Phu Nhuan Jewelry JSC (PNJ), one of Vietnam’s leading jewelry companies, announced a net profit of VND2.11 trillion ($84.08 million) for 2024, marking a 7.3% increase compared to the previous year. This performance met the company’s profit target for the year.
The company, which is listed on the Ho Chi Minh Stock Exchange under the ticker PNJ, achieved net revenue of VND37.82 trillion ($1.5 billion) in 2024, reflecting a 14.1% year-on-year growth. The jewelry segment alone contributed 68.3% to the total revenue.
In the fourth quarter of 2024, PNJ reported a net profit of VND733 billion ($29.14 million), a 16% increase from the same period in 2023. However, its net revenue for Q4 dropped 12% to VND8.58 trillion ($341.13 million).
PNJ’s gross profit margin for the fourth quarter stood at 20.9%, up from 17.9% during the same quarter in 2023. This is the company’s highest margin in the last five years.
The company’s retail business also showed strong growth, with a 14.4% year-on-year increase in revenue for 2024. Additionally, PNJ expanded its retail network by opening 29 new jewelry stores, bringing its total number of stores to 429.
As of Wednesday, PNJ’s shares closed at VND95,800 ($3.81) each.
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