Hanoi (VNA) – The Vietjet Aviation Joint Stock Company (HOSE: VJC) has reported robust business performance for the first nine months of 2024 by maintaining stable operations in Vietnam while expanding its international network to meet the mounting travel demand.
The 200 million passenger milestone
In the first nine months of 2024, Vietjet transported over 19.6 million passengers on 104,000 flights, increasing by more than 6% and 2% Year on year, respectively. The airline welcomed over 2.54 million international passengers, representing a rise of 9.1% Year on year.
Vietjet's fleet consists of 85 aircraft. The airline achieved an average seat utilisation rate of 87% and a technical reliability rate of 99.7%.
The total cargo volume transported reached 88,964 tonnes, jumping by 73% Year on year and accounting for over 10% of the freight market share among Vietnamese airlines.
Satisfying the needs to explore beloved destinations, Vietjet’s international network even helps promote tourism, trade, and bilateral investment between Vietnam and other countries.
As of Q3/2024, Vietjet has operated a total of 155 routes, including 43 domestic and 112 international routes.
The airline has launched a direct flight from Da Nang to Ahmedabad, Xi'an to Ho Chi Minh City, and increased the frequency of direct flights between Ho Chi Minh City and Perth, along with many other destinations in the region such as the Republic of Korea, Japan and Hong Kong (China).
It has also been extensively running promotional programmes on international routes to embrace the upcoming Christmas and Lunar New Year peak travel seasons.
With a comprehensive flight network and strong passenger growth, Vietjet has welcomed its 200 millionth passenger in Q3/2024, marking a significant milestone in its journey to connect Vietnam with the world and bring the world closer to Vietnam.
Promoting economic development
In the first nine months of 2024, Vietjet reported air transport revenue and consolidated revenue of 51.7 trillion VND (approx. 2.03 billion USD) and 52.2 trillion VND (approx. 2.05 billion USD) respectively, growing by 32% and 19% Year on year. Separate and consolidated after-tax profit reached 1.13 trillion VND (approx. 44.58 million USD) and 1.4 trillion VND (approx. 55.16 million USD) respectively, seeing leaps of 884% and 564% Year on year.
The airline also focused on growing ancillary and cargo revenue which was recorded at 17.6 trillion VND (approx. 693.47 million USD), accounting for 34% of total air transport revenue and increasing by 16% Year on year.
As of September 30, 2024, Vietjet's total assets reached nearly 94 trillion VND (approx. 3.7 billion USD), with a debt-to-equity ratio of 2.25 and a liquidity ratio of 1.4, which are considered safe levels in the aviation industry.
The balance of cash, bank deposits, and cash equivalents reached nearly 3,997 billion VND (approx. 158 million USD). Together with working capital, it ensures liquidity of the company.
Vietjet has paid nearly 5.56 trillion VND (approx. 219.4 million USD) of direct and indirect taxes and fees during the first nine months of 2024.
The airline continues to assert its leading position in promoting the development of the economy, trade, and tourism, while being a reliable strategic partner with reputable global organisations.
Pioneering use of green fuel
The airline has signed several important cooperation agreements at the 2024 Farnborough International Airshow, committing to the investment in cutting-edge aviation technology solutions and services to maintain the highest standards of safety and quality.
With the strategy of developing its fleet and enhancing operational capacity to support the expansion of its global flight network, Vietjet and Airbus have signed a contract to purchase 20 new generation wide-body A330neo aircraft with a total value of 7.4 billion USD.
Vietjet and Rolls-Royce, a leading British aerospace company, signed an agreement to supply 40 Trent 7000 engines and TotalCare engine services for 20 new Airbus A330neo aircraft. Additionally, Vietjet signed a comprehensive service agreement with Lufthansa Technik, a top aircraft maintenance provider.
Keep growing the staff pool with recruitment and quality training programs, Vietjet not only meets its own human resource demand but also of the entire aviation industry, both domestically and internationally. The airline has launched several large recruitment campaigns for various positions, providing numerous career opportunities with competitive salaries and benefits, as well as opportunities for advancement.
Aiming to reduce emissions, facilitate a green transition, and promote sustainable development (ESG), Vietjet is at the forefront of researching, developing, and using sustainable aviation fuel (SAF). The airline has partnered with reputable international partners for the supply and usage of SAF and aviation technical services for its modern fleet.
Along with its mission to realize the "dream of flying" for millions of people, Vietjet continues to provide consumer services on its e-commerce platform with utmost focus on technology programs to promote digital business, ensuring maximum convenience and satisfaction for passengers.
In the final months of the year, Vietjet aims to ramp up operations to meet the travel demands during peak holiday seasons. As it strives to become a green airline leading in technology, Vietjet will continue to intensify activities with sustainable development in mind, contributing to the development of the economies while fulfilling its social and community responsibilities.
In October, the airline received 3 new aircraft and will continue to take delivery of more environmentally friendly aircraft in the fourth quarter./.
