Revenues recorded by Phu Nhuan Jewelry Public Company (PNJ) during the last quarter of 2023 were 9,760 billion VND in revenue and 632 billion VND in profit after tax, representing a 17% and 34% increase year-on-year, respectively.
When compared to the same period in 2023, the business saw a 2% drop in revenue to 33,137 billion VND. However, PNJ’s after-tax profit increased by 9% to 1,971 billion VND, marking a new high for PNJ.
According to PNJ, its success in gaining market share, attracting new customers, expanding its network, and launching new products contributed to its improved financial performance. PNJ achieved 93% of its revenue target and exceeded its profit target for 2023 by about 2%.
Over the course of the year, PNJ’s retail and wholesale jewelry revenues fell by 8% and 31%, respectively, while its 24K gold business experienced a 21% increase.
In 2023, PNJ’s gross profit margin averaged 18.3%, up from 17.5% the previous year. This improvement was primarily driven by efforts to reduce the cost of products sold. Total operating expenses for the company increased by 0.8% as it expanded its retail presence.
Many have taken interest in the recently released 2023 business results of Doji and PNJ. (Illustrative photo)
Doji, another major player in the gold industry, performed more modestly than PNJ.
Doji’s revenue from sales and service provision in 2023 totaled 75,798 billion VND, indicating a 2% reduction of 1,558 billion VND compared to 2022.
Meanwhile, the cost of goods sold decreased from 76,167 billion VND to 74,906 billion VND, leading to a 152 billion VND or 14.8% decline in Doji’s gross profit from sales and service provision in 2023, which reached 872 billion VND.
Through the course of the year, Doji made concerted efforts to cut costs. Finance costs declined by 47.8% or 297 billion VND to 325 billion VND, and corporate management expenses dropped from 298 billion VND to 221 billion VND.
Despite cost-cutting measures, Doji’s after-tax profit for 2023 still faced a steep decline, reaching only 491 billion VND, which is approximately 52% lower than in 2022.
Doji’s equity at the end of 2023 amounted to 6,745 billion VND, a 6% rise from the end of 2022. The business’s debt-to-equity ratio in 2023 was 2.35 times, higher than the previous year’s 1.95 times.
It’s worth mentioning that Doji cleared its bond debt by the end of 2023. According to the periodic principal and interest payment report for 2023, the business fully repaid 640 billion VND of its bond DOJI.L.20.23.001 during the period of April to July 2023.
Doji Land Real Estate Investment Company Limited (Doji Land) was the entity that received the most capital infusion from Doji in 2023. As of the end of 2023, Doji’s investment in Doji Land amounted to 3,500 billion VND, signifying an increase of 2,000 billion VND or 133% compared to the end of 2022.
