Vietjet Airlines Reports Positive Results, Sets Ambitious Goals for 2024
On April 26, 2024, Vietjet Aviation Joint Stock Company (HOSE: VJC) convened its annual shareholders’ meeting and approved a business plan focused on maintaining domestic market share, strengthening partnerships, and establishing joint ventures to expand international flight routes.
Despite the ongoing challenges faced by the aviation industry, particularly fuel costs, Vietjet has achieved significant progress. The airline’s individual air transport revenue reached 53,700 billion VND, while consolidated revenue reached 58,300 billion VND, representing growth of 62% and 45%, respectively, compared to 2022.
Notably, air transport profit before tax and consolidated profit returned to positive territory, reaching 471 billion VND and 606 billion VND, respectively.
Ancillary revenue and cargo transportation reached nearly 21,000 billion VND, an increase compared to the independently reported results and over 60% higher than in 2022, contributing 39% to total air transport revenue. As of December 31, 2023, Vietjet’s total assets exceeded 86.9 trillion VND.
In 2023, Vietjet operated 133,000 safe flights, transporting 25.3 million passengers, including more than 7.6 million international passengers, a remarkable 183% increase from 2022. Vietjet launched 33 new international and domestic routes, bringing its total flight network to 125 routes, including 80 international and 45 domestic routes.
Vietjet Airlines’ 2024 Annual General Meeting of Shareholders, held today.
“Regarding the plans we set out, sometimes our forecasts cannot overcome objective developments,” said the Chairman of Vietjet, citing the example of the return of Chinese tourists post-COVID-19, which did not meet expectations.
Despite this, the chairman emphasized that Vietjet has moved swiftly to explore new markets in India, highlighting that it is not only a success for the airline but also for the tourism and investment industries between the two countries.
“When entering a new market, we must invest, leading to increased costs and expected profits being shared for market expansion. However, we are proud that Vietjet’s new market entry costs are the lowest in the world, managed with great efficiency.”
Vietjet aims to transport 27.4 million passengers in 2024, with air transport revenue rising by 10% to 59,000 billion VND. Consolidated revenue is projected to increase by 12.4% to 65,566 billion VND. The company has set a target of 1,081 billion VND for consolidated profit before tax and 831 billion VND for parent company profit before tax in 2024, representing increases of 78.38% and 76.4%, respectively, compared to the same period in 2023.
Building on its achievements in 2023, Vietjet has been leading the way in connecting Vietnam with the world, bringing the world to Vietnam. Since early 2024, with the slogan “Fly Around the World, Rediscover Yourself,” Vietjet has continued to announce and launch new international routes, including Phu Quoc – Taipei (Taiwan, China), Ho Chi Minh City – Chengdu, Xi’an (China), Ho Chi Minh City – Vientiane (Laos), and routes from Hanoi to Hiroshima (Japan), Sydney, and Melbourne (Australia).
In addition, Vietjet remains an important player in connecting regions within the country, promoting economic recovery and development across all regions.
Leveraging its modern digital platform and comprehensive aviation service ecosystem, Vietjet continually introduces new and innovative products and services, relentlessly striving to enhance the customer experience and bring joy and satisfaction to all its customers.
Minh Anh
