Vietjet S H1 2024 Financial Results Show Exceptional Revenue And Profit Growth Amid Rapid Expansion

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Vietjet Aviation Joint Stock Company (HOSE: VJC) has released its audited financial statement for the first half of 2024 (H1/2024), reporting strong growth in revenue and profit year-over-year (YoY).



According to the report, Vietjet’s air transport revenue reached VND33.862 trillion (approx. RM5.98 billion) in the first six months of 2024, slightly higher than the compiled financial statements. Pre-tax profit was recorded at VND1.166 trillion (approx. RM205.79 million), marking a remarkable increase of 688% YoY.

The airline reported H1/2024 consolidated revenue of VND34.030 trillion (approx. RM6 billion) and consolidated pre-tax profit of over VND1 trillion (approx. RM176.49 million), representing YOY increases of 15% and 307%, respectively.

As of June 30, 2024, Vietjet's total assets exceeded VND92.205 trillion (approx. RM16.273 billion). The debt-to-equity ratio remained at around 2.16, compared to a global average of 5. Its liquidity ratio stood at 1.39, which is within a favourable range for the aviation sector.

According to Saigon Ratings, an independent credit rating organization, Vietjet has maintained a long-term credit rating of “vnBBB-” with a "Stable" outlook. Thanks to its ongoing recovery and proactive strategic planning throughout 2022 and 2023, Vietjet is expected to achieve accelerated and sustainable developments in the medium and long term.

In the first half of 2024, Vietjet contributed a total of VND3.687 trillion (approx. RM650.71 million) in direct and indirect taxes and fees.

The airline carried 13.1 million passengers across more than 70,000 safe flights during the first half of 2024. The number of international passengers reached 5.5 million with over 28,300 international flights, representing YoY increases of 52% and 43%, respectively. This solidifies Vietjet's position as the leading airline by passenger volume.

Vietjet operates over 149 routes, including 38 domestic and 111 international, with a fleet of more than 105 aircraft, including those of Vietjet Thailand. At the Farnborough International Airshow earlier this year, Vietjet and Airbus signed an order for 20 new-generation wide-body A330neo (A330-900) aircraft worth US$7.4 billion (approx. RM32.147 billion).



Actively expanding its modern and environmentally friendly fleet, the airline connects exciting destinations across Vietnam and the broader Asia-Pacific region. Through its daily service linking Kuala Lumpur and Ho Chi Minh City, Vietjet offers Malaysian travellers a gateway to explore Vietnam's top attractions and other popular global tourist spots.

Vietjet is also pioneering research into sustainable aviation fuel (SAF) development, aiming to become a green airline at the forefront of technology and sustainability initiatives.

The airline has received numerous accolades, including "Best Low-cost Airline in Southeast Asia" and "Best Finance-Management-Aviation-Vietnam" from International Finance magazine; "Best Ultra Low-cost Airline" and "Best Low-cost Airline Onboard Hospitality" from AirlineRatings; and has been listed among Forbes’ Top 50 Best-Listed Companies in Vietnam in 2024.

Recently, Vietjet has also secured two major wins at the World Travel Awards 2024, being named "Asia's Leading Airline for Customer Experience" and "Asia's Leading Airline Rewards Programme."

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