Vietjet Reports VND51.769 Trillion in Revenue by Q3/2024

MUMBAI:
Vietjet Aviation Joint Stock Company (HOSE: VJC) reported robust business performance for the first nine months of 2024, maintaining stable operations within Vietnam while expanding its international network to meet rising travel demand.

During this period, Vietjet transported over 19.6 million passengers across 104,000 flights, reflecting year-over-year increases of more than 6% and 2%, respectively. The airline served over 2.54 million international passengers, marking a 9.1% year-over-year growth.

Vietjet’s fleet of 85 aircraft achieved an average seat utilization rate of 87% and a technical reliability rate of 99.7%. The total cargo volume transported reached 88,964 tons, a 73% year-over-year increase, capturing over 10% of the freight market share among Vietnamese airlines.

As of Q3 2024, Vietjet operated 155 routes, including 43 domestic and 112 international routes. New direct routes have been launched, such as Da Nang to Ahmedabad and Xi’an to Ho Chi Minh City, with increased frequencies for routes like Ho Chi Minh City to Perth, alongside other regional destinations like South Korea, Japan, and Hong Kong.

With its extensive flight network and strong passenger growth, Vietjet welcomed its 200 millionth passenger in Q3 2024, marking a significant milestone in connecting Vietnam to the world.

In the first nine months of 2024, Vietjet reported air transport revenue and consolidated revenue of VND 51.7 trillion (approx. US$2.03 billion) and VND 52.2 trillion (approx. US$2.05 billion), reflecting 32% and 19% year-over-year growth, respectively. Separate and consolidated after-tax profit reached VND 1.13 trillion (approx. US$44.58 million) and VND 1.4 trillion (approx. US$55.16 million), with impressive year-over-year increases of 884% and 564%.

The airline also saw strong growth in ancillary and cargo revenue, recorded at VND 17.6 trillion (approx. US$693.47 million), accounting for 34% of total air transport revenue and representing a 16% year-over-year increase.

As of September 30, 2024, Vietjet’s total assets reached nearly VND 94 trillion (approx. US$3.7 billion), with a debt-to-equity ratio of 2.25 and a liquidity ratio of 1.4—levels considered safe within the aviation industry. Cash, bank deposits, and cash equivalents totaled nearly VND 3,997 billion (approx. US$158 million), ensuring liquidity along with sufficient working capital.

Vietjet paid nearly VND 5.56 trillion (approx. US$219.4 million) in direct and indirect taxes and fees in the first nine months of 2024, reinforcing its role in supporting economic growth, trade, and tourism as a reliable strategic partner to prominent global organizations.

The airline signed several significant cooperation agreements at the 2024 Farnborough International Airshow, committing to investments in advanced aviation technologies to uphold the highest safety and quality standards.

Aligned with its strategy to expand its fleet and enhance operational capacity, Vietjet and Airbus signed a contract for 20 new-generation wide-body A330neo aircraft, valued at US$7.4 billion.

Additionally, Vietjet partnered with Rolls-Royce for the supply of 40 Trent 7000 engines and TotalCare services for the A330neo aircraft. The airline also signed a comprehensive service agreement with Lufthansa Technik, a leading provider of aircraft maintenance services.

Pioneering efforts to reduce emissions and foster sustainable development, Vietjet has been actively pursuing the research, development, and use of sustainable aviation fuel (SAF) in collaboration with international partners, as part of its commitment to environmental, social, and governance (ESG) goals.

Dedicated to fulfilling the “dream of flying” for millions, Vietjet continues to innovate consumer services on its e-commerce platform, prioritizing technology-driven solutions for a seamless passenger experience.

In the final months of the year, Vietjet plans to ramp up operations to meet peak travel demand, furthering its goal to lead as a green airline with advanced technologies. The airline remains committed to sustainable development, economic contributions, and social responsibility.

In October, Vietjet added three new aircraft to its fleet and plans to receive additional eco-friendly aircraft in Q4.