PNJ records record profit – VnExpress Business Newspaper

Phu Nhuan Jewelry Joint Stock Company (PNJ) has just announced its first quarter business results with net revenue reaching 17,245 billion VND, an increase of 79% over the same period. Profit after tax increased nearly 2.2 times to VND 1,467 billion. This is the best business quarter in the history of this business.

PNJ’s leadership said that in the context of shrinking purchasing power due to a sharp increase in gold prices, retail revenue in the first quarter still increased by 22% over the same period. This positive result comes from the effective exploitation of a nationwide store network and a diversified product portfolio that enhances its appeal to customers.

In addition, the company also optimizes the exploitation of both existing and new customer files, marketing campaigns and sales programs are deployed during peak seasons. In addition, PNJ proactively prepares raw materials, ensuring a stable supply.

“Peak sales campaigns during Tet and festivals have a positive impact on financial target growth, while also forming new shopping habits and trends for consumers,” the company emphasized.

In addition to the retail segment, revenue reached a record level thanks to the contribution of the 24K gold segment. Revenue of this segment in the first 3 months of the year increased nearly 325% over the same period, to nearly 7,400 billion VND. This is a record number compared to peak seasons in previous years. This level also exceeds 12% of the total 24K gold revenue that PNJ sells in 2025 and is 2-3 times higher than the 24K gold revenue of the years in the period 2017-2021.

According to PNJ, this item increases according to market demand during Tet holidays and peak seasons. In addition, the company also prepares raw materials and launches collections of Than Tai products, feng shui, fine arts… to help promptly meet customer needs.

However, the growth of the 24K gold segment is not necessarily positive. In the first quarter, average gross profit margin reaching 20%, down slightly compared to 21.3% in the same period in 2025. The main reason comes from the change in revenue structure when the proportion of 24K gold revenue, which has a lower profit margin, increases compared to the proportion of jewelry revenue.

This year, PNJ proposed a business plan with revenue of 48,660 billion VND and profit after tax of 3,409 billion VND, an increase of 37% and 21% respectively. These are all record numbers. After 3 months, the company has completed more than 35% of revenue targets and more than 43% of profit plans.