Pnj’s finance group assignment fin202 pnj company, formerly known as jewelry store, phu nhuan district

Group Assignment FIN202 TEAM 3
Digital Marketing (mkt308)

20


PNJ’S FINANCE
Group Assignment – FIN202

GROUP MEMBERS: 1. NGUYEN SON TUNG – HS120529
2.
LE THI MY DUYEN – HS150531
3.
LO DUY TUNG – HS153072
4.
DINH PHUONG NGA – HS150244
5.
DAO MANH HIEU – HS153198
CLASS:

IB1602

LECTURER:

HOANG VAN TUONG

22nd October 2021

20

TABLE OF CONTENTS

1.

Introduction………………………………………………………2

2.

Financial statements……………………………………….4

3.

Financial ratios…………………………………………………8

3.1 Liquidity ratios………………………………………………………..8
3.2 Efficiency ratios………………………………………………10
3.3 Leverage ratios………………………………………………11
3.4 Profitability ratios…………………………………………….14

4.

Forecast…………………………………………………………...16

5.

References………………………………………………………17

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1. Introduction
PNJ Company, formerly known as Jewelry Store, Phu
Nhuan District, was established on April 28, 1988.
Phu Nhuan Jewelry Joint Stock Company is a
Vietnamese joint-stock company. This company
specializes in manufacturing and trading gold, silver,
gemstone jewelry, business gifts, fashion
accessories, souvenirs, watches, buying and selling
gold bars, providing diamond and stone testing
services. precious metals, precious metals, and real
estate business. In 2010, PNJ was ranked 16th by
Plimsoll in the top 500 largest jewelry companies in the world.
Vision: To become Asia's leading company in jewelry making and
retailing beauty products, reaching out to the world.
Mission: PNJ is constantly innovating to bring exquisite products with
real value to honor the beauty of people and life.
1.
2.
3.
4.
5.

Core Values:
INTEGRITY FOR PERSONALITY
CONTINUOUSLY HOLLOW THE GOAL
INTERESTED IN DEVELOPMENT
DELICIOUS FOR CUSTOMERS
DIFFERENT CREATION PENSION

Over 33 years of establishment and development, PNJ has achieved
many remarkable achievements: being in the Top 500 leading retailers in
the Asia Pacific, Asia Pacific Quality Award, National Brand, Top 500
100 Best Working Environments in Vietnam, Best Working Environments
in Asia, Vietnam HR Awards 2020…
The company's main market share is through traditional retail stores,
which still account for the majority of the market, in addition, the
company also sells products on e-commerce sites such as Shopee,
Lazada, or Genuine website.
The three largest companies in this gold sector include PNJ, DOJI, and
SJC, all with over 20 years of experience. DOJI and SJC are two
competitors, but each side finds its own strengths to develop. But in the
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jewelry segment, PNJ's notable competitor is the one-year-old brand
Precita, which currently has nearly 20 stores.
To be able to develop and grow as it is today, PNJ has been having
strategic projects. PNJ has been implementing the new enterprise
resource planning project - ERP, which was initially started on April 5,
2018, in Ho Chi Minh City with the most important component of the
Digital Transformation strategy. development strategy direction in the
period of 2018 - 2022 and a vision to 2030, in which, building a
technology infrastructure foundation and digitalizing business operations
strategy (Digital Transformation) is an important pillar.
Competitors: The world jewelry industry is already familiar with famous
brands such as Tiffany, Swarovski or Jacobs & Co. As for Vietnam, the
market is "overpopulated" by "emerging" brands such as Shimmer or

