Vietjet says revenue growth remains strong

Vietjet Aviation has released its audited financial statement for the first half of 2024 (H1/2024) and reported strong growth in revenue and profit year-over-year (YoY). According to the report, Vietjet’s air transport revenue reached VND33.862 trillion (approx. US$1.37 billion) in the first 6 months of 2024, slightly higher than the compiled financial statements. Pre-tax profit was recorded at VND1.166 trillion (approx. US$47.38 million), marking a dramatic increase of 688% YoY. Vietjet reported H1/2024 consolidated revenue of VND34.030 trillion (approx. US$1.38 billion) and consolidated pre-tax profit of more than VND1 trillion (approx. US$40.63 million), representing increases of 15% and 307%, respectively, YoY. As of June 30, 2024, Vietjet’s total assets reached over VND92.205 trillion (approx. US$3.74 billion). The debt-to-equity ratio remained at around 2.16, compared to a global average of 5. Its liquidity ratio stood at 1.39, which is within a good range for the aviation industry. According to Saigon Ratings, an independent credit rating organisation, Vietjet has maintained a long-term credit rating of “vnBBB-” with a “Stable” outlook. Given the airline’s remarkable ongoing recovery and proactive preparations for future plans throughout 2022 and 2023, Vietjet is expected to achieve breakthrough developments more quickly and sustainably in the medium and long term. In the first half of 2024, Vietjet paid a total of VND3.687 trillion (approx. US$146.78 million) in direct and indirect taxes and fees. The airline transported a total of 13.1 million passengers on more than 70,000 safe flights in H1/2024. The number of international passengers reached 5.5 million while the number of international flights exceeded 28,300, increasing by 52% and 43% respectively YoY. This makes Vietjet the leading airline in terms of passenger volume. Vietjet operates more than 149 routes across Vietnam and beyond, including 38 domestic and 111 international routes. With a fleet of more than 105 aircraft (including those of Vietjet Thailand), Vietjet is actively expanding its flight network transcontinentally, developing a new, modern, and environmentally friendly fleet. At the Farnborough International Airshow earlier this year, Vietjet and Airbus signed an order for 20 new-generation wide body A330neo (A330-900) aircraft worth US$7.4 billion. For Editorial Inquiries Contact: Editor Matt Driskill at [email protected] For Advertising Inquiries Contact: Head of Sales Kay Rolland at [email protected]