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PNJ achieves 70% of annual profit target

The Saigon Times

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HCMC – Phu Nhuan Jewelry JSC, whose PNJ shares are listed on the Hochiminh Stock Exchange, has achieved 70% of its 2023 profit goal with after-tax profit amounting to over VND1.3 trillion in January-September.

The jewelry firm made nearly VND23.4 trillion in revenue during this period. In the third quarter alone, PNJ reported gross revenue of VND6.9 trillion, down 6.1% over the same period last year. However, its profit after tax increased a slight 0.4% to VND253 billion.

Despite slow retail sales, specifically in the jewelry industry, PNJ’s cumulative revenue in the first nine months of the year remained consistent with last year’s high.

The company’s retail jewelry sales in the nine-month period dropped by 10.5%. In response, PNJ introduced a range of products and implemented effective customer engagement strategies, resulting in the retention of their existing clients and growth in new customers.

The company’s wholesale jewelry revenue in the period plunged 32.1% compared to the year-ago figure, while its sales of 24K gold inched up by 5.9% year-on-year.

PNJ edged up 0.67% to VND74,800 per share at the close today, October 24.

The Hochiminh Stock Exchange ended on a high note today with 355 stocks rising and 142 others declining. The VN-Index advanced by 12.37 points, or 1.13%, to 1,105.9 points.

The trading volume reached over 509 million units, valued at over VND10.4 billion, dropping 10% in volume and 14% in value. Block deals contributed nearly VND1.4 trillion to the overall value, with 65.9 million shares changing hands.

The VN30 basket, which comprises the 30 largest-cap stocks, saw 26 advancers and only one decliner – BCM. The VN30-Index rose 10.27 points, or 0.93%, to 1,117.12 points.

VCB emerged as a significant contributor to the VN-Index’s rise. It increased 1.8% to VND86,000 per share, contributing 2.1 positive points to the benchmark index.

Real estate and construction stocks attracted funds due largely to Directive 993 of the prime minister, which emphasizes the development of a robust and sustainable real estate market.

The prime minister has also advocated for commercial banks to draft credit policies favorable to viable real estate projects, potentially driving the disbursement of the VND120 trillion credit package for social housing.

Securities stocks, including VND, SSI and VIX, also attracted investors’ attention as they were the three most actively traded stocks on the southern bourse.

VIX took the lead by liquidity with a trading volume of nearly 17.9 million shares, followed by DIG with 16 million shares and SSI with 14 million shares.

As winners doubled losers on the Hanoi Stock Exchange, the HNX-Index also ended the day higher. It rose 2.64 points, or 1.16%, reaching 228.89 points, with 60.8 million shares worth VND1.2 trillion transacted.

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