Staff making ready merchandise at a PNJ retailer. Photograph courtesy of PNJ
HÀ NỘI — The latest stress between Russia and Ukraine has boosted the costs of many commodities, together with gold.
The spot gold value was US$2,019.6 an oz at 14:30 native time on Tuesday. The steel hit the $2,000 mark, an all-time excessive since 2020 on Monday morning.
The gold rush is creating benefits for home gold merchants, notably Phú Nhuận Jewellery JSC (PNJ), because it repeatedly elevated its inventories earlier than gold entered the rally.
In its consolidated report, by the tip of 2021, PNJ’s stock reached almost VNĐ8.7 trillion (US$380 million), up by extra VNĐ2.1 trillion in comparison with the earlier yr. Of which, completed merchandise have been price almost VNĐ5.2 trillion.
With a pointy rise in gold inventories on the finish of 2021, buyers anticipate PNJ’s enterprise outcomes to learn within the first quarter of this yr because the gold value surges. On the inventory trade, PNJ inventory additionally posted robust efficiency. There was a time the corporate even surpassed VNĐ110,000 a share, an all-time excessive.
SSI Securities Company (SSI) forecasts that in 2022, PNJ’s stock could improve to almost VNĐ11 trillion.
PNJ’s report confirmed that in January, the corporate’s income reached almost VNĐ3.5 trillion, up 60.2 per cent on-year, leading to an increase of 60.7 per cent in revenue after tax to VNĐ270 billion.
In its income construction, retail exercise is dominant with almost 62.1 per cent, whereas wholesale accounts for 12.9 per cent and income from gold bars accounts for 23.8 per cent. Notably, retail gross sales of the corporate in January elevated by 79.9 per cent over final yr, and income from gold bars additionally jumped 90.3 per cent.
At the moment, PNJ has 338 shops nationwide. Due to the God of Wealth Day, the corporate’s enterprise outcomes are anticipated to have grown positively final month.
In 2021, PNJ recorded internet income of almost VNĐ19.6 trillion, up 11.9 per cent and finishing 93.3 per cent of its yearly plan. Nevertheless, its revenue after tax fell 3.7 per cent to VNĐ1.03 trillion, which solely achieved 84 per cent of the plan.
SSI estimates that in 2022, PNJ’s internet income and internet revenue will attain VNĐ23.6 trillion, up 20.3 per cent and VNĐ1.42 trillion, up 37.4 per cent, respectively.
The securities agency really useful that buyers nonetheless want to observe the state of affairs to verify the restoration of demand within the subsequent few months, whereas the developments of COVID-19 might result in a Okay-pattern restoration when the financial system shortly picks up winners and losers, with additional consolidation within the jewelry market. VNS