FloralPunk. However, these are niche brands and are not highly
competitive. The common point of these types is outsourcing or importing
goods from China or Thailand with pre-defined designs on the market.
Growth in revenue - profit or even growth in business size compared to
the past is hardly a good indicator for understanding future sustainability.
The core problem lies in the difference so that it is difficult or impossible
for competitors in the industry to "imitate". Currently, the jewelry industry
is divided into 3 different segments with low-end, mid-end and high-end.
With thousands of large and small brands, the market is "saturated with
brands" with names like PNJ, Doji, SJC, Bao Tin Minh Chau, Phu Quy
and smaller brands like Shimmer and FloralPunk. Brands began to
compete fiercely in this area, as shown by the rapid growth of jewelry
stores.
There are 3 core factors of a jewelry retail business that help affirm
competitive advantages (1) Production and supply management capacity,
(2) Strong distribution system and (3) Supplier position Supreme. Factor
(1) here includes a modern factory with outstanding capacity and production
and supply management capacity. In addition, factor (1) also includes the
design team and skilled labor. Owning a modern production line, a design
team of 50 members and a force of artisans and jewelers of more than 1,000
people, every year, PNJ launches more than 4 million products to the market.
From gold and silver jewelry to precious stones and diamonds. The current
capacity of PNJ is 5 - 6 tons/year, only running 50 - 75% of the total supply
capacity. With a maximum capacity of 8 tons/year, PNJ can completely supply
to the market an additional 1.3 - 1.5 million products in the next 1-3 years,
bringing the total supply capacity to over 6 million products/year. In terms of
the entire market, PNJ's supply capacity far exceeds that of competitors in the
same segment, ranking in the Top 10 factories with the largest
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capacity in Asia. This is the foundation for PNJ to reduce production
costs per finished product and overwhelm the supply volume of
competitors before the whole industry "moves" to increase capacity.
Above all, when demand explodes, PNJ can completely increase
capacity to reach the ceiling level or further increase capacity to take the
lead in the industry.
Meanwhile, factor (2) is a core thing when the retail system must be able
to distribute to the widest customers. As of January 2021, PNJ currently
has 339 stores and plans to open another 40-50 stores in the period
2020-2025 as well as expand the e-commerce segment. Broadly
speaking, PNJ's store system is currently much superior to its nearest
competitors, Bao Tin Minh Chau (BTMC) and DOJI. With 200 retail stores,
BTMC is the most potential competitor that can threaten PNJ right now.
However, the market situation was quite clear with BTMC only having a
distribution system from Quang Tri, while PNJ had more than 80% of
stores in the South. Further, when jewelry demand in Vietnam reaches the
Asian average, there will be great room for both giants to increase their
market share through strong distribution and supply chains. Going further,
factor (3) is an important factor determining the success or failure of
factors (1) and (2). The relationship between these three factors is
complementary and intimate. Factor (3) focuses on the ability to control
input costs and the ability to determine selling prices. However, it is not
Doji or SJC that is the competitor that puts pressure on PNJ even though
this brand has 13 stores. Unlike Doji or SJC, both PNJ and Diamond
World are focused on innovation and retail promotion.
The concentration of this market is still low, because more than 70% of
the market belongs to small stores. A big piece of cake for two

businesses to exploit, the opportunity will be divided equally if the
business goes in the right direction. If PNJ has a strong advantage in the
system, the retail jewelry firms will be more competitive in price.
According to a survey on fashion consumption habits by Q&Me at the
end of 2017, price is the most important factor in making purchasing
decisions, accounting for 23%. According to a Nielsen study, the group of
young people will reach 40 million people in the next decade and spend
about 100 billion VND per year. Millennials target this customer,
accounting for about 35% of Vietnam's population.

2. Financial statement analysis
Data calculated by the excel file below

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PHUNHUAN JEWELRY JOINTSTOCK COMPANY

ASSETS
Currentassets
Cash
Cashequivalents
Held-to-maturity investments
Short-term trade accounts receivables
Short-term prepayments to suppliers
Other short-term receivables
Deficits in assets awaitingsolution

As at 31 December
2018
100
110

3,896,141,901,410

5,405,256,600,641

175,208,552,187

206,721,179,629

111

111,158,552,187

112

64,050,000,000

206,721,179,629

2019
7,333,364,485,251
95,224,439,008
95,224,439,008

-

-

Taxes & otherreceivables from theStatebudget

Non-currentassets

Other long-term receivables
Fixedassets
Tangiblefixedassets
Historical cost
Accumulated depreciation
Intangiblefixed assets
Historical cost
Accumulated amortization

