Jewelry chain PNJ posts record-high profit

Its profit went up 8.9% from 2022 while revenues dropped 2.2% to VND33.1 trillion, according to the company’s latest earnings report.

PNJ leaders said that the company was able to claim more market share and gained more new customers last year. Its network was expanded and its products were more diverse, they said.

PNJ closed seven stores but opened 48 new ones in the past year. CEO Le Tri Thong in April said the company also managed to secure long-time customers of other chains.

Although jewelry saw a drop in sales, 24K gold bars helped the company fetch VND10.4 trillion in revenues, up 21%. However, they accounted for only 1% of the company’s profits.

Security firm SSI Research analysts forecast that jewelry retail will grow by single digits this year after a 10% decline last year.

MB Securities expects PNJ to gain from a rise in demand for non-essential goods in the first half this year.