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Phu Nhuan Jewelry Joint Stock Company (PNJ) reported a strong start to the year, with Q1 net revenue reaching 17,245 billion dong, up 79% year-on-year. Net profit rose nearly 2.2 times to 1,467 billion dong, marking the best quarter in the company’s history.
PNJ said that despite weaker purchasing power amid sharp gold price movements, retail revenue in Q1 increased 22% year-on-year. The company attributed the result to effective use of its nationwide store network and a diversified product portfolio that improved customer appeal.
Management also highlighted efforts to tap both existing and new customers through marketing campaigns and sales programs during peak season. PNJ said it proactively secured raw materials to help ensure stable supply.
“Peak-season sales campaigns during Tet and holidays positively affected financial indicators, establishing new consumer shopping habits and trends,” the company noted.
Beyond retail, PNJ’s performance was also supported by the 24K gold segment. Revenue from this segment in the first three months rose nearly 325% year-on-year to almost 7.4 trillion dong, a record high compared with previous peak seasons.
PNJ added that the figure represented more than 12% of its total 24K gold revenue in 2025 and was 2–3 times higher than 24K gold revenue in the 2017–2021 period.
The company said demand for 24K gold increased in line with market demand during Tet and peak seasons. PNJ prepared raw materials and launched product collections including Fortune God, feng shui, and art to meet customer needs promptly.
While the 24K gold segment delivered strong growth, PNJ noted that it was not entirely positive for profitability. In Q1, 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, with a higher share of 24K gold revenue, which carries lower margins, increasing its relative weight compared with jewelry revenue.
For 2025, PNJ proposed a business plan with revenue of 48,660 billion dong and net profit of 3,409 billion dong, up 37% and 21% respectively. The company said these are all-time high figures.
After three months, PNJ reported it had completed more than 35% of the revenue target and more than 43% of the profit plan.
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