Vietjet Aviation Joint Stock Company (HoSE: VJC) has successfully concluded its 2024 General Meeting of Shareholders (GMS), greenlighting an ambitious business plan aimed at maintaining its leading position in the domestic market and expanding its international flight network.
The airline, following an impressive performance in Q1/2024, has set high growth targets for the year ahead. Vietjet aims to surpass VND 59 trillion (approximately RM 11.11 billion) in air transport revenue and VND 65.5 trillion (approximately RM 12.33 billion) in consolidated revenue for 2024, anticipating year-on-year growth of 10% and 12.4% respectively.
With plans to safely operate 142,000 flights carrying more than 27.4 million passengers, Vietjet’s Board of Directors has also approved a profit distribution plan for 2024, with dividends and advanced dividends to be paid in cash and stock at a maximum ratio of 25%.
Maintaining its stronghold in the region, Vietjet aims to stabilise the domestic market while aggressively expanding its flight network globally. The airline is eyeing new destinations in South Asia, Central Asia, Australia, and Europe.
In Q1/2024, Vietjet achieved remarkable financial growth, with air transport revenue reaching VND 17.76 trillion (approximately RM 3.34 billion) and after-tax profit at VND 520 billion (approximately RM 97.88 million), marking year-on-year increases of 38% and 209% respectively.
The airline’s consolidated revenue and after-tax profit also experienced substantial growth, reaching VND 17.76 trillion (approximately RM 3.34 billion) and VND 539 billion (approximately RM 101.45 million) respectively, reflecting a significant 38% and 212% year-on-year increase.
Operating nearly 34,500 flights in the first three months of the year, Vietjet accommodated over 6.3 million passengers onboard with an average load factor rate of 87% and a technical reliability rate of 99.6%. Its international passenger transport in Q1/2024 witnessed a growth of more than 53% and 61% year-on-year in terms of flight numbers and passengers respectively.
In a bid to expand its reach, Vietjet introduced 15 new international and domestic routes in the past three months, including 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 March 31, 2024, Vietjet’s total assets exceeded VND 85.82 trillion (approximately RM 16.15 billion), with favorable debt-to-equity and liquidity ratios for the aviation industry.
Beyond its flight network expansion, Vietjet is investing in international research and technology projects, solidifying its presence on the global stage.
