HCMC — Phu Nhuan Jewelry JSC (HOSE: PNJ) reported higher profit in the first nine months of 2025 even as jewelry demand weakened due to high gold prices.
The company posted net revenue of VND25.35 trillion, down 13% from a year earlier, while its after-tax profit rose 17% to VND1.61 trillion.
Retail jewelry, its core business, grew 5.1% in revenue and accounted for 65.6% of total sales, up by 11.1 percentage points year-on-year. The segment helped lift PNJ’s average gross margin to 20.8% from 16.7% last year.
In the third quarter, PNJ recorded VND8.14 trillion in revenue and VND496 billion in after-tax profit, up more than 14% and 2.3 times year-on-year, respectively. The company said profit growth outpaced revenue due to improved gross margins.
As of the end of September, PNJ had had 429 stores nationwide, including 422 PNJ outlets, three Style by PNJ stores, three CAO Fine Jewellery shops, and one wholesale center.
PNJ said it had completed 81% of its full-year revenue target of VND31.6 trillion and 82% of its profit target of VND1.96 trillion.
Closing the trading session today, October 27, PNJ edged down 1.58% to VND93,500, with a trading volume of 810,700.
Vietnam’s benchmark VN-Index dropped 1.82% on Monday as selling pressure hit major real estate and banking stocks.
The VN-Index lost 30.64 points to close at 1,652.54, with 143 winners and 178 losers. Trading volume on the Hochiminh Stock Exchange rose 3.1% to nearly 969.6 million shares, while value inched up 4.1% to VND30.7 trillion. Block deals accounted for 66.6 million shares valued at VND2.8 trillion.
The VN30-Index, which groups the 30 largest-cap stocks, declined 43.84 points, or 2.25%, to 1,900.76, with 24 stocks falling and five others gaining. VHM and VRE both hit the floor prices, while VIC fell 2.3% to VND214,000, weighing on the index.
Other large caps also lost ground. MWG dropped 5.5%, HDB fell 4.9%, SSI slid 3.3%, VPB declined 3.1%, and TCB lost 2.9%. Among gainers, GVR rose 3.2%, while SAB, DGC, FPT, and STB added less than 1%.
Mid- and small-cap stocks also came under pressure. GEX fell 7% to its lower limit at VND48,000 with heavy trading volume. Real estate developers DIG and CII also hit the floor, while PDR, HDC, DXS, and KDH dropped between 3.8% and 6.8%.
Banking stocks mostly retreated, except for STB, which gained nearly 2%, and ACB, which was unchanged. SHB fell 0.9% with 95.6 million shares traded, MBB dropped 2.5%, and VPB declined 3.1%. SHB was the most actively traded stock on the market.
Securities stocks weakened as selling pressure increased. SSI dropped 3.3%, HCM lost 2.6%. On the other hand, textile and fertilizer stocks bucked the trend, with MSH, TCM, DPM, and DCM advancing between 1.2% and 5%.
On the Hanoi Stock Exchange, the HNX-Index slipped 1.92 points, or 0.72%, to 265.36, with 64 advancers and 72 decliners. Trading volume reached 102.2 million shares worth a total of VND2.29 trillion.
