Vietjet’s 2023 audit report shows steady growth

Vietjet Aviation Joint Stock Company’s audited financial statements for 2023, show robust growth over the year. The audited separate air transport revenue and consolidated revenue were reported at VND53.7 trillion (approx. US$2.16 billion) and VND58.3 trillion (approx. US$2.35 billion) respectively, increasing by 62% and 45% YoY in the order given. Notably, the company recorded a turnaround of pre-tax air transport profit and consolidated profit at VND471 billion (approx. US$18.98 million) and VND606 billion (approx. US$24.42 million) respectively. Ancillary and cargo revenue amounted to nearly VND21 trillion (approx. US$846.6 million), higher than the compiled financial statements’ and increasing by more than 60% YoY. It was accounted for 39% of the total air transport revenue. As of December 31, 2023, Vietjet's total assets totalled more than VND86.9 trillion (approx. US$3.5 billion). The company's debt-to-equity ratio was at 2, well below the typical global range of between 3 and 5. Vietjet’s liquidity ratio stood at 1.3 which was within good range of the aviation industry. The cash and cash equivalents balance as of December 31, 2023 was reported at VND5.051 trillion (approx. US$203.62 million), ensuring the airline's financial capacity. 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. In 2023, Vietjet paid approximately VND5.2 trillion (approx. US$209.63 million) of direct and indirect taxes and fees. In 2023, Vietjet safely operated 133,000 flights with 25.3 million passengers onboard – a surge of 183% YoY, of whom more than 7.6 million were flying internationally. Vietjet 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% and the technical reliability rate 99.72%. 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.