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PNJ’s business results for the first few months of 2024. Unit: Billion VND
Source: PNJ
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PNJ’s business report for the first eight months of 2024 shows that in August alone, the company recorded 2,245 billion VND in net revenue and 63 billion VND in after-tax profit, a decrease of 3% and 17%, respectively, compared to August 2023.
 Source: PNJ
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However, cumulatively for the first eight months, PNJ still achieved 26,866 billion VND in net revenue, an increase of over 27% compared to the same period last year. After-tax profit was 1,281 billion VND, a slight increase of 3%.
Compared to the 2024 plan to achieve 37,148 billion VND in net revenue and 2,089 billion VND in after-tax profit, PNJ has accomplished over 72% of the revenue target and 61% of the profit target in the first eight months.
 Source: PNJ
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In PNJ’s revenue structure, the retail jewelry segment saw a more than 15% increase in revenue compared to the same period last year, while the gold bar segment increased by 53%. In contrast, revenue from other business activities decreased by 45%.
Despite the significant increase in revenue from the gold bar segment, the low gross profit margin caused PNJ’s average gross profit margin for the first eight months to decrease from 18.6% (8 months in 2023) to 16.6% (8 months in 2024).
PNJ shared that in August, the company opened 24 new stores and closed 10. As of August 31, 2024, PNJ owns a total of 414 physical stores nationwide, including 405 PNJ stores, 5 Style by PNJ stores, 3 CAO Fine Jewellery stores, and 1 wholesale business center.
Khang Di
