Gold bullion producer SJC reports 11 pct rise in profits
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State-owned Saigon Jewelry Company reported a pre-tax profit of VND75 billion ($3.2 million) for 2020, up 11 percent from the previous year.
The company’s revenue rose 26 percent to VND23.49 trillion in 2020, but its financial expenses tripled because of provisions made for the loss of financial investments.
Established in 1988, SJC is a wholly state-owned enterprise belonging to Ho Chi Minh City. Revenues were up 26 percent at VND23.49 trillion, well below its target of VND25.7 trillion.
It has been the sole producer of gold bullion in the country since 2012, and has around 90 percent of the bullion market.
Questions & Answers
Q.What was SJC's revenue for 2020?
What was SJC's revenue for 2020?
SJC's revenue for 2020 was VND23.49 trillion, which represents a 26 percent increase from the previous year. This figure was, however, below their target of VND25.7 trillion.
Q.Why did SJC's financial expenses triple in 2020?
Why did SJC's financial expenses triple in 2020?
The company's financial expenses tripled in 2020 due to provisions made for the loss of financial investments. This occurred despite a significant rise in overall revenue for the year.
Q.What is SJC's position in the gold bullion market?
What is SJC's position in the gold bullion market?
SJC has been the sole producer of gold bullion in the country since 2012, holding approximately 90 percent of the total bullion market share. This establishes their dominant position in the sector.
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