Vietjet profits 168 billion VND in the first quarter, many fields flourish

Vietjet Aviation Joint Stock Company (HoSE: VJC) recorded positive business results in the first quarter.

Vietjet's impressive achievements come from its stable exploitation of the domestic market, pioneering the opening of international routes, meeting the trade needs between Vietnam and other countries.

Revenue and profit increased

According to the first quarter business results report, Vietjet's air transport revenue reached VND 12,880 billion , profit after tax reached VND 168 billion , up 286% and 320% respectively over the same period in 2022. Of which, ancillary revenue reached VND 4,312 billion , contributing more than 33% of total revenue.

Regarding consolidated business results, Vietjet recorded revenue and profit after tax of VND 12,898 billion and VND 173 billion , respectively.

In the first three months of the year, Vietjet safely operated 31,300 flights, transporting nearly 5.4 million passengers, up 57% and 75% compared to the first quarter of 2022. The airline's flights achieved an average seat utilization rate of 85% and technical reliability of 99.59%.

During the quarter, Vietjet's total cargo volume reached more than 14,800 tons, up 20% over the same period in 2022. International passenger transport continued to be a bright spot, contributing nearly 45% of total passenger transport revenue, accounting for 30% in terms of number of flights and passengers.

International passenger transport continued to be a bright spot, bringing high revenue to Vietjet in the first 3 months of the year.

As of March 31, Vietjet's total assets reached over VND69,200 billion , with a debt/equity ratio of one and liquidity of 1.3 times - a safe level in the aviation industry. In the first quarter, the airline contributed VND1,053 billion in direct and indirect taxes and fees.

Focus on developing international markets

The above results were achieved thanks to a business strategy that is suitable for the development of the economy after the pandemic. Accordingly, in the first quarter, Vietjet opened 10 new routes (4 domestic routes, 6 international routes), bringing the total to 105 routes (55 domestic routes, 50 international routes).

Since the beginning of the year, the airline has increased flights on routes connecting Hanoi and Ho Chi Minh City with many localities, meeting the needs of people returning home and reuniting with their families. At the same time, Vietjet has increased flights on routes to tourist destinations.

Vietjet pioneered in opening new international routes from Vietnam to India, Kazakhstan and Australia, exploiting new destinations in effective markets such as Japan, Korea, Thailand, etc. Thanks to that, the airline contributed to attracting investment and tourism from other countries to Vietnam.

Vietjet leaders welcome passengers of the flight connecting Ho Chi Minh City - Melbourne (Australia), one of the international routes launched by the airline in the first quarter.

Evaluating 2023 - a year of strong growth for aviation and tourism - Vietjet sets many big goals to aim for higher results in the following quarters as well as the whole year.

In addition to stably exploiting the market and maintaining its leading position in the domestic market share, Vietjet aims to focus on developing the international market, researching and investing in exploiting potential routes as well as pioneering the opening of new routes this year. The airline plans to increase its fleet to 87 aircraft, operate 139,513 flights, and transport 25.7 million passengers this year.

Not only aviation, Vietjet aims to provide consumer services on e-commerce platforms, focusing on technology programs, promoting digital business, bringing the highest satisfaction to customers.

Forecasting strong growth in aviation and tourism, Vietjet sets many big goals to achieve higher results in 2023.

In the first three months of the year, Vietjet continuously launched many new products and services to improve customer experience. Notably, the Skyboss Business class and the Skyjoy loyalty program received many positive feedbacks from passengers. Currently, the number of passengers using the Skyboss Business product is gradually increasing on flights, while the SkyJoy program has more than 3 million members. Focusing on deploying and implementing the program optimally and controlling operating costs helped the airline achieve positive profit results in the first quarter.

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