Current liabilities

300
310

2017

As at 31 December
2018

1,542,697,241,029

2,692,822,128,700

4,025,698,610,469

1,488,758,034,029

2,677,317,785,700

4,017,860,824,469

Short-termtrade accounts payables

311

278,898,463,294

342,676,925,196

Short-term prepayments from customers

312

37,773,098,354

82,798,544,221

Taxes & otherpayables from theStatebudget

313

117,206,887,902

153,579,308,096

99,466,563,099

228,337,052,181

2019

690,808,185,195
95,353,052,369
192,682,671,178

160,065,000,000

-

-

Payables to employees

314

123

160,065,000,000

-

-

Short-term accruedexpenses

315

Othershort-term payables

319

52,071,661,615

237,629,562,960

69,257,739,996

4,629,017,766

10,833,940,595

222,296,091,737
45,877,630,688

130

84,622,464,067

155,196,257,825

129,688,313,476

Short-term loans

320

846,278,850,200

1,558,482,498,026

2,610,902,622,222

131

39,946,216,659

57,664,060,443

48,292,876,716

Bonus & welfare funds

322

52,433,491,799

62,979,954,425

90,682,831,084

132

33,682,107,963

57,981,679,202

74,867,455,343

136

10,858,761,425

39,159,008,338

5,287,941,028

7,837,786,000

139

135,378,020

391,509,842

Non-current liabilities

1,240,040,389

140

3,401,959,226,624

4,968,145,942,990

7,030,420,371,216

141

3,401,959,226,624

4,968,145,942,990

7,030,420,371,216

Long-term construction in progress

150

74,286,658,532

75,193,220,197

Equity investments in other entities
Provision for long-term investments

151

69,117,536,788

68,191,416,708

Otherlong-termassets
Long-term prepaid expenses
Deferred income taxassets

EQUITY

120

Inventories
Inventories
Othershort-termassets
Short-term prepaid expenses
Value addedtax deductibles

LIABILITIES & OWNERS'
LIABILITIES

28,174,789

625,511,019

6,306,692,920

5,140,946,955

6,376,292,470

91,289,736

TOTAL ASSETS
1,032,638,955,963

210

42,787,737,738

57,498,444,869

216

42,787,737,738

57,498,444,869

220

487,243,774,697

719,287,274,744

221

205,748,326,607

225,960,569,846

70,721,623,109
70,721,623,109
923,870,354,474
263,827,234,353

396,615,581,684
(190,867,255,077)

227

281,495,448,090

493,326,704,898

660,043,120,121

228

286,740,907,873

499,937,407,873

679,619,883,005

229

(5,245,459,783)

(6,610,702,975)

(19,576,762,884)

240

9,665,078,966

70,822,681,154

28,457,398,434

242

9,665,078,966

70,822,681,154
-

628,026,000

476,006,000

Long-term loans

338

46,234,864,000

7,800,000,000

3,700,000,000

Provision for long-term liabilities

342

7,076,317,000

3,661,780,000

7,076,317,000

OWNERS' EQUITY

400

3,028,602,914,462

3,745,073,427,904

4,577,265,811,347

Capital&reserves

410

3,028,602,914,462

3,745,073,427,904

4,577,265,811,347

Owners' capital

411

1,081,020,340,000

premium

412

876,761,282,458

534,818,699,342
(270,991,464,989)

28,457,398,434

-

Share

Treasury shares

415

Investment & development fund

418

-

253

395,271,613,400

395,271,613,400

395,271,613,400

254

(395,271,613,400)

(395,271,613,400)

(395,271,613,400)

260

135,461,662,680

185,030,555,196

246,550,560,548

261

53,968,320,576

99,678,730,358

158,318,980,481

262

81,493,342,104

85,351,824,838

88,231,580,067

270

4,571,300,155,491

6,437,895,556,604

8,602,964,421,816

(7,090,000)
220,087,556,918

Retained earnings

421

850,740,825,086

- Retainedearnings accumulated to the prioryearend

412a

233,985,702,026

- Retainedearnings ofthe currentyear

421b

TOTAL LIABILITIES & OWNERS' EQUITY

223

250

454,178,423,940

1,269,599,936,565

222

(228,217,854,094)

15,504,343,000

628,026,000

71,633,378,895

153

675,158,254,081

53,939,207,000

337

78,031,361,551

152

200

330

Otherlong-term payables

440

616,755,123,060
4,571,300,155,491

1,670,029,820,000
925,397,862,458
(7,090,000)
265,087,556,918
884,565,278,528

2,252,935,850,000
968,074,112,458
(2,101,090,000)
313,083,556,918
1,045,273,381,971

98,780,546,381

29,482,225,528

785,784,732,147

1,015,791,156,443

6,437,895,556,604

8,602,964,421,816


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PHUNHUAN JEWELRY JOINTSTOCK COMPANY

Year ended 31 December
Netsales

Grossprofit
Financial income
Financial expenses
Including: Interest expense
Selling expenses
General and administration expenses

