A PNJ store in HCM City. — Photo courtesy of PNJ

Phú Nhuận Jewelry Joint Stock Company has announced its third quarter results, showing net revenues of VNĐ7.13 trillion (US$280.4 million) and after-tax profits of VNĐ216 billion ($8.5 million), reflecting a year-on-year increase of 3 per cent in revenue but a 14 per cent decrease in profit.

Its average gross profit margin edged up to 17.5 per cent.

For the first nine months net revenues and profits were VNĐ29.24 trillion and of VNĐ1.38 trillion, respectively, up 25 per cent and 3.2 per cent year-on-year.

PNJ’s businesses saw steady growth across all channels in the first nine months.

Retail jewellery sales increased by 15.9 per cent, driven by effective market segmentation, store network expansion and marketing campaigns, while wholesale revenues grew impressively by 30.2 per cent due to a shift by customers shifting towards reputable manufacturers.

For the first nine months, the average gross profit margin was 16.7 per cent, down from 18.4 per cent a year earlier.

The company has won several prestigious awards this year, including the Non-Financial Large Cap Individual Investors’Best Choice Award at the 2024 IR Awards, the Sustainability Awards at the Jewellery World Awards, and the HCM City Green Businesses Award from the city People's Committee, and recognition among the Top 100 Most Valuable Brands in Việt Nam by Brand Finance.

PNJ has 418 stores in 57 provinces and cities nationwide. — VNS