HCM CITY — Phú Nhuận Jewelry JSC (PNJ) has announced its business results for the first half of 2025, with net revenue reaching VNĐ17.2 trillion (US$657.3 million) and after-tax profit at VNĐ1.1 trillion (US$42 million), representing year-on-year decreases of 22 per cent and 4 per cent, respectively.

In the second quarter alone, PNJ recorded net revenue of VNĐ7.6 trillion ($290.3 million) and after-tax profit of VNĐ442 billion ($16.9 million), a 20.3 per cent drop in revenue but a 3 per cent increase in profit compared to the same period last year.

The company noted that despite weaker consumer demand in the jewellery market due to rising gold prices, its retail sales in the first half still posted positive year-on-year growth of 5.5 per cent.

This positive outcome was driven by several factors, including an increase in the number of retail stores compared to the same period in 2024, well-executed marketing campaigns, and a flexible product strategy aligned with market trends and consumer demand.

Its wholesale jewellery revenue in H1 grew by 14.5 per cent year-on-year.

The average gross profit margin improved to 21.4 per cent, up from 16.4 per cent in the same period last year, primarily due to changes in the company’s revenue structure. Notably, the contribution of retail jewellery to total revenue rose to 66.4 per cent, a sharp increase from 49.5 per cent in the same period of 2024.

PNJ also received several prestigious domestic and international awards in the first half of the year. These include being named to the Fortune 500 Southeast Asia list for the second consecutive year, and winning the Best Cost-Effective Event category at the 2025 Event Marketing Awards. — VNS