Vietjet Aviation Joint Stock Company (HOSE: VJC) has released its half-year audited financial statements for 2021, which saw a bigger post-tax profit of the parent company over its compiled reports.

 

According to the financial statements audited by PwC, Vietjet as a parent company had its transport revenue reaching 5,022 billion VND (approx. 220 million USD) for the first six months of this year. Its profit after tax was reported at 34.2 billion VND (approx. 1.5 million USD), a year-on-year leap of 102 percent thanks to profits gained from new project investments. The airline’s audited after-tax profit has also increased by 148 percent compared to that in its compiled reports.

 

Vietjet posted its consolidated revenue at 7,556 billion VND (approx. 332 million USD) while the consolidated profit after tax reached 121.8 billion VND (approx. 5.3 million USD), showing a remarkable year-on-year growth of 161 percent.

 

Vietjet Air launches a new air route connecting Thanh Hoa and Phu Quoc (Photo: Vietjet Air)

 

Vietjet’s assets totaled 49,855 billion VND (approx. 2.18 billion USD) while its owner equity was at 16,975 billion VND (approx. 745 million USD) including treasury shares.  Its liquidity ratio remained at 1.31 while the debt-to-equity ratio stayed at as low as 0.51. Such good financial indicators, which are in the lowest and safest group in the aviation industry, allow Vietjet to keep rolling out its plan for mid- and long-term capital mobilisation to strengthen its balance sheet.

 

Vietjet has transported more than 4.8 million of passengers on 34,000 flights over the first six months of the year. The airline has also focused on refining operation protocols and promoting its cargo operations, resulting in a 40 percent-45 percent year-on-year growth with a total of more than 37,000 tons of cargo delivered.

 

Vietjet has opened six new direct flights from Da Lat, Nha Trang, Thanh Hoa, Vinh and Da Nang to Phu Quoc island while introducing a safe and favorable travel package to promote the island’s economic recovery.

 

The airline has kept its costs well under control via a series of renovation, innovation and creativity programs and solutions to cut costs. Consequently, the average operating costs per flying hour was down by 71 percent while the costs of sales and administration declined by 30 percent year-on-year.

 

Vietjet together with its strategic partners have played a very active role in the national fight against the COVID-19 pandemic. It has donated to the National Vaccine Fund, granted medical equipment and cooked charity meals while airlifted thousands of healthcare workers, millions of vaccine doses and hundreds of tons of medical supplies to the pandemic-stricken localities.

 

The airline was among the first to pilot the IATA Travel Pass in order to gradually resume safe flights. Vietjet was also hailed as one of the world’s top safest and best low-cost airlines by receiving the highest safety ranking of 7 stars by the airline safety review site Airline Ratings.

 

 

Vietjet is focusing on digital transformation to develop systems being more convenient to customers (Photo: Vietjet Air)

 

In efforts to catch up with the 4.0 industry trend, Vietjet is focusing on digital transformation to develop systems being more convenient to customers while facilitating cargo transport and optimising flight operations. The airline has been proactively looking for alternative sources of revenue like air cargo, cost optimization, extended aviation services and financial investments.

 

In the meantime, the Vietnamese Government is considering several relief policies including exemption and reduction of several fees, extension of tax payment deadline, and supports for financial loans to help airlines make through the pandemic.

 

According to the audited statements, there are positive signs considering the fastened COVID-19 vaccine rollouts in many countries in the world, including Vietnam. It is projected that domestic and international flights will be soon resumed.

 

As soon as its commercials flights take off again later in 2021, Vietjet is ready to wing back to the sky to meet the mounting travel demand, contributing to the economic recovery post-pandemic./.

VNA