Cao Thi Ngoc Dung, PNJ’s chairwoman and general director, presents its development plan for 2017 at its annual shareholders meeting in HCM City on April 27. — VNS Photo
Phu Nhuan Jewelry Joint Stock Company will issue more than 9.8 million individual shares raising its total charter capital to VND1.081 trillion (US$47.4 million).
The funds will be used to expand its retail distribution network and add working capital to its new shops.
Speaking at its annual shareholders meeting in HCM City on April 27, Cao Thi Ngoc Dung, PNJ’s chairwoman and general director, said the company had set a target to achieve VND10.2 trillion in net revenue and VND751 billion in net profit, a year-on-year increase of 19 per cent and 37 per cent, respectively.
To realise the targets, besides adding high-ranking staff, PNJ will develop its core sectors and maximise its distribution system, especially in markets of high potential, in order to increase the number of its shops to 300 in 2018 from 220 in 2016.
It also plans to improve the application of information technology to its production and trading activities.
PNJ reported revenues of VND8.72 trillion last year, a 12 per cent increase over 2015, with jewellery retail sales going up by 26 per cent.
Its pre-tax profit was VND608 billion last year, a 220 per cent rise year-on-year.
Nguyen Thi Cuc, PNJ’s deputy general director, attributed the company’s success to its focus on investing in modern production technologies, human resource development, effective financial management activities, and professional marketing.
Cuc said with 70 per cent of the country’s 90 million people being of working age and per capita gold jewellery consumption remaining low, compared to other countries in the region, Viet Nam offers great potential for jewellery traders, including PNJ.
The shareholders have approved a 18 per cent cash dividend for 2016.
With its revenue and pre-tax profit increasing by 34 per cent and 105 per cent, respectively, in the first quarter of the year, Dung believes the company will reach its targets for the year. — VNS