Wednesday,  Oct 24, 2018,04:07 (GMT+7) 0 0
PNJ forecasts strong growth in 2017
Tuesday,  Oct 24, 2017,14:31 (GMT+7)

PNJ forecasts strong growth in 2017

Phu Nhuan Jewelry Joint Stock Company (PNJ) has announced its business results in the first nine months of 2017 with profit meeting 84% of the full-year plan and growing 40% compared to 2016.

Retaining top spot in ASEAN and Vietnam

Between January and September, PNJ made VND7,910 billion in revenue, up 34% year-on-year and meeting 77% of the 2017 target, VND1,319 billion in gross profit, up 31% and representing 79% of the full-year estimate, and VND629 billion in before-tax profit, up 42% and fulfilling 84% of the year’s target.

Given the positive results, PNJ forecasts a profit growth rate of 40% in 2017 over the previous year.

In addition, PNJ has expanded its nationwide retail network to nearly 250 stores so far, of which 11 were opened in the third quarter. It will continue developing its network in the final quarter as planned at the beginning of the year. PNJ sticks with its strategy of focusing on core business - jewelry trading and fast market share expansion, positioning itself as the leading regional jewelry company with the largest retail network in Vietnam.

PNJ continues launching new retail stores in the nation.

Knowing the competitive advantage of having an extensive retail network, PNJ is looking to have 300 stores by 2018, which means 50 new stores will be up and running by next year.

According to Bao Viet Securities Company (BVSC), PNJ is poised to meet the targets assigned by the board of directors as its growth prospects are bright in the 2018-2019 period.

The retail network expansion strategy, plus supply chain improvement, will bring positive results not only in 2017 but also in the long run. In addition, PNJ’s recent success in raising VND990 billion will facilitate its long-term development goals. The target for 300 retail stores by the first half of 2018 demonstrates a great ambition in its development orientation, BVSC said.

Looking for new achievements

For PNJ 2016 was a good year, especially in gold jewelry retail sales. According to Chairwoman Cao Thi Ngoc Dung, 2017 is the second stage of the company’s 10-year development strategy from 2012 to 2022, which focuses on three main activities:  improving human resource quality, systemizing procedures and computerizing the management system. On the other hand, PNJ will improve the retail network so as to have 300 stores by 2018 and increase the number of standard stores. It will open stores which are independently owned and located inside supermarkets and commercial centers.

PNJ is honored as Outstanding Enterprise of the Year in ASEAN.

Explaining the rapid and sustainable growth, PNJ management said this is the outcome of retail network expansion, professional sales team, customer-focused product strategy and marketing innovation. Therefore, the firm’s latest collections are designed in a way that touches the emotion of each and every customer.

The close supervision by the board of directors has contributed to implementing a comprehensive and effective operation strategy. Thanks to proper structure and network development plan, effective marketing and a wide range of training activities, PNJ has gradually built a foundation for strong and sustainable development. It has realized the vision of becoming one of the leading jewelry design and manufacturing companies in Asia and secured the top position in the medium and high-class jewelry segment in Vietnam.
PNJ always looks back to the past to build a proper business strategy and improves its competitiveness by applying new technologies, developing distribution network, keeping on learning and promoting human resources, PNJ leaders said.

Share with your friends:         
Publication Permit No. 321/GP-BTTT issued on October 26, 2007
Deputy Editor-in-Chief: Pham Huu Chuong
Managing Editor: Nguyen Van Thang.
Assistant Managing Editor: Pham Dinh Dung.
Head Office: 35 Nam Ky Khoi Nghia St., Dist.1, Ho Chi Minh City, Vietnam. Tel: (84.28) 3829 5936; Fax: (84.28) 3829 4294.
All rights reserved.