Vietjet reports outstanding performances in Q1/2024, setting growth in motion

(Vietjet, HoChiMinh city, April 28, 2024) - Overcoming the challenging aircraft shortages of the aviation industry, Vietjet Aviation Joint Stock Company (HOSE: VJC) has reported outstanding business performances in Q1/2024, providing a strong boost for the entire year.

In Q1/2024, Vietjet’s air transport revenue was recorded at VND17.76 trillion (approx. US$701.13 million) while after-tax profit 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.

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 99.6%. 

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 numbers of flights and passengers respectively.

The airline has launched 15 new international and domestic routes over the span of 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).

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 continued 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 VND85.82 trillion (approx. US$3.38 billion). The company's debt-to-equity ratio was at 1.9 while the liquidity ratio at 1.3, which were both within good ranges of the aviation industry. 

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. Vietjet’s modern fleet of aircraft can save fuel between 15%-20%, with optimized configurations that allow for higher passenger capacity while reducing emissions per passenger by 25%-30% compared to other airlines. 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.

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.