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Phu Nhuan Jewelry (PNJ, PNJ) reported Q1 2026 net revenue of 17,245 billion VND and net profit after tax of 1,467 billion VND, representing year-on-year growth of 79% and 116.5%, respectively. The company said the improvement was driven by gains in its jewelry segment and bullion.
Despite tighter consumer purchasing power amid sharp increases in gold prices, PNJ’s retail jewelry revenue in Q1 2026 rose 21.7% year-on-year. The company attributed the performance to its nationwide network of 430 stores, a diversified product portfolio, optimized customer targeting, secured raw material supply, and sales campaigns during the Lunar New Year and other festive periods.
Wholesale jewelry revenue also increased, rising 33.9% year-on-year in the first three months of 2026.
PNJ’s 24K gold revenue in Q1 2026 surged 324.7% year-on-year, benefiting from a low base in the prior year. PNJ said the rise was supported by stronger market demand during the Tet holiday and peak seasons, along with solid raw material planning and new product collections designed to meet customer demand. The company noted that 24K gold revenue reached a record level compared with previous peak seasons.
PNJ said its gross margin for the quarter fell to 20% from 21.3% in the same period last year, reflecting a shift in revenue mix toward 24K gold, which carries lower margins than jewelry revenue.
PNJ released its Q1 2026 results one day before its 2026 annual general meeting of shareholders, scheduled for the afternoon of 22 April in Ho Chi Minh City.
At the meeting, PNJ’s leadership is expected to present the 2026 business plan, targeting revenue of 48,660 billion VND and after-tax profit of 3,409 billion VND, up 37% and 21% from 2025. If achieved, PNJ said this would mark the highest-ever revenue and profit in the company’s history.
By the end of Q1 2026, PNJ reported it had achieved 35% of its revenue target and 43% of its profit target compared with full-year goals.
Regarding profit distribution, the Board intends to maintain a cash dividend payout of 20%, as in recent years.
PNJ also proposed an ESOP issuance based on the level of 2026 profit achievement. Under the proposal:
Eligible participants include executives, managers, and key personnel at PNJ and its subsidiaries, subject to Board criteria. The maximum ESOP issuance is 1% of outstanding shares, approximately 3.4 million shares, with an issue price of 20,000 VND per share. The proposal also includes conditions requiring total profit growth for PNJ shareholders of at least 5% and not lower than VN-Index growth.
At the meeting, PNJ will propose extending the term for independent Board member Le Quang Phuc and relieving Dang Hai Anh from duties. The company will also elect two additional Board members for the remainder of the 2023–2028 term, with at least one independent member.
On 3 April 2026, Phan Quoc Cong officially assumed the position of PNJ General Director, succeeding Le Tri Thong under a succession plan prepared by the Board for several years.
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