Vietjet posts over $2 billion in revenue, expanding fleet with new aircraft
In the final months of the year, Vietjet aims to ramp up operations to meet travel demands during the peak holiday season.
Vietjet Aviation Joint Stock Company (HOSE: VJC) has reported a robust business performance for the first nine months of 2024, posting revenues of over VNĐ51 trillion (US$2 billion) due in part to the firm's strategy of maintaining stable operations in Việt Nam while expanding its international network to meet mounting travel demands.
Vietjet announced air transport revenue and consolidated revenue of VNĐ51.7 trillion ($2.03 billion) and VNĐ52.2 trillion ($2.05 billion) respectively, growing by 32 per cent and 19 per cent year-on-year.
The company's separate and consolidated after-tax profit reached VNĐ1.13 trillion and VNĐ1.4 trillion respectively, seeing skyrocketing growth of 884 per cent and 564 per cent year-on-year.
The airline also focused on growing ancillary and cargo revenue, which was recorded at VNĐ17.6 trillion, accounting for 34 per cent of total air transport revenue and increasing by 16 per cent year-on-year.
As of September 30, Vietjet's total assets topped nearly VNĐ94 trillion, with a debt-to-equity ratio of 2.25 and a liquidity ratio of 1.4, which are considered safe levels in the aviation industry.
The balance of cash, bank deposits and cash equivalents hit over VNĐ3.99 trillion. This figure, along with working capital, ensures the company's liquidity.
Vietjet said it paid nearly VNĐ5.56 trillion in direct and indirect taxes and fees during the first nine months of 2024.
The airline noted that it continues to assert its leading position in promoting the development of the economy, trade and tourism, while being a reliable strategic partner with reputable global organisations.
The 200-million-passenger milestone
In nine months, Vietjet transported over 19.6 million passengers on 104,000 flights, marking rises of more than 6 per cent in number of passengers and 2 per cent in number of flights year-on-year. The airline also welcomed over 2.54 million international passengers, representing a 9.1 per cent increase.
Vietjet's fleet consists of 85 aircraft. The airline achieved an average seat utilisation rate of 87 per cent and a technical reliability rate of 99.7 per cent.
From January to September, the total cargo volume transported reached 88,964 tonnes, jumping by 73 per cent year-on-year and accounting for over 10 per cent of the freight market share among Vietnamese airlines.
As of Q3 2024, Vietjet operated a total of 155 routes, including 43 domestic and 112 international routes.
The airline has launched direct flights from Da Nang to Ahmedabad and from Xi'an to Ho Chi Minh City, and increased the frequency of direct flights between Ho Chi Minh City and Perth, along with many other destinations in the region such as South Korea, Japan and Hong Kong.
It has also been running extensive promotional programmes on international routes to embrace the upcoming Christmas and Lunar New Year peak travel season.
Vietjet also welcomed its 200 millionth passenger in Q3 2024, marking a significant milestone in its journey to connect Việt Nam with the world and bring the world closer to Việt Nam.
Fleet development
The airline also signed several important cooperation agreements at the 2024 Farnborough International Airshow, committing to investment in cutting-edge aviation technology solutions and services to maintain the highest standards of safety and quality.
With a strategy of developing its fleet and enhancing operational capacity to support the expansion of its global flight network, Vietjet and Airbus have signed a contract to purchase 20 new-generation wide-body A330neo aircraft with a total value of $7.4 billion.
Meanwhile, Vietjet and Rolls-Royce, a leading British aerospace company, signed an agreement to supply 40 Trent 7000 engines and TotalCare engine services for 20 new Airbus A330neo aircraft. Additionally, Vietjet signed a comprehensive service agreement with Lufthansa Technik, a top aircraft maintenance provider.
In the final months of the year, Vietjet aims to ramp up operations to meet travel demands during the peak holiday season. As it strives to become a leader in green technology, Vietjet will continue to intensify activities with sustainable development in mind, contributing to economic development while fulfilling its social and community responsibilities.
In October, the airline received three new aircraft and will continue to take delivery of more environmentally friendly aircraft in the fourth quarter. — VNS
