Vietjet reports robust Q1 performance

HO CHI MINH CITY, 4 May 2022: Vietjet Aviation Joint Stock Company says it kicked off 2022 with a great performance in the first quarter of 2022, reporting a leap of 113% in pre-tax profit.

The year-on-year improvement was mainly due to the rapid recovery of passenger transport and robust cargo business, which grew by 76% and 94%, respectively, during the first quarter.

In the first quarter, Vietjet’s consolidated revenue reached USD197 million, while the after-tax profit was USD10.6 million increasing by 12% and 98% YOY, respectively.

Regarding its airline transport business, Vietjet’s revenue for 1Q was USD145 million, helping nail the after-tax profit of the parent company at USD1.7 million.

Vietnam’s aviation and tourism sectors have fully reopened since late last year to meet pent-up travel demand. During the first quarter of 2022, Vietjet resumed its entire domestic network and relaunched scheduled international services. It has operated 20,000 flights carrying more than 3 million passengers on 60 domestic and international routes.

The airline’s flights and passenger uplift in 1Q2022 already passed 50% and 55%, respectively, of the 2021 performance, marking a milestone of strong recovery post-Covid-19 pandemic. Regarding cargo transport, Vietjet has airlifted more than 12,500 tons of cargo in the first quarter of this year.

Vietjet also reports it has deployed the first of two A330s and is expected to add a third A330 later this year. 

The airline also announced its 2021 audited financial statement, with the parent company reporting revenue of USD394 million and an audited post-tax profit increase by 91% over the compiled financial statement due to gains in financial activities.

Meanwhile, Vietjet’s consolidated revenue and after-tax profit in 2021 reached USD556 million and USD3.47 million, respectively. Rising costs from deferred income taxes resulted in a lower consolidated after-tax profit than in the 2021 compiled statements.

As of 31 December 2021, Vietjet’s assets totalled nearly USD2.25 billion. Its debt-to-equity ratio stayed at 0.9 while the liquidity ratio was at 1.6, which were considered good indicators in the aviation industry.

In 2021, Vietjet operated nearly 42,000 flights across its network with more than 5.4 million passengers on board. The airline has reported over 66,000 tons in cargo transport, achieving fast growth with cargo revenue, in particular, rocketing by over 200% YoY.