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PNJ eyes 6 per cent profit increase in 2024

VIETNAM, April 17 -  

HCM CITY — Shareholders of Phú Nhuận Jewelry Joint Stock Company have approved a sales target of VNĐ37.1 trillion (US$1.46 billion) and a profit target of VNĐ2.08 trillion ($82.12 million) for 2024, up 12 per cent and 6 per cent from 2023.

At the company’s annual general meeting in HCM City on April 16, they also approved a dividend payment of 20 per cent in cash for 2023. The dividend for 2024 is expected to be the same as for 2023.

Chairwoman Cao Thị Ngọc Dung said the global economy remains uncertain due to geopolitical tensions and Việt Nam, with its highly open economy, would encounter challenges this year.

She said the company has set steady growth targets over the years because the jewellery retail industry has a lot of development potential.

Besides, PNJ possesses much competitive strength such as a strong and reputed brand, large retail network, diverse products that cater to a variety of needs, market-leading design and production capacity, and multi-channel strategy, she said.

Furthermore, Việt Nam's economy is growing at a steady clip, enabling consumers to spend more on luxury items, she added.

Despite market difficulties last year due to a decline in purchasing power, PNJ achieved positive business results.

Its revenues decreased by 2 per cent from 2022 to VNĐ33.13 trillion ($1.3 billion), but profits increased by 8.9 per cent to VNĐ1.97 trillion ($77.75 million), the highest ever in its 35-year history.

The jewellery segment continued to be the main growth driver, contributing 66.8 per cent of its revenues, the company said.

To achieve the impressive results, PNJ has adopted important strategies such as expanding its network, digital transformation and optimisation of operations and internal capacity.

Lê Trí Thông, PNJ’s deputy chairman and CEO, said: “Many shareholders were concerned last year when PNJ set challenging targets amid the very tough market context, but we have innovated and advanced to overcome difficulties and thrive, keeping our promises and delivering value to shareholders.”

According to Brand Finance, PNJ’s brand value in 2023 was worth $428.43 million, an increase of 17 per cent from 2022 and 44 per cent from 2020, he said.

Shareholders approved a plan to issue nearly 3.35 million shares at VNĐ20,000 each to key staff members who have made outstanding contributions under the employee stock option programme.

In the first quarter of 2024 PNJ achieved net revenues of VNĐ12.59 trillion and profit after tax of VNĐ738 billion, an increase of 28.6 per cent but a decrease of 1 per cent.

Dung attributed the fall in profit to rising gold prices and higher demand for gold bullion and rings than jewellery, which offer little profit.

A shortage of gold meant its sales plunged on the occasion of the God of Wealth Day in February, she added.  

On April 16 PNJ and Dung received the Labour Award, first class, and Thông received the certificate of merit from the Prime Minister for their business achievements and contributions to the country’s socio-economic development. — VNS