Domestic gold prices have been continuously increasing in recent days following the world 's upward trend. In particular, gold rings have broken all previous records when they reached nearly 88 million VND/tael. It was thought that this would cause gold and gemstone trading companies to grow strongly in both revenue and profit because the difference between buying and selling prices remained high. However, according to the business report from Phu Nhuan Jewelry Joint Stock Company (PNJ) in the third quarter of 2024, PNJ recorded net revenue of 7,130 billion VND, an increase of 3% over the same period last year. Surprisingly, PNJ's after-tax profit in this quarter decreased by nearly 15% to nearly 216 billion VND. This is also the lowest quarterly profit since the fourth quarter of 2021 for PNJ.
Gold price soars but "giant" PNJ's Q3/2024 profit drops
According to PNJ's explanation, the decrease in after-tax profit in the third quarter of 2024 came from two main factors. The company is in the process of continuing to invest and implement a plan to expand its business network and market share. The second is that the company is fulfilling its corporate income tax obligations as prescribed (according to the Consolidated Financial Statements, the amount of corporate income tax paid in the third quarter of 2024 was more than VND 469.4 billion, while in the same period last year it paid more than VND 385.5 billion).
However, in the first 9 months of 2024, the company's profits still grew. Specifically, PNJ recorded net revenue of VND 29,242 billion in the first 9 months, up 25% and profit after tax of VND 1,382 billion, up 3% over the same period last year. According to the plan, for the whole year of 2024, PNJ set a revenue target of VND 37,148 billion and profit after tax of VND 2,089 billion. Thus, after 9 months, the company has achieved 79% of the revenue target and 66% of the annual profit plan.
Gold fluctuations on October 23: Gold prices continue to skyrocket
According to the 2023 Annual Report, PNJ said it has made a breakthrough in business results compared to the market, maintaining its leading position in the jewelry retail industry in Vietnam. The company has reached 400 stores in 55 provinces and cities, helping to increase sales opportunities...
Source: https://thanhnien.vn/gia-vang-tang-ky-luc-vi-sao-loi-nhuan-quy-3-2024-cua-ong-lon-pnj-sut-giam-185241023093943528.htm
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