13:14 (GMT +7) - Saturday 23/06/2018

Business

Vietjet records 2017 net revenue of $1.8bn

Released at: 14:40, 31/01/2018 BUSINESS SPOTLIGHT

Vietjet records 2017 net revenue of $1.8bn

Photo: Vietjet

Figure up 53.7% against 2016, according to pre-audited financial statement.

by Ngoc Lan

Vietjet Air has announced that total net revenue in 2017 stood at nearly VND42.258 trillion ($1.8 billion), an increase of 53.7 per cent year-on-year and exceeding the annual target by 0.6 per cent.

The figure is contained in the pre-audited financial statement for 2017, with all indicators growing strongly compared to 2016 and exceeding plans approved at its annual shareholders meeting.

Pre-tax profit was approximately VND4.755 billion ($211.3 million), up 75.9 per cent year-on-year and representing 126 per cent of the annual plan.

After-tax profit for the parent company’s shareholders reached VND4.527 trillion ($201.2 million), for an earnings-per-share of VND10,065 ($0.4).

Thanks to the expansion of its fleet by 17 aircraft in 2017, including a modern A321neo, the first in Southeast Asia, Vietjet opened 22 new routes - one domestic and 21 international - increasing its total to 82 routes, including 38 domestic and 44 international. 

It carried over 17.11 million passengers in 2017. Air transportation revenue for the year was VND22.577 trillion ($1 billion), up 41.8 per cent year-on-year and exceeding the annual plan by 4.6 per cent.

As at December 31, its total fleet consisted of 51 Airbus A320 and A321 aircraft. It has received 39 aircraft out of a total of 219 aircraft ordered from Airbus and Boeing. On time performance was 85.59 per cent.

Vietjet paid a 10 per cent cash dividend for 2017, a 40 per cent share dividend for 2016, and advanced a 20 per cent cash dividend payment for 2017. With its positive business results, it increased its 2017 dividend payment from 50 per cent to 60 per cent and prepared for a 10 per cent cash dividend payment for 2017 on February 7.

The airline operates 350 flights each day and has already carried more than 50 million passengers and opened 82 routes in Vietnam and across the region to international destinations such as Thailand, Singapore, South Korea, Taiwan, Hong Kong, mainland China, Malaysia, Indonesia, Myanmar, and Cambodia.

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