(NLDO) – On average, each day, a gold company "pockets" nearly 5.8 billion VND in after-tax profit in the year when the price of SJC gold bars and gold rings reached a historical peak.
On February 1 (the 4th day of Tet), some businesses in Ho Chi Minh City bought SJC gold bars for 87.6 million VND/tael and sold for 88.6 million VND/tael.
The price of gold rings and jewelry also jumped, equal to the price of gold bars, up to 88.6 million VND/tael sold.
Domestic gold prices continue to rise after a "shining" year. In 2024, the price of SJC gold bars reached an all-time high of VND92.4 million/tael; the price of gold rings was also approximately VND89 million/tael.
The increase in domestic gold prices has boosted the revenue of gold businesses. The 2024 business results report of Phu Nhuan Jewelry Company (PNJ) shows that the company's net revenue reached VND37,823 billion and after-tax profit reached VND2,115 billion.
PNJ to achieve "huge" revenue and profit in 2024 when domestic gold price hits peak
In the fourth quarter of 2024 alone, PNJ recorded net revenue of VND 8,581 billion and profit after tax of VND 733 billion. The average gross profit margin in the fourth quarter of 2024 reached 20.9%, higher than the same period in 2023 due to improved cost of goods sold and recognition of the results of cost optimization initiatives.
Accumulated for the whole year of 2024, PNJ earned VND 37,823 billion in net revenue and VND 2,115 billion in profit after tax, up 14.1% and 7.3% respectively over the same period last year. This is a record revenue and profit in PNJ's history of operations.
On average, every day, this gold tycoon "pockets" nearly 5.8 billion VND in after-tax profit. Of which, sales from the jewelry segment account for 68.3% of the total revenue structure in 2024. This gold company also completed its business target for the whole year.
In terms of business performance by channel, retail jewelry revenue in 2024 increased by 14.4% year-on-year, thanks to network expansion and increased number of stores (29 new stores compared to 2023) and improved service quality. Optimized product line strategy and structure, in line with market trends... Wholesale jewelry revenue in 2024 increased by 34.6% year-on-year.
"With the advantage of being a formal manufacturer, PNJ continues to receive attention from customers as the market tightens requirements on product origin control. 24K gold revenue in 2024 increased by 11.5% over the same period, mainly due to the strong increase thanks to the market's excitement in the first half of the year and the gradual decline in the second half of the year" - said a PNJ representative.
Regarding stock price, PNJ shares are trading around VND97,600.
Source: https://nld.com.vn/dai-gia-vang-kiem-bon-tien-trong-nam-gia-vang-lap-dinh-lich-su-196250201150700785.htm
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