PNJ Q1 2026 Net Profit Surges 116.5% as Gold Prices Rebound on US-Iran Ceasefire Extension

Overview

Phu Nhuan Jewelry (PNJ) reported a 116.5% year-on-year surge in Q1 2026 net profit to VND 1,467 billion, with revenue up 79% to VND 17,245 billion. The results come as global gold prices rebounded sharply after US President Trump extended the ceasefire with Iran, while domestic gold prices declined. PNJ’s performance highlights strong consumer demand during the peak season despite elevated gold prices.

Key Facts

• PNJ Q1 2026 net profit after tax: VND 1,467 billion, up 116.5% year-on-year.
• PNJ Q1 2026 net revenue: VND 17,245 billion, up 79% year-on-year.
• Retail revenue in Q1 2026 grew 21.7% year-on-year despite high gold prices.
• Wholesale jewelry revenue in Q1 2026 increased 33.9% year-on-year.
• Global gold price hit a low of USD 4,668.8/oz overnight before recovering to USD 4,757/oz (up 89 USD/oz) after the US-Iran ceasefire extension.
• Domestic SJC gold bar price fell to VND 169.7 million/tael (sell), down VND 900,000 from the previous day.
• Domestic gold ring (9999) sell price dropped to VND 169.5 million/tael.

What Happened

Global gold prices experienced a sharp decline overnight, falling to USD 4,668.8 per ounce, a drop of USD 161 from the morning of April 21, as investor sentiment wavered amid uncertainty over the US-Iran conflict. However, after news that President Trump extended the ceasefire, gold prices rebounded strongly, rising USD 89 per ounce to USD 4,757 by 9:30 AM Hanoi time on April 22. The recovery was also supported by a pullback in the US dollar and oil prices.

In Vietnam, domestic gold prices fell. SJC gold bars dropped to VND 169.7 million/tael (sell) and VND 167.2 million/tael (buy), while gold rings fell to VND 169.5 million/tael (sell). The premium of domestic gold over the international converted price narrowed to about VND 18.5 million/tael, down from over VND 30 million previously.

Separately, PNJ announced its Q1 2026 business results, noting that the first quarter is typically the most important for jewelry companies due to the God of Wealth festival (January 31), Valentine’s Day (February 14), and International Women’s Day (March 8). The company reported net revenue of VND 17,245 billion (+79% YoY) and net profit of VND 1,467 billion (+116.5% YoY). Retail revenue rose 21.7% and wholesale jewelry revenue increased 33.9% year-on-year, driven by successful high-season sales campaigns.

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 and the jewelry sector’s resilience amid high gold prices. The broader Vietnamese market has been volatile due to geopolitical tensions and Fed policy uncertainty. PNJ’s Q1 results underscore its ability to capture demand during peak periods, even as consumers face higher gold prices.

Strategic Significance

PNJ’s strong Q1 performance demonstrates its pricing power and effective marketing during key festivals, which are critical for jewelry retailers. The company’s ability to grow retail revenue by 21.7% despite record gold prices suggests that brand loyalty and product differentiation are paying off. The wholesale segment’s 33.9% growth indicates robust demand from smaller retailers and partners. For long-term investors, PNJ’s results reinforce its position as the leading jewelry retailer in Vietnam, with potential for further market share gains as the economy grows.

What to Watch

• PNJ’s Q2 2026 earnings release to see if momentum continues post-festival season.
• Global gold price trends and their impact on domestic premiums and consumer demand.
• Any further escalation or de-escalation in US-Iran tensions affecting gold volatility.
• Fed interest rate decisions and their effect on the USD and gold prices.
• PNJ’s expansion plans and store count updates in upcoming quarterly reports.