Vietjet Air reports Q3 after-tax profit at VND 55 billion, up 30% YoY

Xuan Thinh Tuesday | 10/31/2023 10:31

Photo: Vietjet Air

Vietnam’s private carrier recorded VND 55 billion in consolidated after-tax profit from VND 14,235 billion in revenue in the third quarter of 2023, a year-over-year increase of 30% and 23% respectively.

Vietjet carried out 36,000 flights during the reviewed quarter, carrying 6.8 million passengers—more than 2.3 million of them were international—a 10% increase over the third quarter of 2019, which was before the COVID-19 pandemic. In addition, the accomplishment represented a 127% rise over the third quarter of 2022.

Vietnam had 23.7 million foreign visitors via its airports in the first nine months of 2023—a rise of about 267%. Vietjet, which aggressively promotes foreign investment and tourism, supplied more than 51% of the 11.5 million passengers carried by the nation's airlines (5.9 million passengers).

The airline's flights have a 99.72% technical dependability rating and a strong average seat usage ratio of over 85%. There are 103 aircraft in Vietjet's fleet, 18 of which are used by Thai Vietjet, and two more are on the way.

International passenger transport continues to grow rapidly, increasing 201% compared to the third quarter of 2022, contributing more than 57% of total passenger transport revenue and accounting for 35% of flights and passengers.

The total output of transported goods reached 20.3 thousand tons, an increase of 76% over the same period, accounting for 23% of the market share of goods transported by Vietnamese airlines.

Ancillary revenue and cargo transportation, with high-profit margins, continue to be promoted by the airline, contributing 40% of total air transportation revenue and reaching VND 5,029 billion, an increase of 26% over the same period and 77% compared to the third quarter of 2019.

As of September 30, 2023, Vietjet's total assets reached more than VND 76.5 trillion; the debt-to-equity ratio of 1.5 times and the liquidity index of 1.4 times are at a safe level. in the aviation industry.

During the official visit of the US President to Vietnam, Vietjet signed an agreement with Boeing on a plan to deliver 200 737 MAX aircraft worth $25 billion in the next 5 years and an agreement to sponsor aircraft with a total price of $550 million with Carlyle Group.