PNJ: Revenue from 24K gold drops by half due to lack of raw materials, retail remains the “main dish”

PNJ reported a 65.8% decrease in revenue from 24K gold in Q1 2025 due to raw material shortages, even as total profit and revenue dropped slightly compared to Q1 2024. The retail segment accounted for 69.3% of revenue, an increase of 18.8%, thanks to an expanded store network and promotional programs. Business activities during Tet contributed to this growth. The wholesale segment also saw a 22.8% increase due to stable relationships with distribution partners. Falling gold prices had little effect on retail jewelry revenue, while a 0.3% reduction in operating costs further supported revenues. PNJ aims for revenue of 31.607 trillion VND and after-tax profit of nearly 1.96 trillion VND for 2025, a decrease from the previous year. By the end of Q1 2025, PNJ achieved about 30% of its revenue target.