HCMC – Phu Nhuan Jewelry JSC (HOSE: PNJ) reported robust financial results in the first six months of 2024, with net revenue surging 34.3% year-on-year to VND22.1 trillion.
Its net profit edged up by 7.4% over the same period last year to nearly VND1.17 trillion. With these results, the company has achieved 59.5% of its net revenue goal and 55.8% of its post-tax profit target for 2024.
Retail revenue grew by 14% year-on-year, making up 49.5% of total revenue, while wholesale jewelry sales increased by 20% compared to the same period in 2023. The company attributed this growth to its new collections, effective marketing campaigns, and successful sales programs.
However, the average gross profit margin for the first half of 2024 dropped to 16.4% from 18.9% in the previous year, due to changes in the revenue structure of different business segments.
At the close of the trading session today, July 23, PNJ inched down by 0.42% to VND93,800 per share, with a matching volume of 966,100 shares.
Strong selling pressure among bluechips and bank stocks drove the VN-Index down by 22.83 points, or 1.82%, to 1,231.81 points at the close. The Hochiminh Stock Exchange saw losers far outnumbering winners by 373 to 83.
Total trading volume and value also decreased by 21% and 14%, respectively, over the previous session, with nearly 728.4 million shares worth VND18.07 trillion changing hands. Block deals accounted for over 65.5 million shares valued at VND1.94 trillion.
Almost all bank stocks declined, with many losing between 2% and over 5%. Lender MBB took the lead by liquidity with nearly 47.9 million shares changing hands. TPB, ACB and VPB each saw between 14 million and nearly 18 million shares traded.
Other blue-chip stocks also fell. GVR dropped by 6.56% to VND30,600, the steepest decline in the VN30 basket. POW plunged by 4.5% to VND12,850, and MWG dipped by 4.3% to VND62,500.
The downbeat sentiment spread across sectors, leaving multiple mid-cap and small-cap stocks plunging to their floor prices, while around 20 others dropped by 4-5%.
The Hanoi Stock Exchange saw 47 advancers and 125 decliners. The HNX-Index decreased 3.78 points, or 1.59%, to 234.6 points. Total trading volume on the northern exchange reached over 50.7 million shares valued at VND1.05 trillion.
