Phu Nhuan Jewelry Joint Stock Company (PNJ) has just announced its business results for the third quarter of 2024. Accordingly, PNJ recorded net revenue of VND 7,130 billion and profit after tax of VND 216 billion, down about 14% compared to the same period in 2023 (VND 253 billion). The average gross profit margin reached 17.5%, slightly up compared to the same period last year (17.3%).
PNJ has large revenue after 9 months of business. (Photo: Dai Viet)
In the third quarter of 2024, PNJ's retail jewelry channel grew by more than 20% year-on-year, accounting for nearly 70% of its revenue structure. Meanwhile, 24K gold revenue decreased by 46% year-on-year.
Accumulated in the first 9 months of 2024, PNJ recorded net revenue of VND 29,242 billion, an increase of more than 25% over the same period last year and profit after tax of VND 1,382 billion, an increase of about 3% over the same period last year (VND 1,340 billion).
The company's retail jewelry revenue increased by nearly 16% in the first nine months of the year. Wholesale revenue recorded a growth rate of more than 30%. In the first nine months of the year, PNJ's average gross profit margin reached 16.7%, down from 18.4% in the same period last year.
Responding to VTC News, a PNJ representative said that in the context of many market fluctuations, PNJ's average gross profit margin is still maintained at a fairly good level thanks to many factors. Typically, the stable profit margin of the retail and wholesale channels.
By the end of the third quarter of 2024, PNJ will have a total of 418 stores.
PNJ's average gross profit margin remains at a good level. (Photo: Dai Viet)
Recently, PNJ was fined 1.34 billion VND after the Government's inter-sectoral inspection of gold trading enterprises.
This is the result of the Government's inter-sectoral inspection of gold trading enterprises nationwide from May 24 to September 10.
The reason PNJ was penalized is because the company issued internal regulations, practiced customer classification according to risk, reported large value transactions and internal audits that were not strict enough and did not fully meet the provisions of the law on anti-money laundering.
In addition, this enterprise still has some errors and incomplete data in the process of reporting and providing information to management agencies.
Source: https://vtcnews.vn/9-thang-pnj-thu-hon-29-000-ty-dong-ar903153.html
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