Vietnam’s largest gold firm reports record profit amid surging gold prices

According to its audited financial report for 2024, SJC recorded a post-tax profit of over VND283 billion (US$11 million), nearly five times higher than the VND61 billion ($2.3 million) recorded in 2023.

Its revenue surged to more than VND32.2 trillion ($1.2 billion) in 2024, a 13-percent year-on-year increase.

The firm’s gross profit margin remained slim at nearly two percent.

This remarkable performance exceeded the company's profit target by more than fourfold, as submitted to the Ho Chi Minh City People’s Committee.

For 2025, SJC set a revenue target of nearly VND34.9 trillion ($1.35 billion), a moderate increase from 2024, but aimed a sharp decline in profits to just VND89 billion ($3.4 million).

The company plans to reprocess over 20,000 taels of dented gold bars and release more than 503,000 pieces of jewelry and logo-branded items.

However, no new investment projects are scheduled for the year.

SJC holds a unique position in Vietnam as the only entity authorized to produce bullion under the SJC brand, which has been designated as the country's official gold bar brand since 2012, according to a recent report released by Hanoi Securities JSC.

This monopoly was granted by the State Bank of Vietnam.

The record profit came amid a dramatic rise in domestic gold prices.

Over just 10 days, SJC gold bars jumped by more than VND18 million ($696) per tael, climbing to VND118 million ($4,562) on Thursday morning.

On Wednesday alone, SJC-branded gold bars prices skyrocketed to a new all-time high of VND114.5 million ($4,440) per tael.

SHS predicted that domestic gold demand will remain steady at around 55 to 60 metric tons annually through 2026.

(A tael = 37.5 grams)