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PNJ to pay 20% cash dividend this year

The Saigon Times

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HCMC – Phu Nhuan Jewelry JSC, which trades its PNJ shares on the Hochiminh Stock Exchange, plans to pay a 20% dividend for 2024.

The jewelry firm’s existing shareholders will get VND2,000 for every share held, according to its dividend payment plan announced at its annual general meeting of shareholders held today, April 16.

At the meeting, PNJ’s board of directors outlined its 2024 business plan, saying the company expects to make VND37.1 trillion in revenue and nearly VND2.1 trillion in net profit, up by 12% and 6% over 2023.

Despite economic woes in 2023, many retailers struggled or exited the market due to weakened consumer spending. In contrast, PNJ defied the odds, earning a whopping VND33.1 trillion in revenue and nearly VND2 trillion in net profit. Jewelry sales remained its primary source of revenue and generated two-thirds of its gross income.

In the first quarter of 2024, PNJ recorded gross revenue of VND12.6 trillion, surging 28.6% year-on-year, with after-tax profit amounting to VND738 billion.

PNJ currently has over 400 stores across 55 out of the country’s 63 centrally-run provinces and cities. The company’s brand value has grown by 17% against 2022 to US$428.43 million, according to Brand Finance.

Closing the trading session today, PNJ edged down by 0.62% over the session earlier to VND95,900 per share, with a matching volume of more than 2.4 million shares.

The VN-Index of the Hochiminh Stock Exchange moved sideways with a marginal decrease of 0.93 point, or 0.08%, to 1,125.68 points, with 140 winners and 361 losers.

Stock trade dropped by 7% in volume and 10% in value against Monday, with 1.35 million shares totaling VND30.3 trillion changing hands. Block deals contributed more than 140.5 million shares worth VND3 trillion.

Securities stock VIX was the most actively traded stock on the market, with a trading volume of 62.5 million shares.

The Hanoi Stock Exchange saw 67 advancers and 129 decliners. The HNX-Index closed down by 0.88 point, or 0.38%, to 228.83 points.

Around 134.7 million shares valued at nearly VND2.6 trillion were matched on the northern bourse.

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