SJC - the largest gold bar company in the country reports record profits

SJC - Ảnh 1. — People buy products at SJC stores - Photo: SJC

Profits expected to fall after record year

According to the audited financial report for 2024, SJC's revenue reached more than 32,190 billion VND, an increase of 13% compared to 2023. Gross profit margin is nearly 2%, equivalent to for every 100 VND of revenue, this unit makes a profit of 2 VND after deducting the cost of goods sold.

Despite a sharp increase in sales and administrative expenses last year, SJC still recorded a profit after tax of more than VND283 billion, nearly five times higher than the figure of nearly VND61 billion in 2023.

Last year's net profit was four times higher than the plan the company submitted to the Ho Chi Minh City People's Committee, a 100% state-owned agency.

According to the 2025 business plan, SJC's board of directors set a revenue target of nearly VND34,900 billion, but after-tax profit decreased, only about VND89 billion.

This year, the company plans to reprocess more than 20,000 dented SJC gold bars and release more than 503,000 jewelry and logo products to the market. In addition, SJC has no plans to implement any investment projects this year.

The only national gold bar brand

SJC is currently the unit with the largest market share of gold bars in the country.

According to a report by Saigon - Hanoi Securities Joint Stock Company (SHS), SJC has a monopoly on gold bars when it was assigned by the State Bank to produce SJC brand gold bars (national monopoly).

Specifically, since 2012, the SJC gold brand has been chosen as the only national gold bar brand. The State Bank strictly manages the stamping and casting of gold bars to control the quality and quantity of gold bars in circulation.

In 2024, six SJC officers and employees were prosecuted for embezzlement and abuse of position and power while performing official duties.

Previously, when she was still the general director of SJC, Ms. Le Thuy Hang once said: "SJC's monopoly does not benefit SJC Company or any individual or group. On the contrary, SJC Company is always accused of having a monopoly for profit."

Gold prices have been increasing continuously in recent times. SHS predicts that domestic gold demand will remain stable, fluctuating between 55 - 60 tons per year in the period 2025-2026.

In the gold jewelry industry in general, SJC is one of the brands known to many people, besides PNJ and DOJI.

According to SHS, SJC Company has a monopoly on gold bars, so it has a great advantage in domestic raw gold resources. This unit hardly advertises loudly. The company's marketing is mainly limited to announcing daily gold prices and participating in traditional jewelry fairs.

HONG PHUC

Source: https://tuoitre.vn/sjc-doanh-nghiep-vang-mieng-lon-nhat-nuoc-bao-lai-ky-luc-20250416224157402.htm