PNJ achieved profit of 1,340 billion VND after 9 months

PNJ announced net revenue and after-tax profit in the first nine months of the year reached VND23,377 billion and VND1,340 billion, respectively.

On October 24, Nhuan Jewelry Joint Stock Company (PNJ) announced its business results for the first 9 months of the year. In the third quarter alone, the unit recorded net revenue of VND 6,918 billion (a slight decrease of 6.1% over the same period) and after-tax profit of VND 253 billion (an increase of 0.4% compared to 2022).

Accumulated for 9 months, net revenue reached 23,377 billion VND and after-tax profit maintained the same level as last year's record high - 1,340 billion VND. The company representative revealed: "We have completed 69.2% of the annual profit plan - a positive result in the context of the retail industry, especially the jewelry sector, still facing many difficulties".

According to a PNJ representative, retail jewelry revenue in the first 9 months of the year decreased by 10.5%. Recently, the company has continuously launched diverse products with effective ways to approach customers. "Therefore, we still maintain the number of existing customers and increase the number of new users. According to estimates, 10.5% is still much lower than the general decline of the market," the representative explained.

Wholesale jewelry revenue in the first 9 months of the year decreased by 32.1% compared to 2022; 24K gold increased by 5.9% over the same period.

At the end of the third quarter, PNJ's profit reached 1,340 billion VND, despite facing many subjective and objective challenges. Photo: Thuy Linh — At the end of the third quarter, PNJ's profit reached 1,340 billion VND, despite facing many subjective and objective challenges. Photo: *Thuy Linh*

In addition, the average gross profit margin in the past 9 months reached 18.4% (higher than 17.4% in the same period), within the company's expectations. Total operating expenses decreased by 2.5% compared to 2022, the operating expense/gross profit ratio increased slightly - from 59.3% (2022) to 59.9%, due to the revenue contraction. The company still maintains investment activities for long-term development plans.

By the end of September, the PNJ system had 390 independent stores including: 378 PNJ Gold, three CAO Fine Jewellery, five Style by PNJ, one PNJ Watch and three PNJ Art.

Last week, PNJ was honored as "Top 25 companies in the field of personal and industrial consumer goods" by Forbes , with a brand value of 130 million USD, nearly 2.5 times higher than in 2016. Previously, Brand Finance announced the unit as "Vietnam's most valuable jewelry brand"; won "Outstanding cloud computing strategy in the retail industry" at the Asian Technology Excellence Awards 2023...

PNJ representative received the title of Top 25 brands and companies in the field of personal and industrial consumer goods on October 17. Photo: Viet Hung — PNJ representative received the title "Top 25 brands and companies in the field of personal and industrial consumer goods" on October 17. Photo: *Viet Hung*

"To achieve the above results, PNJ has continuously restructured and repositioned its brand over the past time. At the same time, we have expanded our customer segments according to consumer psychology and trends. We also improve, optimize operations and continue our long-term strategy including: opening new stores, improving the distribution network, and increasing the accuracy of our marketing programs," the company representative added.

Van Phat

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