Phu Nhuan Jewelry Joint Stock Company (PNJ), chaired by Ms. Cao Thi Ngoc Dung, has just announced information that this enterprise has approved a guarantee agreement between the company and related parties of the company to guarantee for PNJ Jewelry Manufacturing and Trading Company Limited (PNJP) to borrow capital from the bank with a limit of 300 billion VND.

The purpose of the loan is to supplement working capital, issue L/C and short-term guarantees to serve production and business activities.

By the end of 2024, PNJ is a subsidiary 100% owned by PNJ.

On February 5, Ms. Tran Phuong Ngoc Thao - daughter of PNJ Chairwoman Cao Thi Ngoc Dung was appointed as General Director of PNJ Jewelry Manufacturing and Trading One Member Co., Ltd., replacing Mr. Huynh Duc Huy.

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Ms. Cao Thi Ngoc Dung, Chairwoman of PNJ. Photo: PNJ

Ms. Tran Phuong Ngoc Thao is currently Vice Chairman of the Board of Directors of PNJ.

PNJ plans to hold its 2025 annual general meeting of shareholders on April 26 in Ho Chi Minh City.

Recently, Ms. Dung's PNJ shares fell sharply to the lowest level in about a year, at 87,000 - 90,000 VND/share, even though domestic and world gold prices have continuously skyrocketed to new peaks. The price of SJC gold bars and plain rings has reached 100 million VND/tael. The price of jewelry gold is higher.

PNJ is the largest gold and jewelry seller on the stock exchange.

Compared to the historical peak in August last year, PNJ's stock price has decreased by about 19%.

The increase in jewelry and ring gold prices helps gold businesses make profits. However, for PNJ, this is not necessarily good news. High input gold prices can reduce profits.

One worrying thing is the scarcity of supply, people mostly only buy, rarely resell gold bars. Input gold for jewelry production is also scarce. High gold prices and low supply also affect PNJ's gold bar business.

Low consumer demand in recent times has also affected the revenue of businesses in general, including gold trading businesses.

However, PNJ is still in the cycle of expanding its sales network. This can help PNJ increase revenue. By the end of 2024, PNJ will have 429 stores. It plans to open 25 more stores this year and about 100 stores in the next 2 years.

In 2024, PNJ reported an unprecedented record high revenue of over VND37.8 trillion, up over 14%. Profit after tax reached VND2,115 billion, up 7.3%. PNJ made a breakthrough thanks to the jewelry segment, with revenue accounting for over 68%.

In 2024, PNJ will make a breakthrough thanks to the high demand for gold, especially the impressive increase in world gold prices, thereby pushing up the domestic price of SJC gold bars, gold rings and other types of gold jewelry.

Gold prices skyrocket and the breakthrough of the Cao Thi Ngoc Dung family. The gold trading company chaired by Ms. Cao Thi Ngoc Dung has grown rapidly over the past years, as gold prices continue to rise and profits from the gold jewelry segment are impressive.