Vietjet reports H1 profit 21% higher than annual target

(Vietjet, HoChiMinh City, July 30, 2024) - Vietjet Aviation Joint Stock Company (HOSE: VJC) has released its financial statement for H1 2024, reporting record revenue growth.

In the first six months of 2024, Vietjet’s operations outperformed pre-pandemic 2019’s.

The airline transported a total of 13.1 million passengers on 70,154 safe flights in H1/2024.

In Q2/2024, Vietjet reported air transport revenue of VND15.128 trillion (approx. US$601.68 million) and pre-tax profit of VND517 billion (approx. US$20.57 million), growing by 23% and 683% respectively YoY.

Cumulative air transport revenue over previous six months reached VND32.893 trillion (approx. US$1.3 billion), up 31% YoY. Pre-tax profit was recorded at VND1.174 trillion (approx. US$46.77 million), surging by 690% YoY.

Vietjet reported H1 consolidated revenue of VND34.016 trillion (approx. US$1.35 billion) and consolidated pre-tax profit of VND1.311 trillion (approx. US$52.22 million), increasing by 15% and 433% respectively YoY. The profit has even exceeded 21% of the H1 target.

As of June 30, 2024, Vietjet's total assets reached over VND91.755 trillion (approx. US$3.65 billion). The debt-to-equity ratio stayed at around 2 while the global average was at 5. Cash and cash equivalents by the end of Q2 were reported at VND4.1 trillion (approx. US$163.18 million).

According to Saigon Ratings - an independent credit rating organization, Vietjet has maintained a long-term credit rating of vnBBB- with a "Stable" outlook. Judging on the airlines’ remarkable on-going recovery and its proactive preparations for future plans throughout 2022 and 2023, Vietjet is believed to make break-through developments faster and more sustainably in the medium and long term.

Vietjet has paid a total of VND3.687 trillion (approx. US$146.78 million) of direct and indirect taxes and fees in the first half of 2024.

Leading international expansion

Vietjet is operating more than 149 routes across Vietnam and internationally, including 38 domestic and 111 international routes.

Vietjet has launched new routes connecting Ho Chi Minh City with Xi'an - the capital of Shaanxi Province (China), Phu Quoc with Taichung and Kaohsiung (Taiwan, China), and Ho Chi Minh City with Vientiane.

The airline has also announced the Nha Trang - Daegu (South Korea) route, which is expected to be flying since October 2024. It marked Vietjet becoming the largest airline in terms of routes connecting Vietnam and South Korea after a decade-long journey which saw 10 million passengers fly across more than 37 routes between the two countries.

Regarding the Asia-Australia transcontinental route, Vietjet has added two routes from Hanoi to Melbourne and Sydney, bringing the total number of routes between Vietnam and Australia to 7 which has further facilitated bilateral travel, tourism, investment, trade, overseas study, and family visits. Together with the 5 routes from Ho Chi Minh City to the 5 largest cities in Australia, Vietjet is now the airline operating the most routes between Vietnam and Australia with 58 flights per week.

Growing a modern, green fleet

Operating a fleet of more than 105 aircraft (including Vietjet Thailand) with the number of passengers growing annually, Vietjet is actively expanding its flight network transcontinental, 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 the first half of 2024, VJAA trained more than 43,000 students enrolled in 3,898 courses, including pilots and aircraft engineers (CRS). The academy also put the third simulation cockpit into operation, continuing to be the leading international pilot training center in the region.

Vietjet has 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.

On flights on the National Unification Day April 30 and International Labor Day May 1, Vietjet introduced the image of a reformed and integrated Vietnam.

During Children's Day on June 1, International Women's Day on March 8, Valentine's Day on February 14, among others, Vietjet flights were filled with festive mood with unexpected and meaningful gifts for the passengers.

At the 2024 Tourism Festival, Vietjet joined and led the Summer Parade, leaving great impression on the locals and international tourists with its meaningful message "Protect the blue planet" to promote environment and wildlife protection for the sake of a bright future for all.

Vietjet pioneered into researches for the development and use of sustainable aviation fuel, eyeing to become a green airline that leads in technology and activities associated with sustainable development.

In order to increase capacity for the development of the global flight network, Vietjet and Airbus signed an order of 20 new generation wide body A330neo (A330-900) aircraft worth US$7.4 billion at Farnborough International Airshow 2024 .

Vietjet was honored by the world's leading financial magazine International Finance as "Best Low-cost Airline in Southeast Asia" and "Best Finance-Management-Aviation-Vietnam"; "Best Ultra Low-cost Airline" and "Best Low-cost Airline Onboard Hospitality” by AirlineRatings; and was in Forbes’ top 50 best listed companies in Vietnam in 2024.

The year 2024 has marked the airline’s new milestone of comprehensive development with its expansive mid-range international network, being ready to meet domestic transport demand while further prepares for even more international routes.