Vietjet Aviation has released its audited financial statements for 2023 showing robust growth over the year 2023. The audited separate air transport revenue and consolidated revenue were reported at VND53.7 trillion (approx. US$2.16 billion) and VND58.3 trillion (approx. US$2.35 billion) respectively, increasing by 62% and 45% YoY in the order given. Notably, the company recorded a turnaround of pre-tax air transport profit and consolidated profit at VND471 billion (approx. US$18.98 million) and VND606 billion (approx. US$24.42 million) respectively.
Ancillary and cargo revenue amounted to nearly VND21 trillion (approx. US$846.6 million), higher than the compiled financial statements’ and increasing by more than 60% YoY. It was accounted for 39% of the total air transport revenue.
As of December 31, 2023, Vietjet’s total assets totalled more than VND86.9 trillion (approx. US$3.5 billion). The company’s debt-to-equity ratio was at 2, well below the typical global range of between 3 and 5. Vietjet’s liquidity ratio stood at 1.3 which was within good range of the aviation industry. The cash and cash equivalents balance as of December 31, 2023 was reported at VND5.051 trillion (approx. US$203.62 million), ensuring the airline’s financial capacity.
Vietjet in 2023 operated 133,000 flights with 25.3 million passengers onboard – a surge of 183% YoY, of whom more than 7.6 million were flying internationally. Vietjet launched 33 new domestic and international routes, bringing the total number of routes to 125, including 80 international and 45 domestic routes. Notable routes included Ho Chi Minh City – Shanghai, Ho Chi Minh City – Vientiane, Hanoi – Siem Reap, Hanoi – Hong Kong, Phu Quoc – Taipei, Phu Quoc and Ho Chi Minh City/ Hanoi – Jakarta, and others. The airline’s average load factor rate reached 87% and the technical reliability rate 99.72%.
Vietjet adds new China service, linking Ho Chi Minh City with Xi’an
Vietjet has expanded its network between Vietnam and China, following the launch of Shanghai and Chengdu services earlier this year. The airline will be the first carrier to operate the direct route connecting Vietnam’s economic hub of Ho Chi Minh City to China’s ancient capital of Xi’an. The non-stop service will offer travellers more travel options, shorten their travel time and save cost. The Ho Chi Minh City – Xi’an route will be operated on April 29, 2024 with four return flights per week. The flights from Ho Chi Minh City to Xi’an take off on every Monday, Wednesday, Friday and Sunday at 20:05 (local time), and land in Xi’an Xianyang International Airport at 01:30 the following day (local time). The return flights from Xi’an to Ho Chi Minh City take off on every Monday, Tuesday, Thursday and Saturday at 02:30 (local time) and land in Ho Chi Minh City at 06:25 (local time).