Jewelry giant Phu Nhuan Jewelry JSC has a profit target of VND1.9 trillion ($81 million) for this year, 7% higher than last year despite a bleak market forecast.
Le Tri Thong, its general director, said the sales target is VND35.6 trillion, 5% up from last year. If the company achieves them, they will be the highest ever in its 35 years of operations.
The board of directors and key executives stand to get total bonuses of VND50 billion. If the profit is the same as last year’s VND1.81 trillion, they will get VND35 billion. PNJ also plans to pay a 20% dividend in cash for 2022.
Many shareholders expressed concern at the company’s annual general meeting on Thursday about the ambitious targets during this bleak period, especially for luxury goods.
But Thong said in the first quarter PNJ managed to achieve 28% of its revenue target and 39% of profit target, and the market is expected to recover later this year.
Cao Thi Ngoc Dung, the company’s chairwoman, said: “The market is bleak, and may even get worse. Despite that, with a 50% chance of demand recovering in the last three months of the year, we are willing to aim for challenging targets.”
Thong said PNJ could target customers of other jewelry businesses. He said there is a trend of buying jewels for their looks and branding rather than just gold content, which dovetails with the company’s strengths and strategies.
So while competitors are downsizing, PNJ plans to open 20-25 new stores and focus on new categories, he said.
PNJ’s market share in the medium and high-end segments doubled from 25% in 2017 to 51% after the pandemic thanks to this strategy, he added.
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