Phu Nhuan Jewelry (PNJ) Q2 2024 earnings summary

Executive summary

• Net revenue for the six months ended 30 June 2024 reached VND22.1 trillion, up 34% year-over-year, with net profit after tax of VND1.17 trillion, a 7% increase from the prior year period.

• Gross profit rose to VND3.63 trillion, reflecting strong sales growth in jewelry and related products.

• The company expanded its network to 58 branches and increased its workforce to 8,200 employees as of 30 June 2024.

• The interim consolidated financial statements received an unmodified review conclusion from PwC Vietnam.

Financial highlights

• Net revenue: VND22.11 trillion (up from VND16.46 trillion year-over-year).

• Net profit after tax: VND1.17 trillion (up from VND1.09 trillion year-over-year).

• Gross margin: 16.4% (down from 18.9% year-over-year).

• Basic EPS: VND3,247 (up from VND3,004 year-over-year).

• Cash at period end: VND1.54 trillion (up from VND896 billion at 31 December 2023).

Outlook and guidance

• The business cycle was not affected by seasonality during the interim period.

• No specific forward-looking financial guidance was provided.