Vietjet reports outstanding performances in Q1: Aviation Joint Stock Company

WVR/VNA - Overcoming the challenging aircraft shortages in the aviation industry, Vietjet Aviation Joint Stock Company has reported outstanding business performances in Q1/2024, providing a strong boost for the entire year.
Vietjet reports outstanding performances in Q1/2024
Vietjet reports outstanding performances in Q1/2024. ( Photo: Vietjet Air)

In Q1/2024, Vietjet’s air transport revenue was recorded at 17.76 trillion VND (approx. 701 million USD) while after-tax profit at 520 billion VND (approx. 20.5 million USD), increasing by 38 per cent and 209 per cent YoY respectively.The Airline’s consolidated revenue and after-tax profit were 17.79 trillion VND (approx. 702.4 million USD) and 539 billion VND (approx. 21.3 million USD) respectively, growing by 38 per cent and 212 per cent YoY in the given order.

In 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 per cent and the technical reliability rate was 99.6 per cent.

Advancing its strategy to expand internationally, Vietjet’s international passenger transport in Q1/2024 has witnessed a growth of more than 53 per cent and 61 per cent YoY in terms of numbers of flights and passengers respectively.

The Airline has launched 15 new international and domestic routes over three months, lifting its total operating routes to 140. Those among the latest international ones being 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).

Vietjet reports outstanding performances in Q1/2024
Vietjet increased flights to Dien Bien on the occasion of 70th Anniversary of Dien Bien Phu Victory. (Photo: Vietjet Air)

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 which was setting a strong growth in motion for the entire year.

As of March 31, 2024, Vietjet's total assets mounted more than 85.82 trillion VND (approx. 3.38 billion USD). The company's debt-to-equity ratio was at 1.9 while the liquidity ratio was at 1.3, which were both within good ranges of the aviation industry.

The Airline paid up to 1.77 trillion VND (approx. 69.9 million USD) 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.

Vietjet reports outstanding performances in Q1/2024
Vietjet increases flights to Seoul (RoK) and Taipei (Taiwan, China): Vietjet Air Crew. (Photo: Vietjet Air)

The Airline places special emphasis on ESG (Environmental, Social, and Governance) goals, including achieving Net Zero emissions by 2050. Vietjet’s modern fleet can save fuel between 15 per cent - 20 per cent, with optimized configurations that allow for higher passenger capacity while reducing emissions per passenger by 25 per cent - 30 per cent compared to other airlines. Additionally, for every ticket sold, Vietjet contributes 5,000 VND to the Fly Green fund which supports environmental protection initiatives and the development of green technologies.

Building on its growth momentum since the beginning of the year, Vietjet has set ambitious targets for the coming quarters and throughout 2024. In addition to maintaining its domestic market presence, the airline aims to even further expand its international flight network, with plans to operate 142,000 flights and transport 27.4 million passengers in 2024.

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(Source: WVR/VNA)