Phu Nhuan Jewelry Joint Stock Company (PNJ) has announced results for the first quarter of the year, with net revenue reaching VND9.75 trillion (US$416 million), down slightly from a record high base in the same period last year.

Its profit after tax increased by 3.8 per cent to VND749 billion ($31.99 million), its highest ever.

Its retail jewellery segment had almost the same growth rate as in the same period last year thanks to the success of its new collections and the effective implementation of marketing strategies and sales programmes.

Its wholesales and 24k gold sales decreased slightly compared to the same period in 2022.

Gross profit margin in the first quarter was 19.4 per cent, up from 17.4 per cent in the same period last year.

Operating expenses increased by 13.2 per cent over the same period last year, and the ratio of operating expenses to gross profit increased from 46.5 per cent in Q1 2022 to 49 per cent due to the impact of inflation.

As of the end of March, PNJ has 371 stores in 55 out of the country’s 63 provinces and cities.

For 2022, PNJ achieved a profit after tax of VND1.8 trillion ($76.6 million), a year-on-year increase of 176 per cent.

In order to recognise the efforts of employees and encourage them, the company's Board of Directors will submit a proposal for the issuance of shares under the employee stock ownership plan (ESOP) in 2023 with an adjustment to the issue price to shareholders at the General Meeting of Shareholders. — VNS