According to the recently released report, in the third quarter of 2024, PNJ recorded net revenue of VND 7,130 billion and profit after tax of VND 216 billion. The average gross profit margin in the third quarter of 2024 reached 17.5%, up from 17.3% in the same period in 2023. In the third quarter of 2024, the retail jewelry channel grew positively with an increase of 20.1% over the same period, accounting for 69.8% of the revenue structure while 24K gold revenue decreased by 46% over the same period.

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Retail jewelry channel increased more than 20% in the third quarter. Photo: Viet Hung

Accordingly, in the first 9 months of 2024, PNJ recorded net revenue of VND 29,242 billion (up 25.1% over the same period), and profit after tax of VND 1,382 billion.

PNJ's business report also shows steady revenue growth across all channels. Retail jewelry revenue increased by 15.9% in the first 9 months of the year thanks to effective exploitation of market segments, development of store networks and diverse marketing campaigns; the number of new and existing customers continued to grow. At the same time, wholesale channel revenue recorded an impressive growth of 30.2% thanks to customer demand shifting to reputable manufacturers.

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PNJ deploys to improve operational capacity in production. Photo: Viet Hung

Accumulated in the first 9 months of 2024, the average gross profit margin reached 16.7%, down from 18.4% in the same period in 2023. In the context of many market fluctuations, the average gross profit margin was maintained at a fairly good level thanks to factors such as: stable profit margins of retail and wholesale channels; effective implementation of measures to optimize resources and improve operational capacity in production, offsetting the decrease in gross profit due to the increased proportion of 24K gold in the revenue structure.

In addition, PNJ continuously increases its presence, brand recall and customer interaction through the expansion of its store network. In the first 9 months of this year, PNJ has increased its total number to 418 stores covering 57 provinces and cities.

In addition, the company also introduces many new collections and diversifies product categories in the direction of tailoring for each customer segment depending on needs, style, and preferences. PNJ constantly upgrades the space and shopping experience to build strong ties with old customer groups, while attracting many new customer groups.

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The campaign “We have each other. Let’s get married!” attracts customers’ attention. Photo: PNJ

In particular, the brand's credibility is also increased when PNJ continues to be nominated for prestigious awards such as: Large-cap non-financial listed enterprise most favored by investors in 2024 (IR Awards); honored at the JWA 2024 International Sustainable Development Award (category "Social Empowerment"); Top 100 Most Valuable Brands in Vietnam (announced by Brand Finance); Green Enterprise of Ho Chi Minh City (awarded by the City People's Committee)... This will be the driving force for the company to maintain its position as the leading Lifesyle retail system in the country and reach the regional level.

Vinh Phu