The Foreign Shareholder Becomes a Major Stakeholder in PNJ

Phú Nhuận Jewelry Joint Stock Company (PNJ: HoSE) has just released a report on significant shareholders, those holding 5% or more of the company’s shares.

On May 14, 2025, foreign shareholder T.Rowe Price Associates, Inc. (based in the US) successfully purchased nearly 1.24 million PNJ shares.

Following this transaction, T.Rowe Price Associates, Inc.’s ownership in PNJ increased from over 16.27 million shares to nearly 17.51 million shares, raising their stake from 4.81% to 5.18%.

Based on the PNJ share price of VND 86,000 on May 14, 2025, T.Rowe Price Associates, Inc. is estimated to have invested over VND 106.4 billion in this purchase.

On the opposite side, during the trading session on May 8, 2025, Dragon Capital, represented by Ms. Truong Ngoc Phuong, sold 100,000 PNJ shares through its fund member, DC Developing Markets Strategies Public Limited Company.

Post-transaction, Dragon Capital’s holdings decreased from nearly 16.99 million shares to approximately 16.89 million shares, causing their ownership to drop from 5.0268% to 4.9972%, thus exiting their position as a major shareholder of PNJ.

Calculated at the PNJ share price of VND 74,000 on May 8, 2025, Dragon Capital is estimated to have earned approximately VND 7.4 billion from this sale.

In terms of business performance, according to the consolidated financial statements for Q1/2025, PNJ recorded net revenue of nearly VND 9,635.1 billion, a decrease of 23.5% compared to the same period last year. After deducting cost of goods sold, gross profit amounted to over VND 2,048.3 billion, a 4.7% decline.

During this period, the company also recognized financial income of nearly VND 37.7 billion, a surge of 165% year-over-year. In line with this, financial expenses increased by 54.7% to over VND 37 billion, and selling expenses rose by 3.1% to nearly VND 1,005.7 billion. Conversely, administrative expenses decreased by 14.7% to over VND 193.7 billion.

After accounting for taxes and other expenses, PNJ reported a net profit of over VND 677.7 billion, an 8.1% drop compared to the previous year.

At the 2025 Annual General Meeting of Shareholders held on April 26, 2025, PNJ’s shareholders approved the business plan with an estimated after-tax profit of nearly VND 1,959.7 billion, a 7.3% decrease compared to the actual results of 2024.

As of the end of Q1/2025, PNJ has achieved 34.6% of its after-tax profit target for the year.

As of March 31, 2025, PNJ’s total assets increased slightly by nearly VND 211.6 billion from the beginning of the year, reaching over VND 17,419.3 billion. Inventories accounted for VND 13,647.3 billion, or 78.3% of total assets.

On the liability side of the balance sheet, total liabilities stood at over VND 5,689 billion, a decrease of 4.4% compared to the beginning of the year. Short-term financial borrowings and finance lease liabilities accounted for VND 3,488 billion, or 61.3% of total liabilities.