Vietjet Soars On First Quarter Result
By Airline Ratings Thu Jul 18, 2024
Vietjet has posted a stellar result for the first quarter of FY24 with revenue recorded at VND17.76 trillion (approx. US$701 million) while after-tax profit at VND520 billion (approx. US$20.5 million), increasing by 38% and 209% YoY respectively.
The airline’s consolidated revenue and after-tax profit were VND17.79 trillion (approx. US$702.4 million) and VND539 billion (approx. US$21.3 million) respectively, growing by 38% and 212% YoY.
During the first three months of the year, Vietjet operated nearly 34,500 flights with more than 6.3 million passengers. The airline's average load factor rate reached 87% and the technical reliability rate was 99.6%.
Advancing its strategy to expand internationally, Vietjet’s international passenger transport in Q1/2024 grew by more than 53% and 61% YoY in terms of numbers of flights and passengers respectively.
Over three months, the airline has launched 15 new international and domestic routes, lifting its total operating routes to 140. Among the latest international ones being announced and launched include Phu Quoc – Taipei, Ho Chi Minh City – Chengdu/Xi’an and Vientiane, and Hanoi to Hiroshima and Sydney/Melbourne.
As of March 31, 2024, Vietjet's total assets mounted more than VND85.82 trillion (approx. US$3.38 billion). The company's debt-to-equity ratio was at 1.9 while the liquidity ratio at 1.3.
Building on its growth momentum since the beginning of the year, Vietjet has set ambitious targets for the coming quarters and throughout 2024. In addition to maintaining its domestic market presence, the airline aims to even further expand its international flight network, with plans to operate 142,000 flights and transport 27.4 million passengers in 2024.
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