Vietjet reports US$7.2 million profit in Q1

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Vietjet Aviation Joint Stock Company has recorded positive performance in Q1/2023, resulting from stable domestic flight operation and expansion of international network. According to the Q1/2023 financial statements, Vietjet’s air transport revenue reached VND12,880 billion (approx. US$553 million) while the after-tax profit was VND168 billion (approx. US$ 7.2 million), increased by 286% and 320% YoY respectively. Ancillary revenue, in particular, was reported at VND4,312 billion (approx. US$185 million), accounting for more than 33% of the total revenue. The company’s consolidated revenue and after-tax profit was VND12,898 billion (approx. US$554 million)  and VND173 billion (approx. US$ 7.4 million) respectively.

In the first three months of the year, Vietjet has safely operated 31,300 flights and transported nearly 5.4 million passengers, growing by 57% and 75% YoY respectively. The airline’s load factor averaged 85% while the technical reliability rate was 99.59%. Vietjet’s air cargo volume in the quarter totaled more than 14,800 tons, up by 20% YoY.

International passenger transport remained the highlight as it accounted for nearly 45% of the total passenger transport revenue and 30% of total flight and passenger numbers. As of March 31, 2023, the airline’s assets totalled more than VND69,200 billion (approx. US$ 2.96 billion) with the debt-to-equity ratio being at 1 while the liquidity ratio at 1.3, both were staying within the safe range of the aviation industry. Vietjet has paid up to VND1,053 billion (approx. US$45 million) of direct and indirect taxes, fees and charges to the state.

In Q1/2023, the airline has introduced 10 new routes (4 domestic and 6 international), bringing the total routes to 105 (55 domestic and 50 international). Since early 2023, Vietjet has increased frequency of flights connecting Hanoi and HCM City with other localities to meet the travel demand for family reunion, as well as added more flights to tourism destinations.

The airline has launched new international routes from Vietnam to India, Kazakhstan and Australia. It also added new destinations in high-performing markets like Japan, South Korea and Thailand, attracting investment and tourism to Vietnam.

Vietjet also focused to carry out programs to optimise and manage operation costs, which contributed to the positive performance in Q1. Vietjet has set great targets towards better performance in the next quarters and the whole year, maintaining the market leader status. The airline also aims to grow strongly in the international market in 2023, to research and invest in highly potential routes while pioneers to open new ones. The airline expects to expand the fleet to 87 aircraft, operating 139,513 flights with 25.7 million passengers onboard in 2023.

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