Vietjet Airlines Achieves Strong Q1 Performance, Expands International Network
During the first quarter of 2024, Vietjet launched 15 new routes, bringing its total number of destinations to 140 (photo: Quang Nguyen)
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In the first quarter of 2024, Vietjet Airlines reported an impressive performance with its airline transportation revenue reaching 17.765 trillion VND and after-tax profit hitting 520 billion VND, marking an increase of 38% and 209% respectively compared to the same period in 2023.
Vietjet’s consolidated revenue and after-tax profit amounted to 17.792 trillion VND and 539 billion VND respectively, reflecting a growth of 38% and 212% year-over-year.
During the first three months of the year, Vietjet safely operated close to 34,500 flights, carrying over 6.3 million passengers. The airline achieved a high average seat occupancy rate of 87% and a technical reliability rate of 99.6%.
In line with its strategy of expanding its international network, Vietjet’s international passenger transport increased by over 53% in terms of the number of flights and 61% in terms of passenger volume compared to Q1 2023.
In the first quarter of 2024, Vietjet inaugurated 15 new international and domestic routes, bringing its total number of destinations to 140. The airline continuously announced and launched new international routes, including Phu Quoc – Taipei (Taiwan, China), Ho Chi Minh City – Chengdu, Xi’an (China), Ho Chi Minh City – Vientiane (Laos), and flights from Hanoi to Hiroshima (Japan), Sydney, and Melbourne (Australia).
These results demonstrate that Vietjet has overcome the challenges faced by the aviation industry due to the shortage of aircraft, maintaining its growth momentum from 2023. The airline continues to lead the way in launching new international routes, creating strong momentum for its operations throughout 2024.
As of March 31, 2024, Vietjet’s total assets exceeded 85.8 trillion VND, with a debt-to-equity ratio of 1.9 times and a liquidity ratio of 1.3 times, which are considered prudent in the aviation industry.
Vietjet contributed 1.770 trillion VND in direct and indirect taxes and fees during the first quarter of 2024.
New international routes contributed to a 61% increase in Vietjet’s international passenger volume in Q1 compared to the same period last year (photo: Tai Nguyen)
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Not only connecting Vietnam to the world through its flight network, Vietjet is also a pioneer in connecting with the world through world-class research, investment, and technology application projects.
Building on its growth momentum from the beginning of the year, Vietjet has set ambitious targets to achieve even greater results in the coming quarters and throughout 2024. In addition to maintaining its strong position in the domestic market, Vietjet aims to further expand its international network, expecting to operate 142,000 flights and transport 27.4 million passengers in 2024.
