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Vietjet’s air transport revenue hit US$2.16 billion in 2023

VIETNAM, April 3 - HCM CITY — Vietjet Aviation Joint Stock Company (HOSE: VJC) recorded an air transport revenue of VNĐ53.7 trillion (US$2.16 billion) in 2023, up 62 per cent year-on-year.

Last year, the airline's consolidated revenue also saw an increase of 45 per cent year-on-year to VNĐ58.3 trillion ($2.35 billion), according to its 2023 audited financial report which was released on Wednesday.

Ancillary and cargo revenue amounted to nearly VNĐ21 trillion, surging over 60 per cent year-on-year, accounting for 39 per cent of the total air transport revenue.

As of December 31, 2023, Vietjet's assets totalled more than VNĐ86.9 trillion. The company's debt-to-equity ratio was at 2, well below the typical global range of between 3 and 5.

At the same time, its liquidity ratio stood at 1.3 which was within a good range for the aviation industry. The cash and cash equivalents balance as of December 31, 2023 was reported at VNĐ5.05 trillion, ensuring the airline's financial capacity.

In 2023, Vietjet paid approximately VNĐ5.2 trillion of direct and indirect taxes and fees as per the report.

International expansion

Striving to maintain and grow its domestic network while focusing efforts on expanding international routes, Vietjet in 2023 safely operated 133,000 flights with 25.3 million passengers onboard, a yearly surge of 183 per cent, with more than 7.6 million flying internationally.

During the year, the carrier launched 33 new domestic and international routes, bringing the total number of routes to 125, including 80 international and 45 domestic routes. The airline's average load factor rate reached 87 per cent and the technical reliability rate 99.72 per cent.

According to Vietjet, sustainable development will continue to be the airline’s long-term strategic goal and is vital to the airline’s success as it helps to optimise resources, save fuel and reduce CO2 emissions with a new and modern fleet of aircraft.

To meet operational demands, Vietjet continued to invest in a modern, safe and eco-friendly fleet. As of December 31, 2023, Vietjet's fleet consisted of 105 aircraft, including the wide-body A330s.

Having embarked on its journey to reduce carbon emissions over 10 years ago, by 2023, Vietjet's fleet has grown considerably, contributing significantly to the company's success by optimising resources, saving up to 15-20 per cent of fuel. — VNS