Vietjet posts positive performance in Q1

Thursday, May 04, 2023 13:53

Vietjet safely operated 31,300 flights and transported nearly 5.4 million passengers in Q1/2023. — Photo courtesy of Vietjet

Vietjet Aviation Joint Stock Company (HoSE: VJC) has recorded positive performance in the first quarter of this year, resulting from stable domestic flight operations and the expansion of the international network.

According to the Q1 financial statements, Vietjet’s air transport revenue reached VND12.88 trillion (US$553 million) while the after-tax profit was VND168 billion ($7.2 million), up 286 per cent and 320 per cent year-on-year respectively.

Ancillary revenue, in particular, hit over VND4.31 trillion, accounting for more than 33 per cent of the total revenue.

The company’s consolidated revenue and after-tax profit were over VND12.89 trillion and VND173 billion respectively.

Over the past three months, Vietjet safely operated 31,300 flights and transported nearly 5.4 million passengers, growing by 57 per cent and 75 per cent year-on-year respectively. The airline’s load factor averaged 85 year-on-year while the technical reliability rate was 99.59 year-on-year.

Vietjet’s air cargo volume in the quarter totalled more than 14,800 tonnes, up by 20 per cent year-on-year.

Vietjet said international passenger transport remained the highlight as it accounted for nearly 45 per cent year-on-year of the total passenger transport revenue and 30 per cent year-on-year of total flight and passenger numbers.

As of March 31, 2023, the airline’s assets totalled more than VND69.2 trillion with the debt-to-equity ratio being at 1 while the liquidity ratio at 1.3, both were staying within the safe range of the aviation industry. It paid up to VND1 trillion of direct and indirect taxes, fees and charges to the State.

Such performance resulted from Vietjet’s proper business strategy in the context of a post-pandemic economy, Vietjet said, adding that in Q1, the airline introduced 10 new routes, bringing the total routes to 105.

Since early 2023, Vietjet has increased the frequency of flights connecting Ha Noi and HCM City with other localities to meet the travel demand for family reunions, as well as added more flights to tourism destinations.

The airline has also launched new international routes from Viet Nam to India, Kazakhstan and Australia. It also added new destinations in high-performing markets like Japan, South Korea and Thailand, attracting investment and tourism to Viet Nam.

Vietjet has set great targets towards better performance in the next quarters and the whole year, maintaining the market leader status. The airline also aims to grow strongly in the international market in 2023, to research and invest in highly potential routes while pioneers to open new ones.

It also expects to expand the fleet to 87 aircraft, operating 139,513 flights with 25.7 million passengers onboard in 2023.

In addition to air service, Vietjet is eyeing to offer consumption services on an e-commerce platform with an absolute focus on technology programs to accelerate digital business, bringing the greatest experiences to customers.

The newly-introduced Skyboss Business product on the A330 aircraft and the loyalty program SkyJoy both received positive feedback from a majority of passengers. The number of Skyboss Business passengers is gradually increasing, while SkyJoy has so far more than three million members. — VNS

Comments (0)