PNJ eyes $81 million profit in 2023

Saturday, Apr 29, 2023 07:54

PNJ executives reply to questions from shareholders at the company’s annual general meeting held in HCM City on April 27. — Photo courtesy of PNJ

Phu Nhuan Jewelry Joint Stock Company (PNJ) targets net revenue of nearly VND35.6 trillion (US$1.5 billion) and profit after tax of VND1.9 trillion ($81.5 million) this year, an increase of 5 per cent and 7 per cent from last year, respectively.

The dividend for 2023 will be 20 per cent.

The target and dividend were approved at the company’s annual general meeting of shareholders in HCM City on April 27.

Last year, despite a sharp decline in purchasing power from the third quarter of the year, PNJ achieved its highest-ever business results.

Its net revenue grew by 73 per cent to VND33.8 trillion ($1.45 billion) and profit after tax jumped 76 per cent to VND1.8 trillion ($77.2 million), exceeding last year’s plans by 31 per cent and 37 per cent, respectively.

Le Tri Thong, the company’s vice chairman and CEO, said in the last five years, PNJ has developed strongly to become a leading jewellery retailer in Viet Nam.

According to Brand Finance, PNJ’s brand value in 2022 was worth $367 million, 3.7 times higher than in 2017, he said.

Chairwoman Cao Thi Ngoc Dung said amid the global economic uncertainty, PNJ, with the spirit of “F5xF1 – Gear up Refresh, Reach Great Success,” is ready to deal with potential challenges to explore new opportunities in 2023 and the following years.

The company will foster the development of its existing business segments in a sustainable manner and accelerate the research and development of new segments.

It will gradually incorporate environmental-social - governance (ESG) initiatives into its long-term strategy to ensure sustainable development.

This year, PNJ also plans to invest in upgrading and expanding its modern retail system (opening 20-25 new stores), IT projects (including developing a centralised platform for managing data and integrating it with business and operational processes), and improving production capacity and renewing production technology, she said.

Shareholders approved a plan to pay a dividend of 20 per cent in cash for 2022, the issuance of over 6.5 million shares at VND20,000 each to its key staff members who have made outstanding contributions, and other proposals.

The meeting also voted Dang Hai Anh, chief information officer at PNJ, as a new member of the board for 2023-28.

The company reported net revenue of VND9.75 trillion ($416 million) and profit after tax of VND749 billion ($31.99 million), equalling 28 per cent and 39 per cent of its plans. — VNS

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