Vietjet reports positive business performance in 2021: audited financial statements

(Vietjet, Ho Chi Minh city, April 30, 2022) -Vietjet Aviation Joint Stock Company (HoSE: VJC) has released its audited financial statements for 2021.

Though the aviation industry continued to suffer setbacks due to the Covid-19 pandemic in 2021, it has showed signs of recovery since late last year thanks to the nationwide vaccination campaign and the strict implementation of disease prevention regulations to guarantee safe operations and protect the health of the passengers and flight crew.

The parent company was reported to reach a revenue of VND9,065 billion (approx. US$...) with the after-tax profit increasing by 91% over the compiled financial statements’ disproportionately due to gains in financial investments.

Meanwhile, Vietjet’s consolidated revenue and after-tax profit reached VND12,875 billion (approx. US$...) and VND80 billion (approx. US$..) respectively. Rising costs from deferred income taxes resulted in a lower consolidated after-tax profit than in the compiled statements.

As of December 31, 2021, Vietjet’s assets totaled nearly VND51,654 billion (approx. US$2.27 billion). Its debt-to-equity ratio stayed at 0.9 while the liquidity ratio was at 1.6 - all were considered good indicators in the aviation industry.

In 2021, Vietjet has operated nearly 42,000 flights across its network with more than 5.4 million passengers onboard. The airline has reported a revenue of VND2,954 billion (approx. US$130 million) in cargo transport, achieving fast growth with cargo revenue in particular rocketing by over 200% YoY.

Vietjet has worked to optimize the operating cost per flying hour and lower aircraft renting costs throughout the year. The airline has received support from the Government for the aviation sector including a 50% fee waiver for landing and taking-off, 50% fee waiver for environmental protection fee on aviation fuel until the end of 2022 and other discounts for airports fees and ground services rates.

On the path to more achievements in 2021, Vietjet has opened more new routes; introduced high-quality products and services to the customers; further cooperated with big international companies to grow its fleet and improve services, moving towards the future goal of becoming a multinational aviation group.

The airline has welcomes its first wide-body aircraft Airbus A330-300, getting ready for safe and eco-friendly middle and long-range flights which can travel as far as 12,000 kilometers.

Vietjet was in the top 10 best and safest low-cost airlines in the world by AirlineRatings, a well-known website for airline safety and product rating review.

Vietjet is ramping up its digital transformation projects to meet the growing mixed demand of the customers and accelerating the development of new business sectors including cargo transport and ground services in order to diversify revenue streams and optimize costs. In the meantime, it will introduce new ticket services and customer-related programs for better business performance.

Vietjet is also expanding its pilot and cabin crew training, fully preparing the utilities to meet the mounting traveling demand as domestic and international flights are resumed in 2022.