Vietjet reports after-tax profit of 168 billion VND in Q1/2023

Vietjet Aviation Joint Stock Company (HoSE: VJC) has recorded positive performance in Q1/2023, resulting from stable domestic flight operation and expansion of international network.
Vietjet reports after-tax profit of 168 billion VND in Q1/2023 ảnh 1Vietjet has set major targets as the aviation and tourism industries are expected to grow strongly in 2023. (Photo:

HCM City (VNA) - Vietjet Aviation Joint Stock Company (HoSE: VJC) has recorded positive performance in Q1/2023, resulting from stable domestic flight operation and expansion of international network.

According to the Q1/2023 financial statements, Vietjet’s air transport revenue reached 12.88 trillion VND (approx. 553 million USD) while the after-tax profit was 168 billion VND (approx. 7.2 million USD), increasing by 286% and 320% YoY respectively. Ancillary revenue, in particular, was reported at 4.31 trillion VND (approx. 185 million USD), accounting for more than 33% of the total revenue.

The company’s consolidated revenue and after-tax profit was almost 12.9 trillion VND (approx. 554 million USD) and 173 billion VND (approx. 7.4 million USD), respectively.

In the first three months of the year, Vietjet has safely operated 31,300 flights and transported nearly 5.4 million passengers, growing by 57% and 75% YoY respectively. The airline’s load factor averaged 85% while the technical reliability rate was 99.59%.

Vietjet’s air cargo volume in the quarter totaled more than 14,800 tonnes, up by 20% YoY.

International passenger transport remained the highlight as it accounted for nearly 45% of the total passenger transport revenue and 30% of total flight and passenger numbers.

As of March 31, 2023, the airline’s assets totaled more than 69.2 trillion VND (approx. 2.96 billion USD) with the debt-to-equity ratio being at 1 while the liquidity ratio at 1.3, both were staying within the safe range of the aviation industry.

Vietjet has paid up to 1.05 trillion VND (approx. 45 million USD) of direct and indirect taxes, fees and charges to the State.

Such performance resulted from Vietjet’s proper business strategy in the context of a post-pandemic economy. In Q1/2023, the airline has introduced 10 new routes (four domestic and six international routes), bringing the total routes to 105 (55 domestic and 50 international routes).

Since early 2023, Vietjet has increased frequency of flights connecting Hanoi and HCM City with other localities to meet the travel demand for family reunion, as well as added more flights to tourism destinations.

The airline has pioneered to launch new international routes from Vietnam to India, Kazakhstan and Australia. It also added new destinations in high-performing markets like Japan, the Republic of Korea and Thailand, attracting investment and tourism to Vietnam.

Vietjet also focused to carry out programmes to optimise and manage operation costs, which contributed to the positive performance in Q1/2023.

Vietjet has set great targets towards better performance in the next quarters and the whole year, maintaining the market leader status. The airline also aims to grow strongly in the international market in 2023, to research and invest in highly potential routes while pioneers to open new ones.

The airline expects to expand the fleet to 87 aircraft, operating 139,513 flights with 25.7 million passengers onboard in 2023.

In addition to air service, Vietjet is eyeing to offer consumption services on an e-commerce platform with an absolute focus on technology programs to accelerate digital business, bringing greatest satisfaction experiences to the customers. The newly-introduced Skyboss Business product on the A330 aircraft and the loyalty program SkyJoy both received positive feedbacks from a majority of passengers. The number of Skyboss Business passengers is gradually increasing, while SkyJoy has so far more than 3 million members.

The new-age carrier Vietjet has not only revolutionized the aviation industry in Vietnam but also been a pioneering airline across the region and around the world. With a focus on cost management ability, effective operations, and performance, applying the latest technology to all activities and leading the trend, Vietjet offers flying opportunities with cost-saving and flexible fares as well as diversified services to meet customers’ demands.

Vietjet is a fully-fledged member of International Air Transport Association (IATA) with the IATA Operational Safety Audit (IOSA) certificate. As Vietnam’s largest private carrier, the airline has been awarded the highest ranking for safety with 7 stars by the world’s only safety and product rating website and listed as one of the world's 50 best airlines for healthy financing and operations by Airfinance Journal in many consecutive years. The airline has also been named as Best Low-Cost Carrier by renowned organizations such as Skytrax, CAPA, Airline Ratings, and many others./.


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