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Wednesday,  Aug 23,2017,07:40 (GMT+7)

PNJ meets 41% of 2017’s profit target

Monday,  May 8,2017,15:44 (GMT+7)
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PNJ meets 41% of 2017’s profit target

Phu Nhuan Jewelry Joint Stock Company (PNJ) has recently announced its positive first quarter business results with pre-tax profit reaching VND308 billion, up 105% year-on- year and meeting 41% of its full-year target.

First quarter achievements

PNJ’s total revenue was VND3,135 billion, up by 34% over the same period last year and fulfilling 31% of the year’s revenue plan. Its gold jewelry retail sales existing stores increased by 25%, while silver jewelry retail sales rose by 49% year-on-year.

PNJ has continuously launched new stores, maintaining its largest retail system in the jewelry industry.

In the first three months of this year, PNJ constantly expanded its retail system. It opened five PNJ jewelry centers, bringing the total number of its retail shops to 225 in 40 provinces and cities. Most PNJ stores are at prime locations and stock a variety of high quality jewelry items with great designs. The firm has gained strong support from customers thanks to its energetic and helpful sales staff.

On April 27, PNJ held a successful 2017 general meeting at the White Palace Convention Center in HCMC.

More than 636 shareholders hold nearly 732,300,000 shares, accounting for 73% of the total number of PNJ shares.

Aside from announcing business results in the first quarter, PNJ reviewed performance last year and the 2012-2016 stage in the 10-year strategy between 2012 and 2022 while setting orientations in the coming time.

According to the board of directors, 2017 is an important milestone for the 10-year development strategy. The company plans to raise revenue to over VND10.2 trillion, with retail sales expected at VND5.35 trillion and profit at VND751 billion. The dividend is still maintained at 18% in cash.

In the next five years, PNJ looks to obtain annual growth of at least 20% in jewelry sales, gross profit and after-tax profit, staying in Vietnam’s top 10 with sustainable development and information technology application.

To obtain this target, PNJ will add high-ranking staff, deepen investment in core business and expand the distribution system, especially in potential markets, reach 300 stores by 2018 on the occasion of the 30th anniversary. Regarding capital mobilization for the plan, PNJ has approved the issuance of more than 9.8 million shares to raise the chartered capital to VND1,081 billion, with the proceeds to be used to launch 40 new stores.

For jewelry factory restructuring, PNJ will apply information technology in production and business. PNJ is always striving to build corporate culture, focusing on knowledge and creativity and social responsibility.

At the general meeting, 100% of shareholders approved a resolution to elect a new board of directors for 2017-2022, including Ms. Cao Thi Ngoc Dung - chairwoman, Mr. Le Tri Thong - vice chairman, Mr. Le Quang Phuc - member, Mr. Le Huu Hanh - member, Mr. Nguyen Vu Phan - member, Ms. Nguyen Thi Cuc - member, Ms. Pham Thi My Hanh - member, and Mr. Pham Vu Thanh Giang - member.

The new board of directors of PNJ for the 2017 – 2022 term, including (from left to right): Mr. Le Quang Phuc, Mr. Le Tri Thong, Mr. Nguyen Vu Phan, Ms. Cao Thi Ngoc Dung, Mr. Pham Vu Thanh Giang, Ms. Nguyen Thi Cuc, Ms. Pham Thi My Hanh and Mr. Le Huu Hanh.

 

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