Vietnam’s leading jewelry firm’s five-month after-tax profit jumps nearly 91%

Xuan Thinh Monday | 06/21/2021 16:49

PNJ has targeted 2021 net profit at $53.5 million. Photo: PNJ

Despite COVID-19 pandemic hit the economy, Phu Nhuan Jewelry (HoSE: PNJ) has reported Jan-May post-tax profit at VND685 billion ($29.8 million), up 90.6% from a year ago, according to company statement.

In the reviewed period, PNJ recorded net revenue from gold and silver businesses at VND10,626 billion ($462.5 million), an increase of 63% year-on year, fulfilling 50.6% of the whole-year goal.

In May alone, the jewelry maker recorded VND85 billion ($3.7 million) after-tax profit, up 58.6% from a year earlier on the sharp increase revenue from selling gold bars. Revenue increased by 56.5% to VND1,593 billion ($69.3 million).

As of the end-May, PNJ has 343 stores nationwide, including 309 PNJ Gold stores and 27 PNJ Silver stores.

In the month, the firm opened three new PNJ Gold stores and launched the Pandora international brand under the Shop In Shop model.

Phu Nhuan Jewelry has targeted VND21 trillion ($913 million) revenue and VND1.23 trillion ($53.5 million) net profit this year.

The targets mean a 20 and 15 percent increase in revenue and net profit against 2020, PNJ chairwoman Cao Thi Ngoc Dung told shareholders during the recent annual general meeting of shareholders.

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