Vietjet reports impressive revenue and profits in first 9 months of 2024, BA

Vietjet Aviation Joint Stock Company reported robust business performance for the first nine months of 2024, maintaining stable operations within Vietnam while expanding its international network to meet rising travel demand.

During this period, Vietjet transported over 19.6 million passengers across 104,000 flights, reflecting year-over-year increases of more than 6 per cent and 2 per cent, respectively. The airline served over 2.54 million international passengers, marking a 9.1 per cent year-over-year growth.

In the first nine months of 2024, Vietjet reported air transport revenue and consolidated revenue of VND 51.7 trillion (approx. USD 2.03 billion) and VND 52.2 trillion (approx. USD 2.05 billion), reflecting 32 per cent and 19 per cent year-over-year growth, respectively. Separate and consolidated after-tax profit reached VND 1.13 trillion (approx. USD44.58 million) and VND 1.4 trillion (approx. USD 55.16 million), with an impressive year-over-year increase of 884 per cent and 564 per cent.

Vietjet’s fleet of 85 aircraft achieved an average seat utilization rate of 87 per cent and a technical reliability rate of 99.7 per cent The total cargo volume transported reached 88,964 tons, a 73 per cent year-over-year increase, capturing over 10 per cent of the freight market share among Vietnamese airlines.
As of Q3 2024, Vietjet operated 155 routes, including 43 domestic and 112 international routes. New direct routes have been launched, such as Da Nang to Ahmedabad and Xi’an to Ho Chi Minh City, with increased frequencies for routes like Ho Chi Minh City to Perth, alongside other regional destinations like South Korea, Japan, and Hong Kong.With its extensive flight network and strong passenger growth, Vietjet welcomed its 200 millionth passenger in Q3 2024, marking a significant milestone in connecting Vietnam to the world.

The airline also saw strong growth in ancillary and cargo revenue, recorded at VND 17.6 trillion (approx. USD693.47 million), accounting for 34 per cent of total air transport revenue and representing a 16 per cent year-over-year increase.

As of September 30, 2024, Vietjet’s total assets reached nearly VND 94 trillion (approx. USD3.7 billion), with a debt-to-equity ratio of 2.25 and a liquidity ratio of 1.4—levels considered safe within the aviation industry. Cash, bank deposits, and cash equivalents totaled nearly VND 3,997 billion (approx. USD158 million), ensuring liquidity along with sufficient working capital.