In the first five months of 2024, Phu Nhuan Jewelry Joint Stock Company (PNJ) reported a net revenue of 19,546 billion VND and a profit after tax of 1,051 billion VND. The company disclosed its business results for the period on June 20, showing a 36.9% increase in net revenue and an 8.5% increase in profit compared to the same period last year. PNJ attributed this growth to synchronized business activities across its channels.
The retail jewelry segment saw a 12.8% increase in revenue in the first five months of 2024, thanks to a flexible strategy and the launch of new collections tailored to customer preferences. The company also successfully implemented marketing campaigns and sales programs to attract new customers and retain existing ones. Meanwhile, wholesale jewelry revenue increased by 16.4% during the same period.
Despite changes in the revenue structure of each business segment leading to an average gross profit margin decrease from 19% to 16.5% in the first five months of 2023, PNJ remains focused on optimizing resources and enhancing operational efficiency. The company highlighted the importance of maintaining a positive average gross profit margin amid fluctuations in the market.
PNJ operates over 405 stores nationwide as of May end, including PNJ branches, Style by PNJ outlets, CAO Fine Jewelery stores, and a wholesale business center. The company recently made it onto Fortune magazine’s top Southeast Asia 500 list for being one of the largest companies in the region based on its revenue in 2023. PNJ continues to prioritize customer acquisition and retention as key drivers for growth and profitability.
In summary, Phu Nhuan Jewelry Joint Stock Company has reported strong financial results for the first five months of 2024 with an impressive net revenue increase and profit after tax increase compared to previous years. The retail jewelry segment has seen significant growth due to flexible strategies and successful marketing campaigns while wholesale jewelry revenue has also increased significantly during this period.
PNJ has also maintained focus on optimizing resources despite changes in gross profit margins due to changes in revenue structure across its business segments. Despite these challenges, PNJ continues to prioritize customer acquisition and retention as key drivers for growth and profitability while expanding its presence across Southeast Asia through strategic partnerships with other companies.
Overall, Phu Nhuan Jewelry Joint Stock Company is poised for continued success as it continues to innovate within its industry while maintaining focus on sustainable growth practices that benefit both stakeholders and customers alike.
