PNJ profits for 2023 top $79.7m

Friday, Jan 26, 2024 07:01

PNJ achieved after-tax profits of VNĐ1.97 trillion ($79.74 million) last year, a year-on-year increase of 8.9 per cent. — Photo Việt Hùng

Phú Nhuận Jewelry Joint Stock Company reported net sales of VNĐ33.13 trillion (US$1.34 billion) and after-tax profits of VNĐ1.97 trillion ($79.74 million) last year, a decrease of 2.2 per cent and an increase of 8.9 per cent respectively.

Its fourth quarter figures were VNĐ9.76 trillion ($394.69 million) VNĐ632 billion ($25.56 million), year-on-year increases of 17.6 per cent and 34.4 per cent.

The jewelry segment accounted for 66.8 per cent of revenues last year (58.2 per cent from retail and 8.6 per cent wholesale).

A spokesperson attributed the good results to a number of factors, including strategies to increase new customer numbers, diversifying products and services, expanding the store network, especially into tier 2 and 3 areas, and reforming its business and marketing strategies.

The average gross profit margin rose to 18.3 per cent from 17.5 per cent in 2022.

The ratio of operating expenses to gross profits decreased to 58.3 per cent from 59.1 per cent thanks to operational optimisation.

PNJ opened 48 new stores last year to reach the milestone of 400, and now has a presence in 55 out of the country’s 63 provinces and cities.

Last year it was named among the Top 50 listed companies in Việt Nam and top 25 leading consumer goods and industrial companies by Forbes Vietnam, and among the top 10 listed companies with the best corporate governance by Hồ Chí Minh Stock Exchange.— VNS

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