PNJ – Brief – [Non-rated] – Challenges still ahead

In 4Q24, PNJ reported a net revenue of VND8,581bn (-12.1% yoy), NPAT surged to VND733bn (+15.2% yoy) after reaching the bottom in 3Q24 (-14.8% yoy – due to the unsual tax expenses) attributed to the rise of Jewelry Retail and a higher gross margin.