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Vietjet Reports Record-Breaking H1/2024 Performance, Surpasses Profit Targets by 21%

Kuala Lumpur, 1 August 2024 — Vietjet Aviation Joint Stock Company (HOSE: VJC) has announced its financial results for the first half of 2024, showcasing exceptional revenue and profit growth. The airline has significantly outperformed its pre-pandemic performance, achieving new heights in passenger transport and financial metrics. During this period, Vietjet transported 13.1 million passengers on 70,154 safe flights, setting a new benchmark for the company.

In Q2/2024, Vietjet reported air transport revenue of VND 15.128 trillion (approximately RM 2.76 billion) and a pre-tax profit of VND 517 billion (approximately RM 94.23 million). These figures represent a year-over-year growth of 23% in revenue and a staggering 683% increase in pre-tax profit. For the six months, cumulative air transport revenue reached VND 32.893 trillion (approximately RM 6 billion), marking a 31% year-over-year increase. The pre-tax profit for this period soared by 690%, amounting to VND 1.174 trillion (approximately RM 213.98 million).

The airline’s consolidated revenue for H1/2024 totalled VND 34.016 trillion (approximately RM 6.2 billion), with a consolidated pre-tax profit of VND 1.311 trillion (approximately RM 238.95 million), reflecting year-over-year increases of 15% and 433%, respectively. Notably, these profits exceeded Vietjet’s H1/2024 target by 21%. As of 30 June 2024, Vietjet’s total assets were valued at over VND 91.755 trillion (approximately RM 16.72 billion), and the airline maintained a debt-to-equity ratio of around 2, well below the global average of 5.

Vietjet continues to expand its international presence, operating over 149 routes, including 38 domestic and 111 international routes. Recent route additions include new connections from Ho Chi Minh City to Xi’an, Phu Quoc to Taichung and Kaohsiung, and Ho Chi Minh City to Vientiane. The airline has also announced a new route from Nha Trang to Daegu starting in October 2024, reinforcing its position as the largest carrier between Vietnam and South Korea. Furthermore, Vietjet has introduced two new routes from Hanoi to Melbourne and Sydney, expanding its network between Vietnam and Australia to seven routes, with a total of 58 flights per week.

In addition to its route expansions, Vietjet is committed to growing a modern and environmentally friendly fleet. Operating over 105 aircraft, the airline is actively developing its intercontinental flight network. Vietjet Aviation Academy (VJAA), a training partner of the International Air Transport Association (IATA), trained over 43,000 students in the first half of 2024, enhancing its capabilities with a third simulation cockpit.

Furthermore, Vietjet is pioneering research into sustainable aviation fuel, aiming to lead in technology and sustainability. To support its expansion, Vietjet signed a significant order with Airbus for 20 new generation A330neo aircraft, valued at US$7.4 billion (approximately RM 34.1 billion), at the Farnborough International Airshow in July 2024.

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