Vietjet says it posted a Q4 profit

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(PHOTO: Vietjet)

Vietjet Aviation has released its financial statements for the fourth quarter of 2021, reporting a consolidated after-tax profit of VND100 billion (approx. US$4.4 million) which saw an increase over 2020s.

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.

In Q4-2021, Vietjet recorded a YoY decreasing air transport revenue at VND2,789 billion (approx. US$122 million). The airline, however, gained a consolidated revenue at VND12,998 billion in 2021 (approx. US$571 million) with a consolidated after-tax profit at VND100 billion (approx. US$ 4.4 million) – an increase of 46 percent over 2020.

As of December 31, 2021, Vietjet’s assets totalled nearly VND51,785 billion (approx. US$2.27 billion). Its debt-to-equity ratio stayed at 0.91 while the liquidity ratio was at 1.63 – 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 growing by over 200 percent YoY.

Vietjet has worked to optimise 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 percent fee waiver for landing and taking-off, 50 percent fee waiver for environmental protection on aviation fuel until the end of 2022 and other discounts for airports fees and ground services rates.

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