Netoperatingprofit(EBIT)
Other income
Other expenses

Resultsofotheractivities
Net income before tax
Business incometax-current
Business incometax-deferred
Net income after tax

2017
14,571,135,744,850

(9,064,872,939,048)

(11,792,052,183,391)

1,911,963,950,916

2,779,083,561,459

8,794,872,100
(56,475,629,564)
(54,981,032,499)

6,846,027,091
(66,345,864,211)
(61,109,042,390)

(774,978,169,326)

(1,170,069,069,426)

(187,936,351,549)

(345,868,153,940)

901,368,672,577

1,203,646,500,973

(1,384,144,655)

4,637,809,502
(2,734,037,354)

6,010,723,280

1,903,772,148

7,394,867,935

907,379,395,857

1,205,550,273,121

(182,038,883,247)

(249,485,408,708)

(484,064,550)
724,856,448,060

3,858,482,734

2,879,755,229
959,923,347,147

Atributable to:
724,856,448,060

Earningspershare
Diluted earnings pershare

6,434
6,434

959,923,347,147
6,481
6,481

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17,000,681,080,523



PHUNHUAN JEWELRY JOINTSTOCK COMPANY
(Indirect method)
Year ended 31 December

2018
1,205,550,273,121

42,101,648,087

(169,041,343)

(7,406,944,577)
61,109,042,390
(86,037,746,014)
(1,566,186,716,366)

412,203,203,546
(44,784,289,702)
(60,443,657,529)
(231,958,086,112)
(26,117,591,079)

(302,139,905,578)

(336,378,415,370)
1,075,665,048
160,065,000,000
6,331,279,529
(168,906,470,793)

97,273,160,000

-

4,320,772,043,080
(3,647,003,259,254)
(268,371,812,300)

502,670,131,526
31,623,755,155

175,208,552,187
(111,127,713)
206,721,179,629

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3. Financial ratios
3.1 Liquidity ratios
Table of the liquidity ratios of PNJ for the period of 2017-2019
Value

Cash ratio
Current ratio
Quick ratio

2017
0.12
2.62
0.33

with2017

2018

0.08
2.02
0.16

2019
0.02
1.83
0.08

Absolute(+/-)
(0.04)
(0.60)
(0.17)

with2018
Absolute(+/-)
(0.05)
(0.19)
(0.09)

Cash ratio is the ratio to measure the amount of money currently available
at the company to cover all short-term liabilities. This ratio immediately
indicates the financial crisis of the company. Calculating by the formula :

Cash ratio =

Cash &cash equivalents
Current liabilities

In 2017, the cash ratio of the firm was 0.12, in 2018 decreased by

0.04 to 0.08 and in 2019 continued to decrease 0.05 to 0.02. This shows
that the company's ability to pay cash is declining.
Current ratio is the ratio to measure the amount of money currently
available at the company to cover all short-term liabilities. The current ratio
shows the correlation between current assets and current liabilities, is a widely
used measure. The current ratio indicates how many short-term assets each
company uses for its short-term debt. Calculating by the formula:
Current ratio = Current assets
Short -term debt

In 2017, this index was 2.62. By 2018, it has decreased by 0.6 to 2.02.
The year 2019 continued to decrease by 0.19 compared to 2018, to 1.83.
The corporate current ratio in three years, though decreasing, is greater than
1, proving that the company's short-term assets are capable of paying shortterm debts and this will increase the company's reputation with creditors.
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Quick ratio illustrates the firm's true ability to pay its debts against shortterm debts. However, in reality, many short-term assets have lower liquidity
than inventories, so this ratio is not effective. Calculating by the formula:

Quick ratio =

Curren tassets − Inventories
Short -term debt

The company's quick solvency in 2017 was 0.33 and decreased from 0.17
to 0.17 in 2018. By 2019, this index continues to decrease by 0.09 to only 0.08.

PNJ's LIQUIDITY RATIOS
In three year 2017 - 2018 - 2019
2.8

2.62

2.4
2.02
2

1.83

1.6
1.2
0.8
0.33

0.4

0.16

0.08

0.12

0

0.08
0.02
2017

2018
Cash ratio

Current ratio

2019
Quick ratio

In general, liquidity indices decreased continuously in 2018 and 2019,
showing that the liquidity of PNJ's short-term debts is going down. In
particular, the two ratios of Cash ratio and Quick ratio are very low (below
1), indicating that enterprises are in a quite dangerous debt situation due to
the lack of ability to meet short-term obligations with The most liquid asset.
However, the current ratio is still kept at steep high (1.83), showing that the
company is still in a good liquidity position due to its large inventory, which
is suitable for the characteristics of its business, jewelry.

