On the afternoon of January 22nd, Phu Nhuan Jewelry Joint Stock Company (PNJ) announced its business results for 2023. Accordingly, in the fourth quarter of 2023, PNJ recorded net revenue of VND 9,760 billion, an increase of 17.6% compared to the same period last year, and after-tax profit of VND 632 billion, an increase of 34.4% compared to the same period last year.
Despite a decrease in revenue, PNJ's profits remain positive. (Photo: D.V)
For the full year 2023, the company's net revenue reached VND 33,137 billion, a slight decrease of 2.2% compared to the same period.
However, PNJ's after-tax profit still reached VND 1,971 billion, an increase of 8.9% compared to the same period last year. Of this, sales from the jewelry segment accounted for 66.8% of the total revenue structure in 2023, including 58.2% retail and 8.6% wholesale.
A representative from PNJ stated that, amidst the challenging economic climate, the company has made significant efforts to overcome these obstacles. Specifically, the company has strived to increase its customer base, gain more market share, expand its network, diversify its product strategy, improve its customer approach, and innovate its business and marketing tactics.
According to PNJ's explanation, the company's average gross profit margin in 2023 reached 18.3%. This margin was achieved thanks to a reduction in the cost of goods sold. Total operating expenses in 2023 increased by 0.8% year-on-year due to the expansion of the retail network. The operating expense/gross profit ratio decreased from 59.1% in 2022 to 58.3% in 2023 thanks to operational optimization.
In 2023, PNJ opened 48 new stores to expand its coverage. As of the end of December 2023, PNJ had a total of 400 stores in 55 out of 63 provinces and cities.
DAI VIET
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