Pranda Jewelry revealed continuous growth in the Q3/2022 results.

Dec 4, 2022

Pranda Jewelry Public Company Limited (“PDJ”) is a manufacturer, distributor and retailer of jewelry and a leading exporter of jewelry in Thailand with a distribution of customer base to key regions of the world such as North America, Europe and Asia released third-quarter results Year 2022 Operating profit increased by 37% to 123 million baht, an increase of 1,585% to 220 million baht. In the nine months of 2022, the luxury industry is forecast to continue to grow, and the Thai economy will grow more than in 2022, with the support of the tourism industry, which will have a positive impact on the jewelry retail business that will tend to improve.

Mr. Chanat Sorakraikitikul, Chairman of Finance & Risk Management Committee of Pranda Jewelry Public Company Limited. Pranda Jewelry revealed that in the third quarter in 2022, sales were 1,033 million baht. Growth of 24% from the same period last year was driven by 79% production base, driven by significant growth in economies in Europe and the United States, which were the main customer bases. As a result, the order amount is on target. The growth in omni-channel sales accounted for 21% due to the covid-19 pandemic, and the company’s distribution in India recovered and production began to support the increase in purchasing power in India, in line with the nine-month outlook of 2022, where the company had sales of 2,655 million baht. This is up 41% from the same period last year, growing both the manufacturing base and omni-channel segments.

As for the company’s fourth-quarter operating plan, the company has a large number of orders and is able to operate to its full potential. It is estimated that in 2022, sales from the production base will reach 2,594 million baht, which is about 13% higher than the target set in the omni-channel or jewelry retail sector. It is slightly below the planned target, but it is considered to grow by 29% compared to the previous year, with plans to expand its customer segment and develop more modern products, while still reinforcing the expertise of craftsmanship, exquisite craftsmanship, and unique designs. The omni-channel segment’s growth prospects in 2023 are expected to continue to grow, including Prima Thailand’s market, as a result of the recovery of the market in Thailand with tourist exposure and exponential growth in the distribution business in India.

Pranda Jewelry Public Company Limited continues to focus on building a potential strategic customer base. Work with clients as strategic partners, have long-term shared planning with key clients, as well as better production cost management. In order to build confidence and good relations with customers in the long run, it is expected that 2023 will maintain production sales levels at least 2022, with the expectation that the customer base in the luxury industry will continue to grow, although the global economic outlook for 2023 is highly uncertain and there is a potential for economic recession caused by geopolitical problems and inflation.