Friday , June 21 2024

Gold producer SJC eyes 7% rise in profits

State-owned Saigon Jewelry Company targets pre-tax profits of VND60 billion ($2.6 million) on revenues of VND18.8 trillion this year, up 7% and 6% from last year.

Its targeted net profit margin is only 0.25%, much lower than the 5.11% for competitor Phu Nhuan Jewelry.

This year the government tasked SJC with privatizing and expanding into neighboring countries, but in July director Le Thuy Hang said the only focus currently is on achieving the sales and profit targets to be able to pay salaries.

Since 2012 SJC has been the sole gold bullion producer in Vietnam and its gold production is being closely monitored, Hang added.

Last year its profits fell 25% to VND17.7 trillion, the lowest since 2015, as the Covid-19 pandemic hindered forced it to close several stores.

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