PNJ Q1/2026 Net Profit Surges 116.5% to VND 1,467B on 24K Gold Sales

Overview

PNJ (HOSE: PNJ) reported Q1/2026 net profit of over VND 1,467.4 billion, a 116.5% year-on-year increase, with revenue rising 79% to VND 17,245.2 billion. The strong performance was driven by 24K gold sales and continued growth in the retail jewelry segment. This marks the highest quarterly net profit in the company’s history.

Key Facts

• Q1/2026 net profit: VND 1,467.4 billion, up 116.5% YoY.
• Q1/2026 revenue: VND 17,245.2 billion, up 79% YoY.
• Gross profit: VND 3,440.9 billion, up 68% YoY.
• Financial income: VND 52.4 billion, up 39% YoY.
• Selling expenses: VND 1,352 billion, up 34.4% YoY.
• Total assets as of March 31, 2026: VND 19,692.8 billion, down 2.3% from year-end 2025.
• Inventory: VND 13,419 billion, representing 68.1% of total assets.
• Total liabilities: VND 5,291.6 billion, down 23.2% from year-end 2025.
• Store count: 430 stores as of quarter-end, including 422 PNJ stores, 3 Style by PNJ, 4 CAO Fine Jewellery, and 1 wholesale center.

What Happened

PNJ released its Q1/2026 financial statements, showing a 79% revenue surge to VND 17,245.2 billion and a 116.5% net profit jump to VND 1,467.4 billion. The company attributed the revenue growth primarily to 24K gold sales, while the retail jewelry segment also maintained positive momentum. Gross profit rose 68% to VND 3,440.9 billion.

Operating expenses increased but at a slower pace than revenue: selling expenses rose 34.4% to VND 1,352 billion, and administrative expenses increased 14.7% to VND 222.1 billion. The company noted that higher costs were due to sales support activities during the peak season and annual salary adjustments. Net profit after tax improved significantly as a result.

Market Context

PNJ shares closed at VND 110,000 on April 15, 2026, with trading volume of 532,200 shares. The stock has been supported by strong earnings momentum. The jewelry retail sector in Vietnam benefits from rising gold prices and consumer demand. PNJ’s Q1 results significantly exceeded the same period last year, reinforcing its market leadership on the HOSE.

Strategic Significance

PNJ’s record quarterly profit underscores the company’s ability to capitalize on strong gold demand while maintaining retail growth. The high inventory level (68% of assets) reflects the nature of the jewelry business but also requires efficient working capital management. The reduction in total liabilities by 23.2% indicates improved financial health. PNJ’s store network expansion (2 new stores opened, 3 closed) suggests a focus on optimizing retail footprint.

What to Watch

• Q2 2026 revenue and profit trends, especially gold price volatility and consumer demand.
• Inventory turnover ratio and any changes in inventory composition.
• Store expansion plans and same-store sales growth.
• Management’s full-year 2026 guidance and dividend policy.
• Foreign ownership levels and any changes in major shareholder positions.