Gold and silver revenue skyrocketed, profits plummeted
According to DOJI, as of early March 2022, Ms. Do Vu Phuong Anh is one of three capital shareholders along with her father and younger brother Do Minh Duc at the group. Of which, Mr. Do Minh Phu owns 70% of the capital, the remaining 30% is divided equally between Do Vu Phuong Anh and Do Minh Duc.
DOJI Group has 15 member companies operating under the parent-subsidiary company model, 5 capital-contributing affiliated companies and 61 branches, nearly 200 centers and stores spread across the country with more than 400 agents. , selling points nationwide.
With this group’s equity as of mid-2023 at 6,441 billion VND, the assets of Phuong Anh as well as his younger brother Do Minh Duc at DOJI are worth nearly 1,000 billion VND each, if calculated proportionally. above.
In addition to DOJI, Do Vu Phuong Anh and Do Minh Duc are also one of the largest individual shareholders at TPBank, owning nearly 24.5 million shares each, equivalent to 1.11% of charter capital/person. . Estimated according to the market price as of April 2 of 18,750 VND/share, the number of TPBank shares owned by Chairman Do Minh Phu’s daughter is worth nearly 460 billion VND.
Mr. Do Minh Phu’s family is ranked by Forbes as one of the top 20 business families in Vietnam.
DOJI’s financial situation.
Although it is an enterprise with outstanding growth in revenue in the field of gold, silver and gemstone business, overwhelming many competitors, Mr. Do Minh Phu’s DOJI is quite slow and records much lower profits than other companies. Other “big guys” like Phu Nhuan Jewelry (PNJ) of Ms. Cao Thi Ngoc Dung.
Hundreds of branches, business centers, agents, and jewelry sales points nationwide bring DOJI tens, even hundreds of trillions of dong in revenue each year. However, profits are very modest.
According to the report, in the first half of 2023, DOJI Jewelry Group Joint Stock Company recorded a profit of only 154 billion VND, far less than PNJ’s figure of 1,086 billion VND. Return on equity is only 2.4%.
In 2022, DOJI will have more impressive results, with a profit of VND 1,017 billion, 4.3 times higher than in 2021. The after-tax profit margin on equity reached 17.4%.
Meanwhile, according to the audit report, in 2022 SJC recorded total revenue of 27,154 billion VND (about 1.1 billion USD) and profit of nearly 49 billion VND. And PNJ of Ms. Cao Thi Ngoc Dung recorded profit after tax in 2022 of VND 1,811 billion.
From the end of 2023, the price of gold in the world, SJC gold bars and gold rings, domestic gold jewelry increased sharply to new peaks. Gold rings reached over 71 million VND/tael, while SJC gold bars reached 81-82 million VND/tael.
Gold prices are increasing and may even reach a new peak in 2024. The increase in gold prices and strong demand are factors that are considered to help gold trading enterprises such as DOJI, PNJ or Bao Tin Minh Chau… increase revenue and profits this year.