00:49 (GMT +7) - Thursday 27/04/2017

Business

Vietjet announces 2017-2022 plans

Released at: 10:16, 21/04/2017

Vietjet announces 2017-2022 plans

Photo: VietJet

Carrier's April 20 AGM hears of sustainable growth targets for future, business results for 2016, and goals for 2017.

by Linh San

The Vietjet Aviation Joint Stock Company (Vietjet Air) announced its plans for sustainable growth in the 2017-2022 period at its annual general meeting in Ho Chi Minh City on April 20.

The budget carrier will develop a sustainable development program, invest in enhancing its human resources, protect the environment, meet its corporate social responsibilities, work within the national tourism development strategy, promote local economic development, popularize cultural practices, and boost aviation in the country.

It commits to prioritizing safety and reliability, continuing to innovate to improve service quality and operational efficiency, and conducting management under international standards and in accordance with Vietnamese Accounting Standards (VAS) and International Financial Reporting Standards (IFRS).

“Vietjet is ready to conquer new heights and I am confident that there is a bright future in the air and we are making every effort to bring it closer,” said Vietjet Chairwoman Nguyen Thanh Ha.

The meeting ended successfully with all reports and proposals approved by shareholders. Vietjet expects to pay a 10 per cent cash dividend to shareholders on May 10 and will also pay a bonus share dividend of 40 per cent. It’s revenue target is VND42.018 trillion ($1.8 billion) and after-tax profit VND3.395 trillion ($149 million). It also secured agreement to request its foreign ownership cap be scrapped.

Business results were positive in 2016. The airline operated 84,455 safe flights, recorded a high percentage for on time performance (OTP), of 83.57 per cent, and technical reliability, of 99.57 per cent, and was listed among the leading airlines operating the A320/A312 aircraft family in the region. Flight operations, ground operations, and engineering safety indicators were among the best of regional airlines.

It also recorded turnover of VND27.499 trillion ($1.2 billion) in 2016 and after-tax profit of VND2.496 trillion ($109.8 million), increases of 38.6 per cent and 113.2 per cent, respectively, compared to 2015 and exceeding targets by 3 per cent and 9 per cent, respectively.

It received 12 new aircraft last year, increasing its fleet to 41, including 30 A320s and 11 A321s, and transported 14.05 million passengers, an increase of 50.9 per cent compared to 2015 and leading the domestic market.

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