PNJ Records Average Daily Net Profit of About 16 Billion VND in Q1 2026

PNJ reported net revenue of 17,245 billion VND in Q1 2026, up 79% year-on-year. Net profit after tax reached 1,467 billion VND, increasing 116.5% over the same period. Over the 90 days of the quarter, the company generated an average net profit after tax of about 16.3 billion VND per day.

Revenue and profit growth amid changing consumer demand

Despite consumer purchasing power being affected by a sharp rise in gold prices, PNJ’s retail revenue in Q1 2026 still grew 21.7% year-on-year.

The company attributed the results to continued leveraging of its nationwide store network, product diversification by customer segment, expanding the new customer base while maintaining existing customers, and implementing sales and marketing programs during peak seasons. PNJ also cited efforts to secure raw material sources.

Sales campaigns during the Tet holiday and festive seasons continued to support revenue growth and helped form new consumption trends.

Segment performance: retail jewelry and wholesale gold

PNJ said it will continue to focus on the gold jewelry product group, combining aesthetics with saving demand, with designs ranging from iconic to modern.

In the wholesale segment, jewelry revenue in the first three months rose 33.9% year-on-year. Revenue from 24K gold increased 324.7%, mainly due to higher market demand during peak periods compared with the low base of the previous year. PNJ also pointed to preparation of raw materials and the launch of seasonal product collections such as Thần Tài and feng shui.

Margins and cost structure

For the quarter, gross margin averaged 20%, down slightly from 21.3% in the same period in 2025. PNJ said the main reason was a shift in revenue mix, as the proportion of 24K gold—which has a lower margin—increased relative to jewelry.

Store network and leadership update

In terms of personnel, as of 3 April 2026, Mr. Phan Quoc Cong officially assumed the position of CEO, replacing Mr. Le Tri Thong as part of the succession plan prepared by the board.

As of the end of March 2026, PNJ owned 430 stores nationwide, including 422 PNJ stores, 3 Style by PNJ stores, 4 CAO Fine Jewellery stores, and 1 wholesale trading center.