PNJ reached over half of after-tax profit of 2021 in first five month

June 21, 2021 | 18:12
Phu Nhuan Jewelry JSC (HSX: PNJ) has just announced its business results for May, with strong growth reported in revenue from retail, wholesale, and gold bars. In May, PNJ estimated its net revenue at VND1.59 trillion ($69.13 million), up 56.5 per cent over the same period in 2020.
PNJ reached over half of after-tax profit of 2021 in first five month
PNJ reached over half of after-tax profit of 2021 in first five month

Of this, revenue from retail increased by 51 per cent thanks to the Mother’s Day (May 9) promotions and online sales. Revenue from wholesale and gold bars increased by 41 and 196.9 per cent, respectively, over the same period in 2020, accounting for 14.4 and 26.6 per cent of PNJ's revenue structure.

After-tax profit was estimated at VND85 billion ($3.7 million), equivalent to an increase of 58.6 per cent compared to the same period last year.

In the first five months of the year, PNJ's net revenue and after-tax profit reached VND10.6 trillion ($460.87 million) and VND685 billion ($29.8 million), respectively, signalling strong growth of 62.9 and 88.4 per cent over the same period in 2020.

In 2021, PNJ targets a net revenue of more than VND21 trillion ($913 million), with expected after-tax profit of more than VND1.2 trillion ($52.17 million). With the results obtained in the first five months of the year, PNJ has completed 50.6 per cent of its revenue plan and 55.7 per cent of its profit plan.

Last week, PNJ was fined for more than VND1 billion ($43,480) by the State Securities Commission. According to the commission, the company was ordered to pay more than VND167 million ($7,260) as fines for making false declarations, tax arrears of more than VND835 million ($36,300), and more than VND40 million ($1,740) of late payment interest.

PNJ shares closed the June 18 session at VND98,000 ($4.26).

By Trúc Anh

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