Phu Nhuan Jewelry reports 2021 after-tax profit at over VND1 trillion, down 4%

Van Dat Wednesday | 01/19/2022 14:59

Photo: CafeF

Vietnam’s leading jewelry maker has reported 2021 after-tax profit at VND1,037 billion ($46 million), down nearly 4 percent from a year ago, according to the company statement.

Net revenue of the firm reached VND19,593 billion, an increase of 12 percent from the year earlier. Pandemic hindered the company from fulfilling 2021 business targets, with the revenue and after-tax profit completion at 84% and 93% of the year plan respectively.

PNJ's revenue and profit in December increased compared to the same period last year and compared to November.

December revenue rose 29 percent to VND2,834 billion while after-tax profit jumped 43 percent to VND192 billion. Compared to November, revenue and profit increased by 31% and 37% respectively, according to the company’s earning report.

Retail sales maintained an upward trend of 10.5 percent. Gold trading revenue grew by 25% in the past year. Total retail sales of consumer goods and services are estimated to decrease by 3.8%; wholesale revenue also decreased by 5.5% compared to 2020.

Gross profit margin in December reached 16.6%, down from 18.1% in the same period last year. For the whole year, the gross profit margin is 18.2%, lower than 19.6% in 2020.

At the end of 2021, the gold business has 341 stores. PNJ Gold opened 20 new stores, Style by PNJ opened one more independent store and increased 17 SiS stores; upgrade switch location 1 CAO Fine Jewelry store and increase 2 SiS stores.

PNJWatch increased 2 SiS stores, Pandora brand opened 12 points of sale in PNJ stores in big cities.