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Saigon Jewelry Company Limited (SJC) reported 2025 revenue of just over 14,030 billion dong, the lowest in the last ten years and down more than 56% from 2024. Despite the sharp sales decline, audited results show net profit in 2025 reached a record high of 425.5 billion dong, up about 37 billion dong from 2024.
According to SJC’s audited financial statements, 2025 revenue fell to just over 14,030 billion dong from more than 32,193 billion dong in 2024, representing a drop of over 56%. The company’s net profit, however, rose to 425.5 billion dong in 2025, compared with the prior year’s highest profit in about a decade.
On average, SJC earned more than 1.16 billion dong per day in 2025, and profit averaged over 1.1 billion dong per day.
The company attributed the higher profit despite lower revenue to a substantial reduction in cost of goods sold, which improved gross margin. Ordinary-year expenses also trended downward.
By end-2025, SJC held inventory of more than 2,000 billion dong, up sharply from about 1,568 billion at the start of the year. The company did not recognize inventory provisions during the year.
Total assets at the end of 2025 increased by more than 300 billion dong to over 2,500 billion dong, compared with 2,198.6 billion dong previously.
SJC also reported cash and cash equivalents not due before long of more than 166.5 billion dong, along with investments in other entities of around 200 billion dong.
In the 2025 business plan submitted to the Ho Chi Minh City People’s Committee, SJC set revenue of 34,897.9 billion dong and after-tax profit of 89.9 billion dong. Alongside its targets, the company planned to pay more than 117 billion dong to the state budget.
Results for 2024 and 2025 showed profit well above forecasts, following years in which revenue was high but after-tax profit typically remained below 100 billion dong.
From 2012 to 2023, although revenue stayed in the tens of trillions, after-tax profit rarely exceeded 100 billion dong. 2024 was the first year in ten years with after-tax profit reaching 283 billion dong.
In 2023, revenue was over 28,400 billion dong but after-tax profit was about 61 billion dong, with the cited reason that cost of goods sold accounted for about 99% of revenue. In 2022, revenue exceeded 27,153 billion dong while profit was about 49 billion dong. In 2021, revenue was over 17,689 billion dong and after-tax profit was nearly 44 billion dong.
In 2024, profit rose 4.6 times compared with 2023 to 283 billion dong, exceeding the profit target by 213 billion dong.
SJC, established in 1988, is the only gold trading enterprise currently owned 100% by the state under the Ho Chi Minh City People’s Committee. In 1989, SJC launched the first gold bars under the Dragon brand 9999, including 1 chi, 2 chi, 5 chi, and 1 lượng.
Previously, SJC had revenue over 72,000 billion dong before Decree 24 regulated the gold business in 2012. In 2024, when gold prices fluctuated, SJC’s revenue rose to 32,193 billion dong.
Although Decree 232 took effect in October 2025, ending the bullion monopoly under Decree 24, SJC’s bullion business still has the greatest influence in the Vietnamese market.
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