Vietjet Aviation Joint Stock Company (HoSE: VJC) has convened its 2024 General Meeting of Shareholders (GMS) and approved the annual business plan for 2024. The airline's objectives include sustaining its leading domestic market share and further expanding its international flight network.
Vietjet has also reported remarkable business results in Q1/2024, paving the way for a successful year ahead.
High growth targets for 2024
The GMS eyes air transport revenue and consolidated revenue to surpass VND59 trillion (approx. US$2.32 billion) and VND65.5 trillion (approx. US$2.57 billion) respectively, increasing by 10% and 12.4% YoY in the given order. Vietjet is expected to safely 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, with its leading market share in the region, will look to maintain stability in the domestic market while strongly expanding its flight network worldwide to new destinations in South Asia, Central Asia, Australia, Europe, etc.
Q1/2024: outstanding performance, a strong boost for the entire year
In Q1/2024, Vietjet’s air transport revenue was recorded at VND17.76 trillion (approx. US$701 million) while after-tax profit at VND520 billion (approx. US$20.5 million), increasing by 38% and 209% YoY respectively. The airline’s consolidated revenue and after-tax profit were VND17.79 trillion (approx. US$702.4 million) and VND539 billion (approx. US$21.3 million) respectively, growing by 38% and 212% YoY in the given order.
During the first three months of the year, Vietjet safely 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%.
Advancing its strategy to expand internationally, Vietjet’s international passenger transport in Q1/2024 has witnessed the growth of more than 53% and 61% YoY in terms of the numbers of flights and passengers respectively.
The airline has launched 15 new international and domestic routes over the span of three months, lifting its total operating routes to 140. Those among the latest international ones being announced and launched include Phu Quoc – Taipei, Ho Chi Minh City – Chengdu/Xi’an and Vientiane in addition to Hanoi to Hiroshima and Sydney/Melbourne.
As of March 31, 2024, Vietjet's total assets mounted more than VND85.82 trillion (approx. US$3.38 billion). The company's debt-to-equity ratio was at 1.9 while the liquidity ratio was at 1.3, which were both within good ranges of the aviation industry.
Vietjet, beyond connecting Vietnam to the world through its flight network, is also bringing itself closer to the global stage through international research and technology investment projects.
Vietjet has also reported remarkable business results in Q1/2024, paving the way for a successful year ahead.
High growth targets for 2024
The GMS eyes air transport revenue and consolidated revenue to surpass VND59 trillion (approx. US$2.32 billion) and VND65.5 trillion (approx. US$2.57 billion) respectively, increasing by 10% and 12.4% YoY in the given order. Vietjet is expected to safely 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, with its leading market share in the region, will look to maintain stability in the domestic market while strongly expanding its flight network worldwide to new destinations in South Asia, Central Asia, Australia, Europe, etc.
Q1/2024: outstanding performance, a strong boost for the entire year
In Q1/2024, Vietjet’s air transport revenue was recorded at VND17.76 trillion (approx. US$701 million) while after-tax profit at VND520 billion (approx. US$20.5 million), increasing by 38% and 209% YoY respectively. The airline’s consolidated revenue and after-tax profit were VND17.79 trillion (approx. US$702.4 million) and VND539 billion (approx. US$21.3 million) respectively, growing by 38% and 212% YoY in the given order.
During the first three months of the year, Vietjet safely 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%.
Advancing its strategy to expand internationally, Vietjet’s international passenger transport in Q1/2024 has witnessed the growth of more than 53% and 61% YoY in terms of the numbers of flights and passengers respectively.
The airline has launched 15 new international and domestic routes over the span of three months, lifting its total operating routes to 140. Those among the latest international ones being announced and launched include Phu Quoc – Taipei, Ho Chi Minh City – Chengdu/Xi’an and Vientiane in addition to Hanoi to Hiroshima and Sydney/Melbourne.
As of March 31, 2024, Vietjet's total assets mounted more than VND85.82 trillion (approx. US$3.38 billion). The company's debt-to-equity ratio was at 1.9 while the liquidity ratio was at 1.3, which were both within good ranges of the aviation industry.
Vietjet, beyond connecting Vietnam to the world through its flight network, is also bringing itself closer to the global stage through international research and technology investment projects.
