Vietjet Reports Strong H1 2024 Financial Results and Record Passenger Growth

2024-11-22 03:50:01 Business

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India, September 12, 2024) - Vietjet Aviation Joint Stock Company (HOSE: VJC) has released its audited financial statement for the first half of 2024 (H1/2024), reporting strong year-over-year (YoY) growth in revenue and profit.

According to the report, Vietjet’s air transport revenue reached VND 33.862 trillion (approx. US$1.37 billion) in the first six months of 2024, slightly higher than the compiled financial statements. Pre-tax profit was recorded at VND 1.166 trillion (approx. US$47.38 million), marking a dramatic increase of 688% YoY.

The airline reported H1/2024 consolidated revenue of VND 34.030 trillion (approx. US$1.38 billion) and consolidated pre-tax profit of more than VND 1 trillion (approx. US$40.63 million), representing YoY increases of 15% and 307%, respectively. In the first half of 2024, Vietjet paid a total of VND 3.687 trillion (approx. US$146.78 million) in direct and indirect taxes and fees.

As of June 30, 2024, Vietjet's total assets amounted to over VND 92.205 trillion (approx. US$3.74 billion). The debt-to-equity ratio remained around 2.16, compared to the global average of 5. Its liquidity ratio stood at 1.39, which is considered favorable within the aviation industry.

The airline transported a total of 13.1 million passengers on more than 70,000 safe flights in H1/2024. The number of international passengers reached 5.5 million, while international flights exceeded 28,300, representing YoY increases of 52% and 43%, respectively. This makes Vietjet the leading airline in terms of passenger volume.

Vietjet operates more than 149 routes, including 38 domestic and 111 international routes. With a fleet of over 105 aircraft (including those of Vietjet Thailand), the airline is actively expanding its flight network transcontinental, while developing a new, modern, and environmentally friendly fleet.

At the Farnborough International Airshow earlier this year, Vietjet and Airbus signed an order for 20 new-generation wide-body A330neo (A330-900) aircraft worth US$7.4 billion.

Embracing a strategy and vision of building and developing aviation human resources to international standards, Vietjet Aviation Academy (VJAA) has become a training partner of the International Air Transport Association (IATA).

Since 2019, Vietjet has been a pioneering airline in establishing direct flight routes between Vietnam and India, offering convenient and affordable travel options. The airline now operates seven routes with 56 weekly flights, connecting Hanoi and Ho Chi Minh City with major Indian cities such as New Delhi, Mumbai, Ahmedabad, and Kochi. The airline recently announced the launch of a new route connecting Ahmedabad in India to Da Nang in Vietnam. The new route will commence operations in October 2024. Vietjet has transported nearly 1.3 million passengers between Vietnam and India, serving a country with a population of 1.4 billions.

About Vietjet

The new-age carrier Vietjet has not only revolutionized the aviation industry in Vietnam but also been a pioneering airline across the region and around the world. With a focus on cost management ability, effective operations, and performance, applying the latest technology to all activities and leading the trend, Vietjet offers flying opportunities with cost-saving and flexible fares as well as diversified services to meet customers’ demands.