HO CHI MINH CITY, May 24 – Vietjet Aviation Joint Stock Company (HoSE: VJC) has reported an impressive performance in the first quarter of 2023. The positive results are attributed to a stable domestic flight operation and expansion of the airline’s international network. According to the Q1/2023 financial statements, Vietjet’s air transport revenue reached VND12,880 billion (approx. RM2.4 billion) while the after-tax profit was VND168 billion (approx. RM31.8 million).
The after-tax profit increased by 320% YoY, while ancillary revenue was reported at VND4,312 billion (approx. RM816 million), accounting for more than 33% of the total revenue. The airline safely operated 31,300 flights and transported nearly 5.4 million passengers, a growth of 57% and 75% YoY, respectively. Meanwhile, the airline’s load factor averaged 85%, and the technical reliability rate was 99.59%. Vietjet’s air cargo volume in the first quarter totaled more than 14,800 tons, up by 20% YoY. International passenger transport was a highlight, accounting for nearly 45% of the total passenger transport revenue and 30% of total flight and passenger numbers.
The company introduced ten new routes, bringing its total routes to 105 (55 domestic and 50 international). Vietjet also increased the frequency of flights connecting Hanoi and HCM City with other localities to meet the demand for family reunions. Vietjet’s consolidated revenue and after-tax profit were VND12,898 billion (approx. RM2.4 billion) and VND173 billion (approx. RM32.7 million), respectively. The airline’s assets totaled more than VND69,200 billion (approx. RM13.1 billion), with the debt-to-equity ratio being at 1 and the liquidity ratio at 1.3.
Both remaining within the safe range of aviation industry standards. The performance is the result of Vietjet’s sound business strategy in the context of a post-pandemic economy. The airline is targeting even better performance in the next quarters and the whole year and aims to grow strongly in the international market this year through research and investing in highly potential routes, while pioneering the opening of new routes. Vietjet has set a target of expanding its fleet to 87 aircraft, operating 139,513 flights with 25.7 million passengers onboard in 2023.
Additionally, the airline is offering consumption services on an e-commerce platform with an absolute focus on technology programs to accelerate digital business, bringing greater satisfactory experiences to customers. The newly-introduced Skyboss Business product on the A330 aircraft and the loyalty program SkyJoy both received positive feedback from a majority of passengers, with the number of Skyboss Business passengers gradually increasing, while SkyJoy has over 3 million members.
Vietjet has paid up to VND1,053 billion (approx. RM199.3 million) of direct and indirect taxes, fees and charges to the State. Vietjet’s strong performance in Q1/2023 and its plan to continue to expand and innovate bode well for the airline’s future success.
