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PNJ reported after-tax profit rose 116% year-on-year in the first quarter of 2026, supported by strong domestic gold prices that at times reached peaks of 190 million VND per tael. By 21-4, SJC gold bar prices were quoted at around 168.1 million VND per tael for buying and 170.6 million VND per tael for selling, down nearly 1 million VND per tael from the morning. Gold jewelry 24K traded at about 167.9 million VND per tael for buying and 170.4 million VND per tael for selling, lower than gold bars.
Domestic gold prices eased in line with global price movements. Internationally, the metal was trading at 4,793 USD per ounce, down about 30 USD per ounce from the morning. Despite narrow fluctuations in recent days, domestic gold prices have moved strongly since the start of the year, rising in Q1 2026 alongside world prices—from around 150 million VND per tael earlier in the year to peaks of 190–191 million VND per tael for both bars and jewelry.
The strong domestic price movement, closely mirroring world prices, helped PNJ’s revenue and profits increase sharply. In Q1 2026, PNJ posted net revenue of 17,245 billion VND, up 79% year-on-year, and net profit of 1,467 billion VND, up 116.5% year-on-year.
Even as purchasing power weakened due to high gold prices, PNJ’s retail revenue in Q1 2026 still rose 21.7% year-on-year. Wholesale jewelry revenue in the first three months of 2026 increased 33.9% year-on-year.
Notably, PNJ’s 24K gold revenue in Q1 2026 surged 324.7% year-on-year. The company attributed the increase to heightened market demand during Tet and peak seasons, compared with last year’s low base.
PNJ said the performance was supported by improved raw material sourcing and successful launches of wealth-themed, feng shui, and artsy collections, helping meet customer demand and lift revenue during peak seasonal periods.
According to PNJ, positive Q1 2026 results were driven by a continued effective nationwide store network, a diversified product portfolio aligned with customer segments, and proactive raw material sourcing to ensure stable supply.
As of end-March 2026, PNJ owned 430 stores nationwide, the largest jewelry retailer network in the country.
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