BANGKOK, 2 August 2024: Vietjet Aviation Joint Stock Company has released its financial statement for the first half of 2024 (H1/2024), reporting record revenue growth.
In the first six months of 2024, Vietjet’s performance surpassed pre-pandemic 2019. The airline transported 13.1 million passengers on 70,154 flights during H1/2024.
For the second quarter of 2024 (Q2/2024), Vietjet reported air transport revenue of VND15.128 trillion (USD601 million) and a pre-tax profit of VND517 billion (USD20.57 million), marking year-over-year growth of 23% and 683%, respectively.
Over the six months, cumulative air transport revenue reached VND32.893 trillion (USD1.3 billion), up 31% year-over-year. Pre-tax profit for this period was VND1.174 trillion (USD46.77 million), surging by 690% compared to the previous year.
Vietjet’s consolidated revenue for H1/2024 totalled VND34.016 trillion (USD1.35 billion), with a consolidated pre-tax profit of VND1.311 trillion (USD52 million). These increases were 15% and 433% year over year, respectively. The profit even exceeded the H1/2024 target by 21%.
As of 30 June 2024, Vietjet’s total assets amounted to over VND91.755 trillion (USD3.65 billion). The airline’s debt-to-equity ratio remained at around two, well below the global average of five. Cash and cash equivalents by the end of Q2/2024 were reported at VND4.1 trillion (USD163.18 million).
According to Saigon Ratings, an independent credit rating organization, Vietjet has maintained a long-term credit rating of vnBBB with a “stable outlook.” Given the airline’s remarkable recovery and proactive planning over the past two years, Vietjet is expected to make breakthrough developments faster and more sustainably in the medium to long term.
In H1/2024, Vietjet paid VND3.687 trillion (USD146.78 million) in direct and indirect taxes and fees.
Leading international expansion
Vietjet operates more than 149 routes across Vietnam and internationally, including 38 domestic and 111 international routes.
Vietjet has launched new routes connecting Ho Chi Minh City with Xi’an, Phu Quoc with Taichung and Kaohsiung, and Ho Chi Minh City with Vientiane.
The airline has also announced the Nha Trang-Daegu route, which will start in October 2024. This solidifies Vietjet’s position as the largest airline in terms of routes connecting Vietnam and South Korea after a decade of serving nearly 10 million passengers across more than 37 routes between the two countries.
Regarding the Asia-Australia transcontinental route, Vietjet has added two new routes from Hanoi to Melbourne and Sydney, increasing services between Vietnam and Australia to seven. This expansion enhances connectivity for travel, tourism, investment, trade, overseas study, and family visits. With five routes from Ho Chi Minh City to the five largest cities in Australia, Vietjet now operates the most routes between Vietnam and Australia, with 58 weekly flights.
2024 also marks the airline’s new milestone of comprehensive development with its expansive mid-range international network. The airline is ready to meet domestic transport demand while further preparing for additional international routes.
