Phu Nhuan Jewelry Joint Stock Company (PNJ-HOSE) announced its business results for the first seven months of 2024, reporting growth in both revenue and profit.
Specifically, for the seven-month period, net revenue and after-tax profit reached VND 24,621 billion (up 30.8% year-on-year) and VND 1,218 billion (up 4% year-on-year), respectively. As a result, PNJ has accomplished 66.3% of its net revenue plan and 58.3% of its after-tax profit plan for the full year of 2024.
PNJ’s business performance grew steadily across all channels. Retail jewelry revenue for the seven-month period in 2024 increased by 14.6% year-on-year, driven by the diversification of new collections that aligned with market trends and met the evolving demands of customers.
Creative marketing campaigns and attractive promotions played a pivotal role in boosting sales and enhancing customer affinity for the brand.
Wholesale jewelry revenue for the same period witnessed a notable surge of 24.7% year-on-year, attributable to the successful expansion of the company’s customer network.
Revenue from 24K gold products during the first seven months of 2024 rose significantly by 66.8% compared to the same period last year, fueled by the market’s vibrancy in the initial months.
According to PNJ, the company’s average gross profit margin experienced a slight dip to 16.4% (down from 18.7% in the same period last year) due to changes in the revenue structure of each business segment. Alongside the stable profit margins in the retail and wholesale channels, PNJ persistently implemented resource optimization measures and enhanced operational capabilities to maintain a positive average gross profit margin.
As of the end of July 2024, PNJ’s store count had increased by 9 gold shops compared to the end of 2023, totaling 409 stores.
Recently, PNJ disclosed a list of 181 employees eligible to purchase 3,345,596 ESOP shares at a price of VND 20,000 per share. The expected chartered capital post-issuance is projected to increase to VND 3,380,747,760,000.
After reaching its peak of VND 109,300 per share on August 22 (the highest price in the past year), PNJ’s stock price closed at VND 108,900 per share on August 23, 2024, marking a 0.37% decrease.
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