MALAYSIA – Vietjet Aviation Joint Stock Company (HoSE: VJC) has concluded its 2024 General Meeting of Shareholders (GMS) and approved the business plan for 2024. The airline aims to maintain its leading position in the domestic market while further expanding its international flight network.
The airline has also achieved remarkable results in Q1/2024, paving the way for a successful year ahead.
High growth targets for 2024
Vietjet sets sights on surpassing VND 59 trillion (approx. RM 11.11 billion) in air transport revenue and VND 65.5 trillion (approx. RM 12.33 billion) in consolidated revenue for 2024, anticipating 10% and 12.4% year-on-year growth respectively. The airline is expected to safely operate 142,000 flights with more than 27.4 million passengers onboard. Vietjet’s Board of Directors also approved the 2024 profit distribution plan, in which dividends and advanced dividends will be paid in cash and stock at a maximum ratio of 25%.
With its leading market share in the region, Vietjet aims to uphold the stability of the domestic market while vigorously expanding its flight network globally, targeting new destinations in South Asia, Central Asia, Australia, and Europe.
Q1/2024: outstanding performance, a strong boost for the entire year
In Q1/2024, Vietjet achieved notable financial growth, with air transport revenue reaching VND 17.76 trillion (approx. RM 3.34 billion) and after-tax profit at VND 520 billion (approx. RM 97.88 million), showing year-on-year increases of 38% and 209% respectively. Vietjet’s consolidated revenue and after-tax profit also experienced substantial growth, reaching VND 17.76 trillion (approx. RM 3.34 billion) and VND 539 billion (approx. RM 101.45 million) respectively, reflecting a significant 38% and 212% year-on-year increase in the given order.
In the first three months of the year, Vietjet safely operated nearly 34,500 flights, accommodating over 6.3 million passengers onboard. The airline maintained an average load factor rate of 87% and achieved a technical reliability rate of 99.6%.
Continuing its international expansion strategy, Vietjet’s international passenger transport in Q1/2024 has witnessed a growth of more than 53% and 61% year-on-year in terms of flight numbers and passengers respectively.
In the past three months, the airline has introduced 15 new international and domestic routes, expanding its total operating routes to 140. Among the recent additions are routes such as Phu Quoc – Taipei, Ho Chi Minh City – Chengdu/Xi’an, and Vientiane, along with connections from Hanoi to Hiroshima and Sydney/Melbourne.
As of 31 March 2024, Vietjet’s total assets exceeded VND 85.82 trillion (approx. RM 16.15 billion), with a debt-to-equity ratio of 1.9 and a liquidity ratio of 1.3, both falling within favourable ranges for the aviation industry.
Beyond connecting Vietnam to the world through its flight network, Vietjet is also investing in international research and technology projects, expanding its presence on the global stage.
