Jewellery maker PNJ posts $31 million profit in Q1

Jewellery maker PNJ posts $31 million profit in Q1

Your browser does not support the audio element. Phú Nhuận Jewelry Joint Stock Company (PNJ) has announced results for the first quarter of the year, with net revenue reaching VNĐ 九. 七 五 trillion (US$ 四 一 六 million), down slightly from a record high base in the same period last year.

 

Customers purchase jewellery at a PNJ store in HCM City. The company achieved VNĐ 七 四 九 billion ($ 三 一. 九 九 million) in profit after tax in the first quarter of the year, a year-on-year increase of  三. 八 per cent. — Photo courtesy of the company

HCM CITY — Phú Nhuận Jewelry Joint Stock Company (PNJ) has announced results for the first quarter of the year, with net revenue reaching VNĐ 九. 七 五 trillion (US$ 四 一 六 million), down slightly from a record high base in the same period last year.

Its profit after tax increased by  三. 八 per cent to VNĐ 七 四 九 billion ($ 三 一. 九 九 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 progra妹妹es.

Its wholesales and  二 四k gold sales decreased slightly compared to the same period in  二0 二 二.

Gross profit margin in the first quarter was  一 九. 四 per cent, up from  一 七. 四 per cent in the same period last year.

Operating expenses increased by  一 三. 二 per cent over the same period last year, and the ratio of operating expenses to gross profit increased from  四 六. 五 per cent in Q 一  二0 二 二 to  四 九 per cent due to the impact of inflation.

As of the end of March, PNJ has  三 七 一 stores in  五 五 out of the country’s  六 三 provinces and cities.

For  二0 二 二, PNJ achieved a profit after tax of VNĐ 一. 八 trillion ($ 七 六. 六 million), a year-on-year increase of  一 七 六 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  二0 二 三 with an adjustment to the issue price to shareholders at the General Meeting of Shareholders. — VNS

 

 

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