PNJ's profit increases over 11% in the first two months on God of Wealth day

Wednesday, Mar 24, 2021 16:31

PNJ's buildings in Center Point Tower, Cau Giay, Ha Noi. — Photo courtesy of PNJ

Sales of jewellery at Phu Nhuan Jewelry JSC (PNJ) grew over 39 per cent on the God of Wealth day, leading to an increase in profit after tax in the first two months of the year.

A monthly report from PNJ showed that as of February, the company's net revenue rose 37.4 per cent over the same period in 2020 to more than VND5.01 trillion, mainly on the growth of retail sales and gold bar sales.

Its profit after tax also climbed 11.2 per cent year-on-year to VND380 billion.

Retail revenue posted a gain of 15.9 per cent against last year, according to the report. In February, PNJ carried many products and marketing strategies for Valentine's day and God of Wealth day.

Just on God of Wealth day, sales of jewellery increased by 39.3 per cent, with retail revenue accounting for 52 per cent of its revenue structure.

Wholesales revenue rose 17.1 per cent year-on-year in the first two months of the year, accounting for 12.9 per cent of the revenue structure.

In the same period, revenue from gold bar sales witnessed a gain of 94.2 per cent. This indicator posted a growth of 72.8 per cent year-on-year just on God of Wealth day.

The proportion of revenue from gold bars was up to 31.5 per cent in the company's revenue structure on stronger demand during traditional festivals like Tet and the God of Wealth day.

In the first two months, the gross profit margin was 18.4 per cent, lower than that of the same period in 2020 due to changes in the company's revenue structure.

Meanwhile, as of February, total operating expenses climbed 21.7 per cent year-on-year on more marketing rollouts.

On Wednesday, PNJ shares, which are traded on the Ho Chi Minh Stock Exchange (HoSE), declined 0.12 per cent to VND84,100. — VNS

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