Phú Nhuận Jewelry Joint Stock Company (PNJ) reported net revenue of nearly VNĐ16.5 trillion (US$697 million) and profit after tax of VNĐ1.08 trillion ($45.6 million) for the first half of the year, meeting 55.9 per cent of its profit goal for 2023.

A company representative said its retail revenue decreased by 10.3 per cent compared to the same period in 2022 due to adverse market impact.

Its wholesale revenue dropped by 30.2 per cent year-on-year due to lower domestic demand and orders from corporate customers.

Sales of 24K gold in the first half decreased slightly by 1.1 per cent.

The average gross profit margin reached 18.9 per cent compared to 17.6 per cent in the same period last year.

Total operating expenses decreased by 2.6 per cent over the same period, the ratio of operating expenses to gross profit increased slightly from 54.6 per cent in 2022 to 54.9 per cent in 2023.

Moving forward, a company representative said PNJ will keep a close eye on market fluctuations. It meanwhile will optimise operations, continue to pursue a long-term strategy of opening new stores, improve its distribution network, and improve the efficiency of marketing programmes.

Last month, PNJ was named among the Top 50 Sustainable Development Companies at the Corporate Sustainability Award 2023 by Nhịp Cầu Đầu Tư magazine. PNJ was also the only Vietnamese retailer honoured by Retail Asia with the "Marketing Initiative of the Year" award.

As of the end of June, PNJ had 381 stores across the country. — VNS