Customers browse PNJ products at one of its stores in HCM City. — Photo courtesy of Trọng Thức

Phú Nhuận Jewelry Joint Stock Company reported net revenues of over VNĐ22.1 trillion (US$866.7 million) and profit after tax of VNĐ1.17 trillion ($45.5 million) for the first half of the year, representing increases of 34.3 per cent and 7.4 per cent from a year earlier.

Retail revenues grew by 14 per cent and accounted for 49.5 per cent of the total, and wholesale jewelry sales surged by 20 per cent.

The average gross profit margin was 16.4 per cent, down from 18.9 per cent.

The company explained that 24k gold offers lower profit margins than other kinds but accounted for 41.5 per cent of total revenues compared to 30.7 per cent last year.

Also in the first half, PNJ Watch launched Seiko watches, introducing the latest models from the Japanese brand.

Last month, PNJ became one of the 70 Vietnamese enterprises in Fortune magazine’s first ever Southeast Asia 500 rankings of the largest companies in Southeast Asia.

It was also recognised as one of Việt Nam’s top 50 listed companies in 2024 by Forbes magazine.

As of the end of June, PNJ has 405 stores across the country. — VNS