SJC profits many times over thanks to the sharp increase in the price of SJC gold bars

(NLDO) – SJC Gold Company has just announced a profit increase of more than 4 times in 2024 in the context of SJC gold bar prices continuously hitting new peaks.

In the context of gold prices reaching a historic peak, Saigon Jewelry Company (SJC), the unit processing SJC gold bars, has just announced its audited financial report for 2024 with many impressive growth figures.

SJC gold bar production company profits 4 times

Specifically, in 2024, SJC's net profit from business activities reached more than 378 billion VND. Total pre-tax profit recorded more than 376 billion VND, an increase of more than 4 times compared to 87.5 billion VND of the previous year. Sales revenue also exceeded 32,100 billion VND, a sharp increase compared to more than 28,400 billion VND in 2023.

This positive business result occurred in the context of a year in which the price of SJC gold bars increased significantly, from VND73 million/tael at the beginning of the year to VND84.2 million/tael at the end of the year - equivalent to an increase of about 14.5%.

As of August 6, the price of SJC gold bars was trading at 123.8 million VND/tael, approaching the historical mark of more than 124 million VND/tael in April 2025.

SJC gold bar price on August 6 was traded at 123.8 million VND/tael

The exact extent of the impact cannot be determined yet.

However, in addition to the increase in revenue and profit, SJC still cannot escape internal problems. In the audited financial report for 2024, the auditing unit AASC noted that a number of SJC officers and employees were prosecuted for the crimes of "Embezzlement of property" and "Abuse of position and power while performing official duties".

The case is still under investigation by the authorities, and there is no official conclusion or verdict yet. Therefore, the auditor said it is not yet possible to determine the exact impact of the case on SJC's 2024 financial report.

Previously, at the end of 2024, the Ministry of Public Security prosecuted 6 defendants related to the embezzlement case that occurred at SJC, including Ms. Le Thuy Hang, the company's former General Director. This group of defendants was accused of abusing their positions and powers while performing official duties for personal gain, causing damage to the enterprise.

Not stopping there, in June 2025, the State Bank Inspectorate announced the conclusion of the inspection of SJC's gold trading activities. According to the conclusion, the company had many errors in complying with the reporting regime for gold bar buying and selling activities. Although no signs of manipulation or unreasonable price increases were detected in the period from October 2023 to mid-April 2024, the gold price management mechanism at SJC was assessed as lacking transparency.

The inspectors pointed out that the gold price at SJC is directly decided by the General Director, without any internal process or specific index to serve as a basis for price determination. This leads to a high risk of price deviation, affecting not only the company's operations but also the entire gold market, where SJC plays a dominant role.

SJC is a 100% state-owned enterprise, established in 1988 under the decision of the Ho Chi Minh City People's Committee. In 1989, the SJC 99.99 Golden Dragon gold bar brand was officially born and quickly dominated the market.

One of the most important milestones of SJC was in 2012, when the brand was selected by the Government and the State Bank as the national gold bar brand, according to Decree 24/2012/ND-CP. Since 2014, SJC has been the only unit in Vietnam licensed to produce SJC gold bars.

Source: https://nld.com.vn/cong-ty-vang-mieng-lon-nhat-nuoc-bao-lai-ky-luc-196250806112710131.htm