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3.2 Efficiency ratios
Table of the efficiency ratios of PNJ

for the period of 2017-2019

Value

Inventory turnover
Total assets turnover
Accounts receivable turnover
ay's sales in inventory (days)
Day's sales outstanding (days)

2017
2.66
2.40
274.79
136.98
1.33

2018
2.37
2.26
252.69
153.78
1.44

with2017
2019
1.93
1.98
352.03
189.52
1.04

with2018

Absolute(+/-) Absolute(+/-)
(0.29)
(0.45)
(0.14)
(0.29)
(22.10)
99.34
16.80
35.74
0.12
(0.41)

Inventory turnover indicates the relationship between inventory and cost
of goods sold in a period. Used to evaluate the effectiveness of a company's
inventory management. This index shows the average number of inventory
rotation how many periods to generate revenue. Calculating by the formula:

Inventory turnover =

Revenue

Average inventory

The inventory turnover of the company decreased continuously for over 3 years. In
2017, this index was 2.66 to 2018, down to 2.37 and in 2019 to only 1.93.This shows
that the company is not effectively managing the inventories. Low inventory turnover
causes the costs of inventories to increase, which reduces the company's revenue.

Total assets turnover measures the effectiveness of assets using regardless
of whether they are long-term or short-term assets. This ratio indicates how

much revenue each asset generates. Calculating by the formula:
Total assets turnover =

Revenue
Average of total assets

The total assets turnover of the company decreased gradually over 3 years from
2017 to 2019. In 2017, with a single asset generated 8.52 times of revenue, in 2011, it
was only 7.1 times and in 2012, it was only generated. 2.49 times. This shows that the
company has not used assets effectively and showed signs of weakening.

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Accounts receivable turnover ratio is used to quantify the company's
effectiveness in collecting accounts receivable or debts from customers. The
ratio shows how well a company uses and manages credit to its customers and
how quickly short-term debt is collected or paid off. Calculating by the formula:
Account receivable turnover =

Net sales
Accounts receivable

The company's Day's sales outstanding in 2017 was 1.33 and
increased by 0.12 to 1.44 in 2018. By 2019, this index decreased by 0.41 to
1.04. It can be seen that this index of PNJ has had an unstable change.
Overall, the company's efficiency ratios show that the ability to use the
company's assets to generate income is on the decline. Because efficiency ratio is

important because it is directly related to profitability, PNJ needs to improve the
efficiency of its business operations in order to obtain a better profit.

3.3 Leverage ratios
Table of the leverage ratios of PNJ
Value

Total debt ratio
Debt-to-equity ratio
Equity multiplier

2017
0.34
0.51
1.51

2018
0.42
0.72
1.72

for the period of 2017-2019
with2017

with2018

2019
Absolute(+/-) Absolute(+/-)
0.47
0.08

0.05
0.88
0.21
0.16
1.88
0.21
0.16

The total debt ratio is the ratio to measure the extent to which the firm
finances its assets from sources other than the stockholders. The higher the total

debt ratio, the more debt the firm has in its capital structure (Robert, David, &

Thomas, 2011). Calculating by the formula:
Total debt ratio =

Total debt
Total assets

In 2017, the total debt of PNJ was 0.34, in 2018 increased by 0.08 to 0.42
and in 2019 continued to increase by 0.05 to 0.47. In general, PNJ’s total debt

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ratio in 3 years was at the allowed level, not exceeding 0.5, which means
that most of the company’s assets are financed through equity.
The debt-to-equity ratio is the ratio to indicate the relative proportion of

the entity’s equity and debt used to finance an entity’s assets. The debt-toequity ratio is one of the important financial ratios and used as a customary
for judging a company’s financial standing. Calculating by the formula:
Debt / Equityratio =

Total debt
Total equity

In 2017, this ratio was 0.51, it means for each VND in equity, the firm
has 51 cents in leverage. The index went up by 0.21 from 0.51 to 0.72
and reached a peak at 0.88 in 2019. Comparing to the industry average,
the debt to equity ratio is not high. This shows that the firm failed to
depend upon borrowing for financial activities.
Equity multiplier is the ratio to show the number of assets that the firm
has for every dollar of equity (Robert, David, & Thomas, 2011). In other
words, equity multiplier is a method of evaluating a company’s ability to
use its debt for financing its assets. Calculating by the formula:
Equity multiplier =

Total assets
Total shareholder equity

Overall, the equity multiplier increased steadily over 3 years. In
2017, this index was 1.51 and increased by 0.21 to 1.72 in 2018. By
2019, this index continued to increase by 0.16 to 1.88. The increase of
PNJ’s multiplier indicates that a larger portion of the company’s total
assets is derived from debt.

