PNJ profits up in Q3 despite lower sales

Wednesday, Oct 25, 2023 14:51

Customers shop in a PNJ store in HCM City. — Photo courtesy of the company

Phú Nhuận Jewelry Joint Stock Company (PNJ) reported sales of VNĐ6.9 trillion (US$280.3 million) and after-tax profit of VNĐ253 billion ($10.26 million) for the third quarter.

This represented a year-on-year decrease of 6.1 per cent in revenues but an increase of 0.4 per cent in profits.

Its retail revenues decreased by 11 per cent from a year earlier and wholesale revenues by 36.4 per cent.

But sales of 24k gold jumped by 28.5 per cent.

For the first nine months, net revenues were VNĐ23.37 trillion ($948.4 million) and after-tax profit was VNĐ1.34 trillion ($54.37 million), equivalent to the same period last year.

It has achieved 69.2 per cent of its full-year profit target, a positive result amid the ongoing economic downturn challenges, the company said.

As of September 30, PNJ has 390 stores across the country.

It was recently named among Forbes Vietnam’s top 25 leading consumer goods and industrial companies in 2023, with its brand value assessed at $130 million, up nearly 2.5 times from 2016.

It was also named Vietnam's Most Valuable Jewelry Brand by Brand Finance. — VNS

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