PNJ eyes 25 per cent jump in revenue, profit

Monday, Apr 22, 2019 15:00

Cao Thị Ngọc Dung, PNJ’s chairwoman, speaks at the company’s annual general meeting in HCM City on April 20. — VNS Photo

Phu Nhuan Jewelry Joint Stock Company (PNJ) targets increases of 25 per cent in net revenue to VND18.2 trillion (US$784.5 million) and in gross profit to VND3.5 trillion ($149.8 million) this year.

They were approved at the company’s annual general meeting in HCM City on Saturday (April 20).

Cao Thi Ngoc Dung, PNJ’s chairwoman, said the company targets over VND1.2 trillion in net profit, a 23 per cent increase.

The dividend for 2019 will be 18 per cent.

By the end of last year, the company had 324 stores in 51 cities and provinces, 55 more than that in 2017.

At least 40 more would be opened this year, both in the traditional model and the new model called PNJ Next with modern interactive spaces, Dung said.

PNJ would enhance its e-commerce channel to create an omni channel to enhance interactivity with customers, she said.

Le Tri Thong, the company’s vice chairman and general director, said last year net revenue grew by 33 per cent to VND14.7 trillion and gross profit by 45 per cent to VND2.8 trillion.

Profit before tax exceeded VND1 trillion for the first time and reached VND1.2 trillion, a 33 per cent increase, he said.

He attributed the success to investment in network expansion, modern production and management technologies to reduce costs, reforming product portfolios, and others.

Shareholders approved the company’s plan to issue over 55.6 million of bonus shares at a rate of 3:1. The bonus issue will increase its charter capital to VND2.23 trillion.

They also approved the issuance of more than 2.2 million shares at VND20,000 each to members of the board making outstanding contributions and the most competent staff at PNJ and its subsidiaries.

The meeting also voted Dang Thi Lai, operations director and director of operations in the finance department, as a new member of the board for 2019-24. — VNS

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