Along with the skyrocketing demand for gold of the people on the last Day of the God of Wealth, this gold giant recorded a profit of more than 10 billion VND per day.
Phu Nhuan Jewelry Joint Stock Company (PNJ) of female giant Cao Thi Ngoc Dung has just announced business results in January 2023 with high growth compared to the same period and the previous month.
Specifically, in the past month, PNJ recorded a record high net revenue of VND 4,129 billion, up nearly 19% over the same period last year. In which, the main reason comes from the strong increase in sales during this year’s Than Tai occasion (in January) and PNJ continues to set a record in the number of products sold on this occasion.
In the structure of products sold last month, the jewelry retail segment at PNJ recorded a decline of nearly 2% over the same period last year because the business’ system only operated for 27 days on average compared to 31 days in 2022 (due to influence of the Lunar New Year holiday). However, this is still the largest contributor with 51.5% of PNJ’s net revenue.
Notably, the 24K gold sales segment of this business has grown impressively by 97% in the past month. The contribution of 24K gold business accordingly skyrocketed to nearly 40%.
The company’s retail sales in January also declined by 33% y/y due to fewer active days. Revenue from other activities increased by one and a half times but only accounted for a low proportion.
The average gross profit margin in January 2023 reached 18.2% compared to 18.7% in the same period due to the change in sales structure during the occasion of the God of Wealth.
PNJ added that total operating expenses in January increased by 21% over the same period, the ratio of operating expenses to gross profit increased from 45.5% to 47.5% due to the cyclical nature of expenses. Tet holiday and higher prices due to inflation.
However, thanks to strong sales, the largest gold jewelry retailer in Ho Chi Minh City still recorded a record profit.
Specifically, following deducting all expenses, PNJ recorded an following-tax profit of VND 302 billion, up nearly 12% over the same period. This is also the highest profit in the history of this gold and silver company.
On average, in January, the business of gold giant Cao Thi Ngoc Dung earns more than 10 billion dong every day. As of the end of January, PNJ’s retail system has a total of 365 stores in 55 provinces and cities.
