-trong-4-thang-dau-nam-d215794.html