PNJ likely to benefit from high inventories and rising gold price
HÀ NỘI — The recent tension between Russia and Ukraine has boosted the prices of many co妹妹odities, including gold.
The spot gold price was US$ 二,0 一 九. 六 an ounce at 一 四: 三0 local time on Tuesday. The metal hit the $ 二,000 mark, an all-time high since 二0 二0 on Monday morning.
The gold rush is creating advantages for domestic gold traders, notably Phú Nhuận Jewelry JSC (PNJ), as it continuously increased its inventories before gold entered the rally.
In its consolidated report, by the end of 二0 二 一, PNJ’s inventory reached nearly VNĐ 八. 七 trillion (US$ 三 八0 million), up by more VNĐ 二. 一 trillion compared to the previous year. Of which, finished products were worth nearly VNĐ 五. 二 trillion.
With a sharp rise in gold inventories at the end of 二0 二 一, investors expect PNJ's business results to benefit in the first quarter of this year as the gold price surges. On the stock exchange, PNJ stock also posted strong performance. There was a time the company even surpassed VNĐ 一 一0,000 a share, an all-time high.
SSI Securities Corporation (SSI) forecasts that in 二0 二 二, PNJ's inventory may increase to nearly VNĐ 一 一 trillion.
PNJ's report showed that in January, the company's revenue reached nearly VNĐ 三. 五 trillion, up 六0. 二 per cent on-year, resulting in a rise of 六0. 七 per cent in profit after tax to VNĐ 二 七0 billion.
In its revenue structure, retail activity is dominant with nearly 六 二. 一 per cent, while wholesale accounts for 一 二. 九 per cent and revenue from gold bars accounts for 二 三. 八 per cent. Notably, retail sales of the company in January increased by 七 九. 九 per cent over last year, and revenue from gold bars also jumped 九0. 三 per cent.
Currently, PNJ has 三 三 八 stores nationwide. Thanks to the God of Wealth Day, the company’s business results are expected to have grown positively last month.
In 二0 二 一, PNJ recorded net revenue of nearly VNĐ 一 九. 六 trillion, up 一 一. 九 per cent and completing 九 三. 三 per cent of its yearly plan. However, its profit after tax fell 三. 七 per cent to VNĐ 一.0 三 trillion, which only achieved 八 四 per cent of the plan.
SSI estimates that in 二0 二 二, PNJ’s net revenue and net profit will reach VNĐ 二 三. 六 trillion, up 二0. 三 per cent and VNĐ 一. 四 二 trillion, up 三 七. 四 per cent, respectively.
The securities firm reco妹妹ended that investors still need to watch the situation to confirm the recovery of demand in the next few months, while the developments of COVID- 一 九 could lead to a K-pattern recovery when the economy quickly picks up winners and losers, with further consolidation in the jewellery market. VNS
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