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PNJ's LEVERAGE RATIOS
In three year 2017 - 2018 - 2019
2
1.88
1.8

1.72

1.6

1.51

1.4
1.2
1
0.88
0.8

0.72

0.6

0.51
0.47
0.42
0.34

0.4

0.2
0
2017

2018
Total debt ratio

Debt-to-Equity ratio

2019
Equity mutiplier

In general, the leverage ratios have increased for 3 years, showing that PNJ
is able to meet its debts. The two indexes of total debt ratio and debt-to-equity
ratio tends to increase but still remain below 1, which shows that PNJ's financial
sustainability over 3 years is quite stable. For equity multiplier, this ratio is kept at
a high level, showing more debt-financed assets than equity. In other words, PNJ
is considered to be more leveraged and riskier for investors and creditors (when
PNJ's assets are mainly financed by debt), which also means that current
investors actually own less of PNJ’s assets than current creditors.

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3.4 Profitability ratios
Table of the profitability ratios of PNJ

for the period of 2017-2019

Value

Gross profit margin
Operating profit margin
Net profit margin
ROA
ROE
EROA

2017
17.42%
8.21%
6.60%
15.86%
23.93%
19.72%

2018
19.07%
8.26%
6.59%
14.91%
25.63%
18.70%

with2017
2019
20.36%

8.86%
7.02%
13.88%
26.08%
17.51%

with2018

Absolute(+/-) Absolute(+/-)
1.65%
1.29%
0.05%
0.60%
-0.02%
0.43%
-0.95%
-1.03%
1.70%
0.45%
-1.02%
-1.19%

Gross profit margin is an indicator used to assess the company's
business model and financial health by revealing the remaining amount from
sales after subtracting the cost of goods sold. Calculating by the formula:
Gross profit margin =

Net sales − Cost of goods sold
Total revenue

This index of PNJ increased by 1.65% between 2017 and 2018; however,
it will only increase by 1.29% in 2019. Profit margins have been reduced.

Operating profit margin indicates how many co-profits can be
generated before taxes and interest. Calculating by the formula:
Operating profit
Operating profit margin =

A high operating

Total revenue

profit margin means that cost management is effective

or that revenue increases faster than operating

costs. Managers need to find

the reasons for the high or low operating profit so that they can determine
whether the business is operating
products has increased faster
company's profits increased
PNJ managers have

effectively or if the selling price of

or slower than the cost of capital. The
steadily within

3 years. This proves that

succeeded in making profits from the operation of the

business.
Net profit margin reflects the net income (after-tax profit) of a
business compared to sales. Calculating by the formula:
Net profit margin =

Profit after tax
Total revenue

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In 2018, it decreased by 0.02%, it indicates that the enterprise is having
problems hindering the potential profitability due to unnecessary costs,
productivity and management issues. But it increased again in 2019 at 0.43%.
Return on assets (ROA) is an indicator that shows the correlation between
the profitability of a company and its assets. ROA will tell us the effectiveness of
the company in using assets to make a profit. Calculating by the formula:
ROA =

Net income
Total assets

The return on equity (ROE) reflects the net income on equity of
shareholders (or on the tangible net asset value). Calculating by the formula:
ROE =

Net income
Total equity

PNJ's PROFITABILITY RATIOS
In three year 2017 - 2018 - 2019
30.00%

25.00%
Gross profit margin
20.00%
Operating profit margin
Net profit margin
ROA
ROE
EROA

15.00%

10.00%

5.00%

0.00%
2017

2018

2019

Accordingly, in 2019, PNJ recorded net revenue of VND 17,000 billion, up
16.7%, significantly lower than the increase of 2018 and 2017 (respectively
32.7% and 28.2%). However, thanks to the improved gross profit margin, gross
profit growth was higher than net revenue growth, reaching 24.5%, though still
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