PNJ explains profit decline and secures funding for reconstruction

Phu Nhuan Jewelry Joint Stock Company (PNJ) has provided explanations to the State Securities Commission and the Ho Chi Minh City Stock Exchange regarding significant discrepancies in its financial reports. For the first half of 2026, PNJ reported net revenue of over 25,700 billion VND, a 49% increase compared to the same period last year. However, consolidated after-tax profit fell by 35% to 728.5 billion VND.

The company attributed the profit decline to two main factors: a shift in revenue structure toward 24K gold, which has lower gross margins than jewelry retail, and the recording of provisions for potential losses related to its product buyback policy.

To support a reconstruction phase and bolster working capital, PNJ and the family of Chairwoman Cao Thi Ngoc Dung have reached an agreement for a loan. To arrange this capital, members of the Chairwoman's family plan to sell PNJ shares in compliance with securities laws. PNJ intends to hold an extraordinary general meeting of shareholders on October 21, 2026, to approve adjusted business targets for the 2026 fiscal year.