According to the consolidated financial statements of Phu Nhuan Jewelry Joint Stock Company (HOSE: PNJ), accumulated in the first 6 months of 2026 after review, net revenue is more than 25,700 billion VND, an increase of nearly 8,500 billion VND, equivalent to 49% compared to the same period.
However, after-tax profit decreased by 35%, to more than 728 billion VND. This profit also decreased by more than 450 billion VND compared to before the review.
Faced with these large differences in figures, PNJ has sent a written explanation to the State Securities Commission and the Ho Chi Minh City Stock Exchange. Accordingly, regarding the change in after-tax profit from 10% or more compared to the same period's report, PNJ believes that the cause is due to the combination of many factors.
First, net revenue in the period recorded strong growth compared to the same period last year, in which the main contribution came from 24K gold revenue. However, the gross profit margin decreased compared to the same period due to the proportion of revenue from 24K gold - which has a lower profit margin - increasing higher than the jewelry retail segment, leading to changes in revenue structure by product line and affecting the overall gross profit margin.
Second, PNJ has recorded provisions for estimated losses arising from the exchange policy for sold goods, including provisions for the value of goods customers resold from July 1, 2026 to the date of review report September 3, 2026, and provisions for estimated future losses arising from the exchange policy for previously sold goods.
The determination of the estimated provision is made based on available information and the most reasonable and best assumptions at the time of preparing the Financial Statements, with reference to market prices, including: the value of jewelry and diamonds bought back arising after the end of the accounting period and expected to occur in the future; the estimated recovery value according to market price movements at the time of assessment; the adjustment rate estimated depending on each commodity group.
Finally, selling and business administration expenses decreased compared to the same period, mainly due to PNJ continuously maintaining and promoting cost-optimized operating chains in 2026, and at the same time, the enterprise adjusted estimates related to operating expenses that had been made in the first 6 months of the year, based on updating business operations and existing information at the time of preparing the Financial Statements.
Meanwhile, the fluctuation of after-tax profit in the reporting period, before and after review, is explained by the business with the reasons:
One is to adjust the provision value for the cost of handling repurchased goods corresponding to the repurchased inventory as of June 30, 2026.
Two is to adjust and supplement provisions for losses arising from the exchange policy for the value of goods that customers have resold after the fiscal year from July 1, 2026 - September 3, 2026.
Three is to adjust and supplement estimated future loss provisions arising from the policy of exchanging sold goods.
Fourth, based on updating the business operations situation and existing information at the time of preparing the Financial Statements, the company adjusts estimates related to operating costs that have been deducted in the first 6 months of the year.
Phu Nhuan Jewelry Joint Stock Company also said that the company and the family of Ms. Cao Thi Ngoc Dung - Chairwoman of PNJ's Board of Directors have reached an agreement on providing a loan to supplement working capital and strengthen financial resources for the company.
To arrange capital for the above loan, members of the Board of Directors' family are expected to carry out a transaction to sell PNJ shares. Ms. Cao Thi Ngoc Dung and her family continue to be a large shareholder group and maintain long-term commitments to PNJ.
PNJ will submit to the General Meeting of Shareholders for approval adjusted business targets for fiscal year 2026 and upcoming operational orientations at the extraordinary General Meeting of Shareholders to be held on October 21, 2026.
On the HOSE exchange, PNJ stock price has recovered from the bottom after the incident related to PNJ Lab, and by the morning of September 4th, it was trading around 39,000 VND/share.
