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PNJ reaches 60% of annual profit target

Released at: 15:52, 31/07/2015

PNJ reaches 60% of annual profit target

Phu Nhuan Jewelry releases estimated first half results.

The Phu Nhuan Jewelry Joint Stock Company (Code: PNJ) has recently announced its estimated business performance for the first half of 2015, with revenue of VND3.855 trillion  ($179 million), an increase of 6 per cent over the same period in 2014.

Estimated profit after tax is VND228 billion ($10.6 million), growing 46 per cent and accomplishing 60 per cent of the annual target.

Jewelry retail was the main contributor to its impressive, with 75 per cent of the gross profit.

According to the latest report from the World Gold Council (WGC), Vietnam’s jewelry demand in first quarter of 2015 rose again, with 4.1 tons (equal to 10 per cent growth), which contributed to boosting the growth of PNJ’s retail business. In first half its jewelry retail sales grew 56 per cent and gross profit 48 per cent over the same period last year.

So far this year PNJ has officially opened 17 new large gold stores nationwide, reaching 49 per cent year target. It was to open four more in July, in preparation for the peak season, in the fourth quarter.

Beside its positive business performance, PNJ has also entered the final round of three important categories in the JNA Awards (Jewelry News Asia), including Top Enterprise of the Year, Top Asian Enterprises of the Year, and Retailer of the Year.

PNJ is one of only a few stock with its full complement of foreign ownership. At the end of the trading session on July 3 its market price was VND39,200 per share, equivalent to VND3.852 trillion ($179.16 million) in equity.

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