Pranda Announces Q1/2024 Results, Targets Growth in First Half of the Year

Jun 14, 2024

Pranda Jewelry Public Company Limited (PDJ), one of the world’s leading jewelry manufacturers and premier alliances for jewelry businesses, announced its operating results for the first quarter of 2024, demonstrating its commitment to sustainable business operations and craftsmanship excellence for over 50 years. For the first quarter of 2024, Pranda achieved a revenue of Baht 807 million, an increase of 17% compared to the same period of the previous year. Sales from the production business amounted to Baht 546 million, up 16% compared to the same period of the previous year, excluding sales of gold raw materials, which contributed Baht 306.42 million. Meanwhile, the omnichannel business generated revenue of Baht 261 million, a 17% increase driven primarily by growth in the Indian market. Sales in Thailand remained consistent with the previous year.

For the first quarter of 2024, the company has gross profit of Baht 163.51 million, lower than the same period of the previous year, which was 23.23% mainly due to high gold jewelry orders in the production business. Excluding sales of gold raw materials, the company’s gross profit margin would be 20.19%. Pranda has loss in first quarter at Baht 0.74 million compared to the same period of the previous year which had loss at Baht 2.25 million.

Mr. Chanat Sorakraikitikul, Managing Director – Finance & Risk Management, stated, “We continue to execute our strategic plan with a focus on maintaining strong partnerships, building long-term customer trust, and fostering a growth-oriented corporate culture. We expect the production business to achieve a 53% increase in sales in the first half of the year, surpassing our target of 25% growth compared to the same period of the previous year. Excluding gold raw material sales, we anticipate a 20% sales increase.”

Foster a corporate culture that is always ready to embrace change.

Omnichannel Distribution Business Strategy:

  • PRIMA Thailand: Aiming to attract the younger generation and retain existing customers, PRIMA Thailand is revamping its store image with new colors—pink to convey warmth, softness, and youthfulness, and gray to signify professionalism and expertise—while maintaining its brand identity.
  • PRIMA Vietnam: Focusing on key strategies similar to PRIMA Thailand, PRIMA Vietnam is exploring corporate account expansion, which grew by 315%. Due to issues with political stability and anti-corruption measures affecting spending behavior on luxury products, sales were expected to increase by 13% in the first half of the year but were about 10% lower than the target.
  • PRIMA India: Continuing its focus on PRIMA ART product distribution through distributors, PRIMA India has seen significant growth. Active TRJs (Trusted Retail Jewelers) increased by 167% in the first five months of 2024, with an expected 38% sales growth in the first half of the year.
  • GEMONDO UK: Emphasizing tailored merchandising and marketing campaigns for different channels and markets, including Wolf & Badger, GEMONDO UK continues to enhance marketing efficiency and focus on online sales through the GEMONDO’s  website, focusing both contemporary and classic products, organized a new  “World of Gems”.

Despite internal and external challenges, Pranda’s strategic initiatives in the omnichannel distribution business are expected to yield a 13% sales growth in the first half of the year, although this is slightly below the target of 9%.