Vietjet posts postive performance in H1

A Vietjet plane takes off from Tân Sơn Nhất International Airport in HCM City. — Photo courtesy of Vietjet

HCM CITY — Vietjet Aviation Joint Stock Company (HOSE: VJC) has released its financial statement for the first half of 2024, reporting record revenue growth.

In the first six months of 2024, Vietjet’s performance surpassed that of pre-pandemic 2019. The airline transported a total of 13.1 million passengers on 70,154 flights during the period.

For the second quarter, Vietjet reported air transport revenue of over VNĐ15.12 trillion (US$601 million) and a pre-tax profit of VNĐ517 billion ($20.57 million), marking year-on-year growth of 23 per cent and 683 per cent, respectively.

Over the six months, cumulative air transport revenue surpassed VNĐ32.89 trillion, up 31 per cent year-over-year. Pre-tax profit for this period topped over VNĐ1.17 trillion, surging by 690 per cent compared to the previous year.

According to Vietjet, its consolidated revenue for H1 totalled over VNĐ34 trillion, with a consolidated pre-tax profit of VNĐ1.31 trillion, representing increases of 15 per cent and 433 per cent year-on-year, respectively. The profit even exceeded the H1 target by 21 per cent.

As of June 30, 2024, Vietjet’s total assets amounted to over VNĐ91.75 trillion. The airline’s debt-to-equity ratio remained at around two, well below the global average of five. Cash and cash equivalents by the end of Q2 were reported at VNĐ4.1 trillion. 

According to Saigon Ratings, an independent credit rating organisation, Vietjet has maintained a long-term credit rating of vnBBB- with a “stable outlook”. Given the airline’s remarkable recovery and proactive planning for the past two years, Vietjet is expected to make breakthrough developments faster and more sustainably in the medium to long term.

From January to June, Vietjet paid a total of VNĐ3.687 trillion in direct and indirect taxes and fees.

Vietjet launched the Hà Nội-Melbourne route in June. — Photo courtesy of Vietjet

International expansion

Vietjet operates more than 149 routes across Việt Nam and 111 international routes.

During the six months, Vietjet launched new routes connecting HCM City with Xi’an, Phú Quốc with Taichung and Kaohsiung, and HCM City with Vientiane.

The airline also announced the Nha Trang-Daegu route, which will commence operation in October 2024. It solidifies Vietjet’s position as the largest airline in terms of routes connecting Việt Nam and South Korea after a decade of serving nearly ten million passengers across more than 37 routes between the two countries.

Regarding the Asia-Australia transcontinental route, Vietjet added two new routes from Hà Nội to Melbourne and Sydney, bringing the total number of services between Việt Nam and Australia to seven. This expansion enhances connectivity for travel, tourism, investment, trade, overseas study and family visits.

Together with the routes from HCM City to the five largest cities in Australia, Vietjet now operates the most routes between Việt Nam and Australia, with 58 flights per week.

Growing a modern, green fleet

Operating a fleet of more than 105 aircraft (including those of Vietjet Thailand) with the number of passengers growing annually, Vietjet is actively expanding its flight network intercontinental, developing a new, modern and environmentally friendly fleet.

Embracing a strategy and vision of building and developing aviation human resources of international standards, Vietjet Aviation Academy (VJAA) has become a training partner of the International Air Transport Association (IATA).

In H1, VJAA trained more than 43,000 students in 3,898 courses, including pilots and aircraft engineers (CRS). The academy also commissioned the third simulation cockpit, reinforcing its status as a leading international pilot training centre in the region.

Vietjet also welcomed many trainees to study in a multinational working environment, providing them with knowledge and practical experience. The airline also accompanied universities in career orientation for students, introducing work opportunities at Vietjet.

To support its expanding global flight network, Vietjet signed an order for 20 new generation wide body A330neo aircraft worth $7.4 billion with Airbus at the Farnborough International Airshow in July 2024. — VNS