PNJ Targets 37% Revenue Growth to VND 48.66T in 2026, Maintains 20% Dividend

Overview

Phú Nhuận Jewelry Joint Stock Company (PNJ) has set ambitious 2026 targets, including record revenue of VND 48.66 trillion and net profit of VND 3.409 trillion, representing year-on-year growth of 37% and 21% respectively. The company also confirmed a 20% cash dividend payout for 2026 and outlined a strategic shift towards a multi-sector retail ecosystem under new CEO Phan Quốc Công.

Key Facts

• 2026 revenue target: VND 48.66 trillion, a 37% increase from 2025.
• 2026 net profit target: VND 3.409 trillion, a 21% increase from 2025.
• Dividend payout ratio maintained at 20% in cash for 2026.
• For 2025, a 20% dividend is being paid, with 10% already advanced and the remainder pending.
• New CEO Phan Quốc Công announced a strategy to develop PNJ into a multi-sector retail ecosystem, moving beyond jewelry.
• Chairman Cao Thị Ngọc Dung stated PNJ is ready to import the maximum gold import quota permitted by the State Bank of Vietnam.
• The company is selecting consultants to restructure into a corporate group model to enhance overall value.

What Happened

At its 2026 Annual General Meeting of Shareholders (AGM), Phú Nhuận Jewelry Joint Stock Company (PNJ) approved its business plan for the year, targeting net revenue of VND 48.66 trillion and net profit of VND 3.409 trillion. According to the company filing, these figures represent growth of 37% and 21% respectively compared to the 2025 results. The company also plans to maintain a 20% cash dividend payout ratio for 2026. For the 2025 dividend, PNJ has already advanced 10% to shareholders and will pay the remaining portion soon.

Newly appointed CEO Phan Quốc Công, speaking at his first AGM, outlined a strategic direction to transform PNJ from a jewelry-focused retailer into a multi-sector retail ecosystem. Chairman Cao Thị Ngọc Dung emphasized that expansion into new areas like financial services will proceed cautiously, with pilot projects to assess effectiveness before scaling. In response to shareholder questions about raw material supply, Chairman Dung confirmed that PNJ has the production capacity to absorb the full gold import quota if granted by the State Bank, with monthly capacity ranging from 3 to 10 tons.

Market Context

PNJ (HOSE: PNJ) closed unchanged at VND 110 on April 15, 2026, with a trading volume of 532,200 shares. The stock operates in the personal goods sector on the Ho Chi Minh City Stock Exchange (HOSE). The announcement of aggressive growth targets and a maintained dividend comes as the company navigates a volatile gold market and seeks to diversify its business model beyond core jewelry retailing.

Strategic Significance

The 2026 targets and strategic pivot signal PNJ’s intent to reduce dependency on the cyclical jewelry market by building a broader retail platform. The readiness to import maximum gold quotas addresses a key operational risk by securing raw material supply, potentially stabilizing margins. The planned corporate restructuring into a group model aims to unlock synergies and improve valuation as the company expands into new business lines like financial services.

What to Watch

• Quarterly earnings reports to track progress toward the 37% revenue and 21% net profit growth targets for 2026.
• Announcements regarding the selection of consultants and timeline for the corporate restructuring into a group model.
• Updates on pilot projects for non-jewelry business segments, particularly financial services.
• Any changes to gold import quotas from the State Bank of Vietnam and PNJ’s corresponding import volumes.
• The full payment of the remaining 10% dividend for 2025 to shareholders.