BANGKOK, 2 May 2024: Vietjet targets 27 million passengers and a 25% dividend payout for 2024, fueled by USD701 million Q1/2024 air transport revenue, the management of Vietjet Aviation Joint Stock Company confirmed at the Annual General Shareholders Meeting 2024.
In addition to approving the annual business plan for 2024, the shareholders’ meeting endorsed the airline’s objectives, such as sustaining its domestic market share lead and expanding its international flight network.
Vietjet has also reported robust business results for Q1/2024, paving the way for a successful year ahead and a positive outlook.
High growth targets for 2024
Air transport revenue and consolidated revenue should surpass VND59 trillion (USD2.32 billion) and VND65.5 trillion (USD2.57 billion) increasing by 10% and 12.4%, respectively YoY. Vietjet forecasts it will operate 142,000 flights with more than 27.4 million passengers onboard.
Vietjet’s Board of Directors also approves the 2024 profit distribution plan, in which dividends and advanced dividends will be paid in cash and stock at a maximum ratio of 25%.
Vietjet, based on its lead in domestic market share, expects to maintain stability in the domestic market while expanding its flight network worldwide to new destinations in South Asia, Central Asia, Australia and even Europe.
Q1/2024: outstanding performance and a boost for the entire year
In Q1/2024, Vietjet’s air transport revenue recorded VND17.76 trillion (USD701 million), while after-tax profit stood at VND520 billion (USD20.5 million), increasing by 38% and 209% YoY, respectively. The airline’s consolidated revenue and after-tax profit stood at VND17.79 trillion (USD702.4 million) and VND539 billion (USD21.3 million), respectively, growing by 38% and 212% YoY.
During Q1, Vietjet operated nearly 34,500 flights with more than 6.3 million passengers onboard. The airline’s average load factor rate reached 87%, and the technical reliability rate was 99.6%.
Vietjet’s international passenger transport in Q1/2024 witnessed growth of more than 53% and 61% YoY in terms of flights and passengers, respectively.
The airline launched 15 new international and domestic routes during Q1, lifting its operating routes to 140. The latest additions comprised the launch of the following services: Phu Quoc – Taipei, Ho Chi Minh City – Chengdu/Xi’an, Ho Chi Minh City – Vientiane, Hanoi – Hiroshima and Ho Chi Min City – Sydney/Melbourne.
As of 31 March 2024, Vietjet’s total assets mounted more than VND85.82 trillion (USD3.38 billion). The company’s debt-to-equity ratio was 1.9, while the liquidity ratio was 1.3, both within an acceptable range in the aviation industry.
