PHU NHUAN JEWELRY JOINT STOCK COMPANY

Phu Nhuan Jewelry Joint Stock Company: A Leading Jewelry Manufacturer in Vietnam

Phu Nhuan Jewelry Joint Stock Company (PNJ) is one of Vietnam’s largest and most reputable jewelry manufacturers and retailers. Established on January 2, 2004, the company is headquartered at No. 170E, Phan Dang Luu Street, Ward 03, Phu Nhuan District, Ho Chi Minh City. Over the past two decades, PNJ has built a strong presence in Vietnam’s jewelry industry, offering a diverse range of products and services, from manufacturing and retailing gold, silver, and precious stone jewelry to providing diamond and metal testing services.

PNJ is a publicly traded company listed on the Ho Chi Minh Stock Exchange (HOSE) under the ticker symbol PNJ. It is led by Chairwoman Cao Thi Ngoc Dung, with Le Tri Thong serving as the General Director and Dang Thi Lai as a Director. The company employs approximately 8,200 workers, making it one of the largest employers in Vietnam’s luxury goods sector.

Financial Strength and Growth Trends

PNJ has demonstrated consistent financial growth over recent years. As of December 31, 2023, the company reported total assets of USD 592.73 million, reflecting an 8.18% increase year-over-year (YoY). The company's total sales in 2023 reached USD 1.36 billion, a slight decline of 2.18% compared to 2022, indicating market challenges or shifts in consumer demand. However, its profitability remained strong, with net profits rising to USD 80.98 million, marking a YoY increase of 8.86%.

One of PNJ’s most notable financial indicators is its strong equity position, which grew by 16.13% in 2023 to USD 402.87 million. Additionally, its net worth increased by 17.67%, reaching USD 377.13 million. The company’s working capital of USD 342.88 million, up 17.83% YoY, underscores its financial stability and liquidity, allowing it to invest in new opportunities and maintain smooth operations despite external economic fluctuations.

Business Operations and Market Presence

PNJ operates across multiple segments, including:

• Jewelry manufacturing and retailing, specializing in gold, silver, and precious stone jewelry.
• Trading watches and gold bars, serving Vietnam’s high-end consumer market.
• Testing services for diamonds, precious metals, and gemstones, reinforcing trust in its products.

In addition to jewelry, PNJ is involved in wholesale trade of textiles, metals, and food, as well as information technology services, demonstrating its diversified business model. The company has multiple branches, including locations in District 3 and Tan Binh District in Ho Chi Minh City, as well as Dong Xoai City in Binh Phuoc Province.

Shareholders and Market Position

As a publicly held company, PNJ has a diverse shareholder base. The largest individual shareholders include Truong Ngoc Phuong (5.99%), Sprucegrove Investment Management Ltd. (5.06%), Tran Phuong Ngoc Ha (3.66%), and Chairwoman Cao Thi Ngoc Dung (2.8%). The remaining 79.6% of shares are owned by various other investors, making PNJ one of the most widely held stocks in Vietnam’s luxury goods sector.

Future Outlook

Despite a slight decline in sales, PNJ’s profitability and equity growth remain strong, positioning it for future expansion. The company’s ability to adapt to changing consumer trends, invest in innovation, and maintain financial resilience will be key to sustaining its market leadership. Moving forward, PNJ is expected to continue leveraging its strong brand, financial stability, and diversified product offerings to strengthen its position as Vietnam’s leading jewelry manufacturer and retailer.

Vanguard Business Information LLC (VBi) and its Role in Business Insights

For businesses like PNJ looking to navigate financial markets and maintain transparency, Vanguard Business Information LLC (VBi) serves as a trusted provider of business risk analysis, financial intelligence, and corporate data. VBi specializes in company reports, financial assessments, and risk evaluations, offering valuable insights into Vietnam’s business environment. With a focus on accurate, reliable, and comprehensive information, VBi supports enterprises in making informed decisions, mitigating risks, and identifying growth opportunities.