Vietjet has positive H1 as domestic travel recovers

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Vietjet Aviation announced its audited half-year financial statements for 2022, reporting air transport revenue of VND14,898 billion (approx. US$640 million) and after-tax profit of VND80.33 billion (approx. US$3.45 million), which jumped by 197% and 135% YOY respectively.

The airline’s consolidated revenue reached VND15,934.6 billion (approx. US$684.5 million) while the consolidated after-tax profit was VND145 billion (approx. US$6.22 million), both increasing by 111% and 19% YOY respectively. The consolidated revenue and profit were posted to be lower as a commercial aircraft transaction worth of VND275 billion (approx. US$11.8 million) was carried forward to the next accounting period. As of 30 June, 2022, Vietjet’s assets totalled VND62,669 billion (approx. US$2.69 billion). Its debt-to-equity ratio stayed at 1.09 while the liquidity ratio was at 1.49.

Vietjet’s positive performance for the first six months of 2022 was owing to a robust recovery in travel demand, particularly in domestic routes which saw a 30% growth compared to the same period in the pre-pandemic 2019.  The airline has operated nearly 33,000 flights and carried 6 million passengers, leaping by 135% and 200% YOY respectively. The volume of cargo transported totalled more than 11,000 tons.

Vietjet plans to continue its stringent cost reduction measures and expedite digitalisation projects to optimise operation costs. A reduction of environmental protection tax on jet fuel down from VND3,000 to VND1,000 (approx. US0.04) per litre is set to help airlines accelerate their recovery and development amid a global oil price surge.

According to the International Air Transport Association (IATA), the domestic aviation sector will bounce back to 93% in 2022, with Vietnam’s in particular recovering by 96% and grows strongly in 2023. Resuming several international flights, Vietjet is set to further expand its business to contribute to the aviation industry and the economic recovery and development of localities and the country post-pandemic.

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