PNJ profit surpasses 21 per cent target

Tuesday, Jan 26, 2021 07:00

Le Tri Thong, PNJ CEO, on behalf of the company, receives an HCM City Brand Award from the municipal People’s Committee at a ceremony held in HCM City last week. The company reports good business results in 2020. — Photo courtesy of PNJ

Phu Nhuan Jewelry Joint Stock Company maintained its growth momentum last year amid a strong decline of the domestic jewelry market in general, with its revenue reaching VND17.511 trillion (US$759.4 million), a year-on-year increase of 3 per cent, and surpassing 21 per cent of the target set for last year.

The effective cost management process helped PNJ to earn VND1.069 trillion ($46.36 million) in profit after tax, 28 per cent higher than last year’s target.

Its revenue from the retail segment and from gold bar sales went up by 10.2 per cent and 11 per cent, respectively, compared to 2019.

PNJ's gross profit margin remained at 19.6 per cent last year.

PNJ has invested in upgrading its plant in HCM City with a cost of VND100 billion towards developing high-tech jewellery product lines, gradually replacing imported items, meeting domestic and export demand.

Last week, PNJ was one of 30 enterprises to receive the HCM City Brand Award from the municipal People’s Committee for outstanding achievements in building and developing brands for products and services.

According to Forbes Vietnam, PNJ’s brand value in 2020 reached $94.1 million, an increase of $15.5 million compared to the 2019 review period, up three grades to 21. It continued to maintain its No. 1 position in the personal consumer goods industry. — VNS

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