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| Vietjet |
In Q1/2024, Vietjet's air transport revenue was recorded at VND17.76 trillion (approx. US$701.13 million), while after-tax profit was at VND520 billion (approx. US$20.5 million), increasing by 38% and 209% YoY, respectively.
The airline's consolidated revenue and after-tax profit were VND17.79 trillion (approx. US$702.39 million) and VND539 billion (approx. US$21.27 million), respectively, growing by 38% and 212% YoY in the given order.
Vietjet's performance in Q1/2024 follows its outstanding business performance in 2023, which saw the company achieve a separate and consolidated revenue of VND53.7 trillion (approx. US$2.16 billion) and VND58.3 trillion (approx. US$2.35 billion), respectively.
During the first three months of the year, Vietjet safely operated nearly 34,500 flights with more than 6.3 million passengers onboard. The airline's average load factor rate reached 87%, and the technical reliability rate was 99.6%. This reflects the impressive performance of the company in FY 2023, with Vietjet safely operating 133,000 flights with 25.3 million passengers onboard – a surge of 183% YoY, of whom more than 7.6 million were flying internationally.
Advancing its strategy to expand internationally, Vietjet's international passenger transport in Q1/2024 has witnessed growth of more than 53% and 61% YoY in terms of the number of flights and passengers, respectively.
The airline has launched 15 new international and domestic routes over the span of three months, raising its total operating routes to 140. The latest international ones announced and launched include Phu Quoc – Taipei (Taiwan, China), Ho Chi Minh City – Chengdu/Xi'an (China) and Vientiane (Laos) in addition to Hanoi to Hiroshima (Japan) and Sydney/Melbourne (Australia).
This rapid network expansion was made possible by Vietjet's expansive modern, safe and eco-friendly fleet, which consists of 105 aircraft, including the wide-body A330s, since 31 December 2023, helping optimise resources, save fuel and achieve long-term sustainable development (ESG) goals.
Despite the challenges faced by the aviation industry due to aircraft shortages, Vietjet has risen above them with remarkable achievements, maintaining its development momentum from 2023 and continuing to pioneer the opening of new international routes, setting solid growth for the entire year.
As of 31 March 2024, Vietjet's total assets totalled more than VND85.82 trillion (approx. US$3.38 billion). The company's debt-to-equity ratio was 1.9, while the liquidity ratio was 1.3, both within the aviation industry's good ranges.
The airline paid up to VND1.77 trillion (approx. US$ 69.87 million) in direct and indirect taxes and fees in Q1/2024.
Vietjet, beyond connecting Vietnam to the world through its flight network, is also bringing itself closer to the global stage through international research and technology investment projects.
The airline places special emphasis on ESG (Environmental, Social, and Governance) goals, including achieving Net Zero emissions by 2050.
Starting the journey of reducing CO2 emissions over 10 years ago, by 2023, Vietjet's aircraft fleet has grown significantly, making a crucial contribution to the company's success by optimising resources, saving fuel by up to 15-20% while protecting the environment and developing sustainably through green technology research. Additionally, for every ticket sold, Vietjet contributes VND5,000 to the Fly Green fund, which supports environmental protection initiatives and the development of green technologies.
ESG will continue to be the airline's strategic goal in the long term. It also plays a key role in Vietjet's success by helping optimise resources, save fuel, and reduce CO2 emissions through its new and modern fleet.
Building on its growth momentum since the beginning of the year, Vietjet has set ambitious targets for the coming quarters and throughout 2024. The airline, as announced in its recent General Meeting of Shareholders (GMS) 2024, is eyeing air transport revenue and consolidated revenue to surpass VND59,000 billion (approx. US$2.32 billion) and VND65,500 billion (approx. US$2.57 billion) respectively, increasing by 10% and 12.4% YoY in the given order.
In addition to maintaining its domestic market presence, the airline aims to expand its international flight network even further, with plans to operate 142,000 flights and transport 27.4 million passengers in 2024.
Further information at www.vietjetair.com
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