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VNA has annual general meeting

Released at: 16:21, 11/05/2018

VNA has annual general meeting

Photo: Vietnam Airlines

The national carrier has big plans for 2018.

by Ngoc Lan

At its annual general meeting (AGM) on May 10 in Hanoi, the shareholders of Vietnam Airlines (VNA) approved the listing of Vietnam Airlines on the HOSE in 2018.

The time frame for carrying out transfer procedures to the stock trading floor will be authorized by the board of directors after meeting the conditions prescribed by the law.

Shareholders voted and selected the audit firm that will handle the financial statements, the audit fees, and all issues related to the audit of individual financial statements and consolidation for 2019 - 2021.

The shareholders also voted to approve the amendments, additions to the charter, and the internal regulations on governance of Vietnam Airlines in accordance with the provisions of law.

According to the report of the AGM, in 2017, Vietnam Airlines successfully reached their targets and even achieved more than they had planned for compared to 2016. Specifically, the company served more than 22 million passengers on 140,000 perfectly safe flights.

The pre-tax consolidated profit reached over VND3.1 trillion ($137.7 million), surpassing 92.6 per cent of the plan, of which parent company's pre-tax profit was over VND1.9 trillion ($84.4 million), surpassing the plan by 52 per cent and surpassing the record in 2016, thus improving employee incomes and welfare.

Their 4-star service rating was confirmed after it was listed on the top 10 airlines with the best punctuality index in the world.

In 2017, Vietnam Airlines was recognized as having the best financial index in the market. According to Brand Finance, VNA's brand value was estimated at $310 million, up more than 60 per cent compared to 2016.

With the results of 2017, Vietnam Airlines will pay dividends to its shareholders at 8 per cent, 2 per cent higher compared to 2016. This ratio is in line with the business results of the year.

According to plans approved by the AGM, in 2018 Vietnam Airlines will be striving to reach more than 24.3 million passengers. Consolidated turnover is over VND97 trillion ($4.3 billion), of which the parent company is nearly VND73.5 trillion ($3.2 billion). The pre-tax consolidated profit will reach over VND2.4 trillion ($106.6 million), of which the parent company reached over VND1.95 trillion ($86.6 million).

In the first quarter of 2018, Vietnam Airlines achieved impressive business results with total consolidated revenue of VND 25.5 trillion, ($1.3 billion), of which parent company's revenue was estimated at VND18.6 trillion ($826.6 million), up more than 13 per cent against same period of 2017.

The pre-tax consolidated profit was estimated at VND1.46 trillion ($64.8 million), up 6.2 per cent against the plan. The parent company's pre-tax profit was VND875 billion ($38.8 million), over 30 per cent more than the same period of 2017 and over 13 per cent compared to the plan.

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