Kuala Lumpur, 31 July 2024 – Vietjet Aviation Joint Stock Company (HOSE: VJC) has released its financial results for the first half of 2024 (H1/2024), showcasing record-breaking revenue growth.
In the first six months of 2024, Vietjet surpassed its pre-pandemic performance in 2019, transporting a total of 13.1 million passengers on 70,154 safe flights.
For the second quarter of 2024 (Q2/2024), Vietjet reported air transport revenue of VND 15.128 trillion (approx. RM 2.76 billion) and a pre-tax profit of VND 517 billion (approx. RM 94.23 million), reflecting year-over-year growth of 23% and 683%, respectively.
Over the six-month period, cumulative air transport revenue reached VND 32.893 trillion (approx. RM 6 billion), a 31% increase year-over-year. Pre-tax profit for this period was VND 1.174 trillion (approx. RM 213.98 million), surging by 690% compared to the previous year.
Vietjet’s consolidated revenue for H1/2024 totaled VND 34.016 trillion (approx. RM 6.2 billion), with a consolidated pre-tax profit of VND 1.311 trillion (approx. RM 238.95 million), representing increases of 15% and 433% year-over-year, respectively. The profit has exceeded the H1/2024 target by 21%.
As of 30 June 2024, Vietjet’s total assets amounted to over VND 91.755 trillion (approx. RM 16.72 billion). The airline’s debt-to-equity ratio remained at around 2, well below the global average of 5. Cash and cash equivalents at the end of Q2/2024 were reported at VND 4.1 trillion (RM 747.29 million).
According to Saigon Ratings, an independent credit rating organisation, Vietjet has maintained a long-term credit rating of vnBBB- with a “stable outlook”. Given the airline’s remarkable recovery and proactive planning for the past two years, Vietjet is expected to achieve breakthrough developments faster and more sustainably in the medium to long term.
Leading international expansion
Vietjet operates over 149 routes, including 38 domestic and 111 international routes. Recent expansions include new routes from Ho Chi Minh City to Xi’an, Phu Quoc to Taichung and Kaohsiung, and Ho Chi Minh City to Vientiane. The airline also announced a new Nha Trang – Daegu route, starting in October 2024, reinforcing its position as the largest carrier between Vietnam and South Korea, having served nearly 10 million passengers on more than 37 routes.
For the Asia-Australia transcontinental route, Vietjet has introduced two new routes from Hanoi to Melbourne and Sydney, bringing the total to seven routes between Vietnam and Australia. Along with five existing routes from Ho Chi Minh City to major Australian cities, Vietjet now offers 58 flights per week, making it the airline with the most routes between the two countries. This expansion supports travel, tourism, investment, trade, overseas study, and family visits.
For Malaysian travellers, the daily Kuala Lumpur – Ho Chi Minh route serves as an additional convenient transit option to explore these diverse destinations, enhancing their travel experience.
Growing a modern, green fleet
Operating a fleet of more than 105 aircraft (including those of Vietjet Thailand) with annual passenger growth, Vietjet is actively expanding its flight network intercontinentally, developing a new, modern, and environmentally friendly fleet.
Vietjet Aviation Academy (VJAA), a training partner of the International Air Transport Association (IATA), has emerged as a leading centre for international aviation human resources. In the first half of 2024, VJAA trained over 43,000 students across 3,898 courses, including pilots and aircraft engineers (CRS), and added a third simulation cockpit to enhance training. The academy provides trainees with a multinational working environment, practical experience, and knowledge, while also collaborating with universities to offer career guidance and job opportunities at Vietjet.
Vietjet has pioneered research into the development and use of sustainable aviation fuel, aiming to become a green airline that leads in technology and activities associated with sustainable development.
To support its expanding global flight network, Vietjet signed with Airbus an order for 20 new generation wide body A330neo aircraft worth US$7.4 billion (approx. RM 34.1 billion) at the Farnborough International Airshow in July 2024.
2024 also marks the airline’s new milestone of comprehensive development with its expansive mid-range international network, being ready to meet domestic transport demand while further preparing for additional international routes.
