The profit after tax / equity ratio (ROE) of Doji is only 1.3%, much lower than the rate of nearly 10% of PNJ.
According to information from the Hanoi Stock Exchange (HNX), Doji Jewelry Group Joint Stock Company has just announced the financial situation in the first half of 2020.
Accordingly, Doji said that the enterprise’s after-tax profit in the first 6 months of 2020 was nearly VND 45.5 billion, a decrease of 5% compared to the same period in 2019. The ratio of liabilities / equity decreased from level 2, 3 times at the end of June 2019, down to nearly 1.8 times at the end of June 2020.
Equity has increased from VND 2,258 billion at the end of June 2019 to more than VND 3,392 billion at the end of June this year. Doji’s total liabilities at the end of June are about VND 6,068 billion.
Doji’s profit after tax for the first 6 months of 2020 is VND 45.46 billion. Photo: Doji.
The return after tax / equity (ROE) of Doji is at 1.3%. Compared with another enterprise operating in the same industry, Phu Nhuan Jewelry Joint Stock Company (Ticker: PNJ), Doji’s profitability is quite low.
Specifically, according to PNJ’s financial statements for the first 6 months of 2020, although jewelry products are heavily influenced by the COVID-19 translation, PNJ still achieves a profit after tax of up to VND 450 billion, ROE rate of nearly 10%.
PNJ is currently the market leader in terms of number of points of sale with 339 stores as of the end of June 2020. However, the gap with Doji has also narrowed after Doji acquired a chain of nearly 100 Diamond World stores in early May.
The acquisition has expanded Doji’s business into jewelry retail, bringing the total number of Doji centers and stores to nearly 200.
Doji Jewelry Group is founded by Mr. Do Minh Phu as Chairman of the Board. Mr. Phu is also the Chairman of the Board of Directors of TPBank.
Before acquiring Diamond World, Doji had done a number of major M&A (mergers, acquisitions). In the 2006-2007 period, Mr. Do Minh Phu bought controlling shares of SJC Hanoi Company and SJC Da Nang, paving the way for Doji to enter the gold bar trading and distribution market.
In 2011, Mr. Do Minh Phu and his brother Do Anh Tu sold 95% of Diana’s shares to their partner Unicharm (Japan) at a price of nearly VND 4,000 billion, becoming the largest M&A deal of private enterprises at that moment.
Source: vietnambiz.vn – Translated by fintel.vn
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