General Director of Phu Nhuan Jewelry wants to sell 500,000 PNJ shares

Mr. Le Tri Thong, Vice Chairman of the Board of Directors and General Director of Phu Nhuan Jewelry Joint Stock Company (stock code: PNJ) registered to sell 500,000 shares to solve personal financial needs.

In a notice sent to the Ho Chi Minh City Stock Exchange, Mr. Thong said that the transaction will be carried out by negotiation and order matching. The expected time is from October 14 to November 12.

Before the transaction, Mr. Thong owned 0.5% of PNJ's capital, equivalent to 1.7 million shares. If the transaction is successful, Mr. Thong's ownership ratio will decrease to 0.36%, equivalent to 1.2 million shares. Based on the closing price of 94,400 VND on October 9, it is estimated that PNJ's leaders will earn 47.2 billion VND from this transaction.

Mr. Thong's sale was announced in the context of PNJ's stock price falling 13.7% compared to the record level recorded at the end of August 2024 (VND 109,300). However, compared to the price range at the beginning of this year, the current market price has increased by nearly 10%.

At the same time Mr. Thong wanted to reduce his ownership ratio, Ms. Dang Thi Lai - Member of the Board of Directors and Senior Director of PNJ also registered to sell 600,000 shares for the same reason. The expected transaction time is from October 14 to October 30.

If the deal is successful, Ms. Lai will reduce her ownership ratio in the company from 0.73% (2.46 million shares) to 0.55% (1.86 million shares).

Less than a month ago, Mr. Thong bought more than 205,000 shares under the employee stock option plan (ESOP) at VND20,000 per share. Similarly, Ms. Lai also bought more than 147,000 shares under this program.

In the first 8 months, PNJ recorded VND26,866 billion in net revenue, up 27.2% over the same period. Gross profit during this period reached VND4,464 billion, gross profit margin reached 16.6%. After deducting expenses, the company reported a profit after tax of VND1,281 billion.

At the 2024 Annual General Meeting of Shareholders, the company set a business target of VND37,148 billion in revenue, up 12% year-on-year. Profit after tax is expected to increase by 6% year-on-year to VND2,089 billion. These are all record numbers for the company. The expected dividend for 2024 is 20% in cash.

After more than half a year, PNJ has completed 72.3% of the revenue plan and 61.3% of the profit target.

The company said that retail jewelry revenue in the first eight months of the year increased by 15.1% compared to the same period last year, mainly due to the expansion of the store network, many jewelry products that are suitable for market tastes and are enthusiastically received by customers. In addition, PNJ achieved positive results from effective marketing strategies and sales programs as well as continued success in attracting new customer groups and increasing the rate of returning old customers.

In terms of wholesale jewelry, revenue increased by 28.2% year-on-year thanks to wholesale customers shifting to formal, professional manufacturers. 24K gold revenue increased by 52.8% year-on-year mainly due to the vibrant market in the first half of the year.

As of the end of August 2024, PNJ had 414 stores nationwide, an increase of 5 stores compared to the previous month. Including 405 PNJ stores, 5 Style by PNJ stores, 3 CAO Fine Jewellery stores and 1 wholesale center.

Source: https://baodautu.vn/tong-giam-doc-vang-bac-da-quy-phu-nhuan-muon-ban-500000-co-phieu-pnj-d227050.html