Vietjet S 2023 Audit Report Robust Growth In International Flight Network With Air Transport Revenue Of Rm10 24 Billion

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Vietjet Aviation Joint Stock Company (HOSE: VJC) has released its audited financial statements for 2023, showcasing significant growth throughout the year.



The audited separate air transport revenue and consolidated revenue were reported at VND53.7 trillion (approx. RM10.24 billion) and VND58.3 trillion (approx. RM11.11 billion) respectively, marking a 62% and 45% year-on-year increase respectively. Notably, the company recorded a pre-tax air transport profit turnaround and consolidated profit of VND471 billion (approx. RM89.79 million) and VND606 billion (approx. RM115.52 million) respectively.

Ancillary and cargo revenue totaled nearly VND21 trillion (approx. RM4 billion), surpassing previous financial statements and increasing by over 60% year-on-year, accounting for 39% of the total air transport revenue.

As of 31 December 2023, Vietjet's total assets exceeded VND86.9 trillion (approx. RM16.57 billion). The company's debt-to-equity ratio stood at 2, well below the typical global range of between 3 and 5, while its liquidity ratio remained at a healthy 1.3, within the aviation industry's favourable range. The balance of cash and cash equivalents as of 31 December 2023 was reported at VND5.051 trillion (approx. RM963.09 million), ensuring the airline's financial stability.



The airline was also among those with best credit ratings according to guidelines by the Ministry of Finance. It has received the highest credit rating (VnBBB-) among Vietnamese corporations.

Leading international expansion
Since early 2024, the airline has expanded its international network by launching a direct route between Hanoi and Sydney, increasing the total number of Vietnam-Australia routes to seven.

Additionally, the commencement of new flights from Hanoi to Hiroshima (Japan) and Ho Chi Minh City to Chengdu (China) successfully fostered opportunities to enhance bilateral tourism and trade. Domestically, Vietjet has inaugurated the new route Hanoi - Dien Bien, providing travellers access to the historic destination of Dien Bien Phu.

Developing safe, modern, eco-friendly fleet
Sustainable development (ESG), which will continue to be the airline’s long-term strategic goal, is vital to the airline’s success as it helps to optimize resources, save fuel and reduce CO2 emissions with a new and modern fleet of aircraft.

Sustainable development (ESG) remains a long-term strategic goal for the airline, driving optimisation of resources, fuel savings, and reduction of CO2 emissions through a new and modern aircraft fleet.

Vietjet's ground services center operates efficiently, improving the quality of ground services while reducing operational costs at airports. Alongside ground handling services, Vietjet has proactively approached aircraft maintenance, launching an Aircraft Maintenance Center of international standards in cooperation with Lao Airlines in Vientiane in 2023.

In 2023, Vietjet achieved significant milestones in comprehensive development with a continuously expanding international network of medium-haul flights. The company remains poised to meet domestic travel demands while continuing plans for further international network growth.

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