PNJ profits soar in 2022

Saturday, Jan 28, 2023 08:20

Customers view PNJ products in a store in HCM City. — Photo courtesy of PNJ

Phu Nhuan Jewelry Joint Stock Company (PNJ) achieved impressive results last year, with net revenues and profits surging by 73.3 per cent and 75.6 per cent from 2021 to nearly VND33.9 trillion (US$1.4 billion) and VND1.8 trillion ($76.7 million).

A company spokesperson said retail sales increased by 79.7 per cent thanks to efficient customer service, appropriate merchandise strategies and diversified marketing and sales programmes to target various customer groups.

Its wholesale revenues rose by 56.1 per cent and 24K gold sales jumped by 74.6 per cent thanks to high demand amid economic and geopolitical uncertainty, he said.

Vietnamese consider gold a safe haven in times of market volatility.

The average gross profit margin fell to 17.5 per cent from 18.4 per cent.

Operating expenses increased by 60 per cent, but the ratio of operating expenses to gross profit fell marginally.

PNJ has 364 stores in 55 out of the country’s 63 provinces and cities.

It opened 33 PNJ Gold, three Style by PNJ and two PNJ Watch stores last year. — VNS

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