PNJ record profit of nearly 2,000 billion VND

On the afternoon of January 22, Phu Nhuan Jewelry Joint Stock Company (PNJ) announced its business results for 2023. Accordingly, in the fourth quarter of 2023, PNJ recorded net revenue of VND 9,760 billion, an increase of 17.6% over the same period and profit after tax of VND 632 billion, an increase of 34.4% over the same period.

Revenue decreased but PNJ's profit is still positive. (Photo: D.V)

Accumulated for the whole year of 2023, this enterprise's net revenue reached 33,137 billion VND, a slight decrease of 2.2% over the same period.

However, PNJ's after-tax profit still reached VND1,971 billion, up 8.9% over the same period last year. Of which, sales from the jewelry segment accounted for 66.8% of the total revenue structure in 2023, including 58.2% retail and 8.6% wholesale.

PNJ representative said that in the context of the difficult economy, this enterprise has made great efforts to overcome the "headwind". Specifically, the company has tried to increase the number of new customers, gain more market share, expand the network with a diversified product strategy, improve the customer approach as well as innovate business and marketing tactics.

According to PNJ's explanation, the average gross profit margin of this enterprise in 2023 reached 18.3%. The profit margin was achieved thanks to the reduction in cost of goods sold. Total operating expenses in 2023 increased by 0.8% over the same period due to the expansion of the retail system. The ratio of operating expenses/gross profit decreased from 59.1% in 2022 to 58.3% in 2023 thanks to operational optimization.

In 2023, PNJ opened 48 new stores to increase coverage. By the end of December 2023, PNJ had a total of 400 stores in 55/63 provinces and cities.

DAI VIET

Source: https://vtc.vn/pnj-lai-ky-luc-gan-2-000-ty-dong-ar849038.html