According to the report PNJ has just announced, business indicators in the first 10 months of 2024 all maintained positive growth. Specifically, the company recorded net revenue of VND 32,371 billion and profit after tax of VND 1,600 billion, up 22.7% and 4.4% respectively over the same period. Of which, sales from the retail jewelry channel accounted for 56.4% of the total revenue structure. With this result, PNJ has completed 87.1% of the 2024 revenue plan that the company committed to at the General Meeting of Shareholders.

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PNJ jewelry retail sales account for 56.4% of total revenue structure. Photo: Viet Hung

On the other hand, PNJ's business performance in the past 10 months has grown steadily across all channels. Retail jewelry revenue increased by 16.5% (year-on-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 increase. At the same time, wholesale jewelry revenue increased by 32.7% (year-on-year) thanks to the shift in wholesale customers' demand to reputable and quality manufacturers.

In addition, in the first 10 months of 2024, PNJ's average gross profit margin reached 16.9%, down from 18.5% in the same period in 2023. This is considered a fairly good profit margin in the face of market fluctuations and consumer sentiment, thanks to factors such as: stable profit margins from retail and wholesale channels; effectively implementing measures to optimize resources and improve production operations capacity, thereby reducing the impact due to increased proportion of 24K gold in the revenue structure, increased raw material costs and inventory handling to prepare for the next phase.

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PNJ launches many new products and collections to meet customer tastes. Photo: Viet Hung

In addition, PNJ will deploy more creative marketing campaigns to “personalize” the shopping experience to attract new customers and attract old customers to return. This will be an important driving force for the company to reach its planned milestone in the last months of the year.

In particular, the brand's credibility has also increased as PNJ continues to be recognized for prestigious awards such as: 9 consecutive times being honored as National Brand, Top 10 listed enterprises with the best corporate governance and Top 20 best annual reports of non-financial groups at the 2024 listed enterprise vote...

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PNJ is one of the few listed companies that has maintained its position in the top 10 for corporate governance for three consecutive polls. Photo: Thuy Vinh

As of the end of October 2024, PNJ owns 421 stores nationwide. Including 412 PNJ stores, 5 Style by PNJ stores, 3 CAO Fine Jewellery stores and 1 wholesale center.

Vinh Phu