PNJ Targets 37% Revenue Growth and 21% Net Profit Increase for 2026

Overview

Phu Nhuan Jewelry Joint Stock Company (PNJ) has set ambitious financial targets for 2026, aiming for revenue of VND 48,660 billion and net profit of VND 3,409 billion, representing year-on-year growth of 37% and 21%, respectively. The company also announced a planned 20% cash dividend, as disclosed at its Annual General Meeting of Shareholders (AGM) on April 22, 2026. This guidance comes amid significant volatility in domestic and international gold prices, which have risen sharply since the start of the year.

Key Facts

• PNJ targets 2026 revenue of VND 48,660 billion, a 37% increase over 2025.
• The company aims for 2026 net profit after tax of VND 3,409 billion, up 21% year-on-year.
• A 20% cash dividend is planned, contingent on positive business performance and stable cash flow.
• The targets were announced at the company’s 2026 AGM held on April 22, 2026.
• Mr. Phan Quốc Công officially assumed the role of General Director on April 3, 2026, succeeding Mr. Lê Trí Thông.
• Two new board members, Mr. Phan Quốc Công and Mr. Mai Hữu Tín, were elected at the AGM.
• Domestic SJC gold bar prices were quoted at VND 167.5 million per tael (buy) and VND 170 million per tael (sell) on April 22, up approximately VND 20 million per tael since early 2026.

What Happened

At its 2026 Annual General Meeting of Shareholders on April 22, PNJ’s leadership presented financial targets that significantly exceed analyst projections. According to the company’s statements at the AGM, despite forecasting continued macroeconomic challenges domestically and internationally, PNJ expressed confidence in extending its business growth trajectory. The specific plan calls for revenue to reach VND 48,660 billion and net profit after tax to hit VND 3,409 billion, representing increases of 37% and 21%, respectively, compared to 2025 results.

The company also stated its intention to pay a 20% cash dividend, citing positive business conditions and stable cash flow. PNJ’s management framed these targets as part of a strategy to increase competitiveness and market share, rather than adopting a defensive posture in a potentially weaker market. The AGM also ratified leadership changes, including the formal appointment of Mr. Phan Quốc Công as General Director and the election of two new board members with extensive management experience.

Market Context

PNJ shares (HOSE: PNJ) closed unchanged at VND 110,000 on April 15, 2026, with a trading volume of 532,200 shares. The stock trades in the Consumer Discretionary sector, specifically within the personal and household goods industry. The announcement comes against a backdrop of volatile gold prices, with domestic SJC gold bars having risen roughly VND 20 million per tael since the beginning of 2026, potentially supporting consumer demand for jewelry and investment products.

Strategic Significance

The 2026 targets indicate PNJ is pursuing an aggressive growth strategy focused on capturing market share, even as it acknowledges macroeconomic headwinds. By setting profit and revenue guidance well above analyst expectations, management signals confidence in its operational execution and the underlying demand in Vietnam’s gold and jewelry market. The leadership transition to Mr. Phan Quốc Công, part of a long-planned succession, aims to position the company for a new growth cycle centered on corporate culture and sustainable development.

What to Watch

• Release of PNJ’s Q1 and Q2 2026 financial results to track progress against the ambitious annual targets.
• Monthly domestic gold price movements and consumer demand data for SJC bars and jewelry.
• Dividend declaration and payment timeline following the 20% cash dividend plan.
• Any strategic updates or expansion initiatives from the new General Director and board.