PNJ has just announced its cumulative business results for the first 11 months of 2024, with net revenue of 35,210 billion VND and post-tax profit of 1,876 billion VND, up over 19% and 8%, respectively, compared to the same period last year. Retail jewelry sales accounted for a 16% increase and made up 57.1% of the total revenue structure.
With these results, PNJ has achieved nearly 95% of its annual revenue target and 90% of its profit goal.
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PNJ’s business performance in the first months of 2024 (in billion VND)
Source: PNJ
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In November 2024, despite a 9% decrease in net revenue compared to November 2023, dropping to 2,839 billion VND, post-tax profit still surged by nearly 39% to 276 billion VND. This impressive profit increase is attributed to a significant rise in gross profit margin from 17.3% in November 2023 to 21.5% in November 2024.
For the 11-month period in 2024, the average gross profit margin stood at 17.2%, slightly lower than the 18.3% recorded in the same period in 2023. According to PNJ, this remains a positive profit margin and is a result of various strategies, including maintaining stable profit margins in retail and wholesale channels, enhancing production capabilities, optimizing product design and sales policies to meet the evolving market demands.
According to the report, PNJ’s 11-month revenue continued to grow across all channels. Retail jewelry revenue increased by 16% year-on-year due to effective marketing strategies and network expansion. Wholesale jewelry revenue surged by 34% as the market tightened control over product origin requirements, favoring regular, reputable factories that comply with regulations. Gold bar revenue rose by 25%, mainly due to the market’s vibrancy in the first half of the year.
In the past 11 months, PNJ opened 35 new stores and closed only 11. As of November 2024, PNJ operates 424 stores nationwide, including 415 PNJ stores, 5 Style by PNJ stores, 3 CAO Fine Jewellery stores, and 1 wholesale business center.
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