Vietjet Aviation Joint Stock Company (HOSE: VJC) has reported robust business performance for the first nine months of 2024 by maintaining stable operations in Vietnam while expanding its international network to meet increasing travel demand.
200 millionth passenger milestone
In the first nine months of 2024, Vietjet transported over 19.6 million passengers on 104,000 flights, increasing by more than 6% and 2% YoY, respectively. The airline welcomed over 2.54 million international passengers, indicating a rise of 9.1% YoY.
With a fleet of 85 aircraft, Vietjet has achieved impressive metrics, including an average seat utilization rate of 87% and a technical reliability rate of 99.7%.
The total cargo volume transported reached 88,964 tons, jumping by 73% YoY and accounting for over 10% of the freight market share among Vietnamese airlines.
By catering to the desire to explore beloved destinations, Vietjet’s international network not only fulfills travelers’ needs but also actively promotes tourism, trade, and bilateral investment between Vietnam and other countries.
As of Q3/2024, Vietjet has operated a total of 155 routes, including 43 domestic and 112 international routes.
The airline has launched a direct flight from Da Nang to Ahmedabad, 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.
The airline has also been actively implementing promotional programs on international routes to meet the demand of the upcoming peak travel seasons for Christmas and the Lunar New Year.
With a comprehensive flight network and strong passenger growth, Vietjet has welcomed its 200 millionth passenger in Q3/2024, marking a significant milestone in its journey to connect Vietnam with the world and bring the world closer to Vietnam.
Promoting economic development
In the first nine months of 2024, Vietjet reported air transport revenue and consolidated revenue of VND51.7 trillion (approx. US$2.03 billion) and VND52.2 trillion (approx. US$2.05 billion), respectively, growing by 32% and 19% YoY. Separate and consolidated after-tax profit reached VND1.13 trillion (approx. US$44.58 million) and VND1.4 trillion (approx. US$55.16 million), respectively, seeing leaps of 884% and 564% YoY.
The airline also focused on growing ancillary and cargo revenue, which was recorded at VND17.6 trillion (approx. US$693.47 million), accounting for 34% of total air transport revenue and increasing by 16% YoY.
As of September 30, 2024, Vietjet’s total assets reached nearly VND94 trillion (approx. US$3.7 billion), 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 reached nearly VND3,997 billion (approx. US$158 million). Together with working capital, it ensures liquidity for the company.
Vietjet has paid nearly VND5.56 trillion (approx. US$219.4 million) in direct and indirect taxes and fees during the first nine months of 2024.
The airline 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 organizations.
Pioneering use of green fuel
The airline has 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 the 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 US$7.4 billion.
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.
Vietjet is committed to expanding its staff pool through effective recruitment and high-quality training programs, ensuring that it meets its own human resource needs while also contributing to the broader demands of the aviation industry, both domestically and internationally. The airline has initiated several large-scale recruitment campaigns across various positions, offering numerous career opportunities with competitive salaries and benefits, in addition to ample potential for career advancement.
Aiming to reduce emissions, facilitate a green transition, and promote sustainable development (ESG), Vietjet is at the forefront of researching, developing, and using sustainable aviation fuel (SAF). The airline has partnered with reputable international partners for the supply and usage of SAF and aviation technical services for its modern fleet and has launched its first SAF flights to Melbourne and Incheon in October.
Along with its mission to realize the “dream of flying” for millions of people, Vietjet continues to provide consumer services on its e-commerce platform with utmost focus on technology programs to promote digital business, ensuring maximum convenience and satisfaction for passengers.
In the final months of the year, Vietjet aims to ramp up operations to meet travel demands during peak holiday seasons. As it strives to become a green airline leading in technology, Vietjet will continue to intensify activities with sustainable development in mind, contributing to the development of economies while fulfilling its social and community responsibilities.
In October, the airline received 3 new aircraft and will continue to take delivery of more environmentally friendly aircraft in the fourth quarter.
Vietjet operates over 40 weekly flights between Australia (Sydney, Melbourne, Brisbane, Perth) and Vietnam (Hanoi, Ho Chi Minh City), making it the leading airline for routes between Australia and Vietnam.
