August is just a few days old, but that has not stopped Vietjet from making a number of positive announcements already this month. They included welcoming its 200 millionth passenger, launching a new route to Ahmedabad, gaining recognition in Vietnam's Top 50 Sustainable Companies, and generating revenue of $1.3 billion in the first half of 2024.
Last week, it had carried its 200 millionth passenger, Sandeep Mehta, an Indian businessman, who was handed a complimentary gift of one year to fly on Vietjet's international flights. Vietjet never misses a celebration, and to coincide with the milestone, it announced a new route linking Ahmedabad in India with Vietnam's coastal resort city of Da Nang. The new route was announced at a Vietnam - India Business Forum in New Delhi, attended by Vietnam's Prime Minister Pham Minh Chinh and leaders and business representatives from both countries.
The service is expected to start in October 2024 and will add to the seven routes with 56 weekly flights the airline operates between India and Hanoi and Ho Chi Minh City. Vietjet has celebrated 10 years of flying in China by launching a new route from Ho Chi Minh City and Xi'an. Vietjet started in 2019, and since then, it has carried close to 1.
3 million passengers to destinations including New Delhi, Kochi, Ahmedabad, Mumbai and others. Ahmedabad is the largest city in the state of Gujarat, known for its beautiful architecture, while Da Nang is a tourist haven with pristine beaches, luxury resorts and an array of historical sites. On August 1, Vietjet released its financial statement for the first six months of 2024 (H1 2024), showing how convincingly the airline has rebounded from the pandemic's doom and gloom.
In the first half, Vietjet outperformed 2019 levels by carrying 13.1 million passengers on 70,154 flights. In H1 2024, Vietjet reported cumulative air transport revenue of VND 32.
893 trillion ($1.3 billion), a 31% increase over the same period last year (YoY), while pre-tax profit surged in the first half by 690% YoY to $46.77 million.
Consolidated H1 2024 revenue reached $1.35 billion and consolidated pre-tax profit $52.22 million, increases of 15% and 433% YoY.
In the three months ended June 30, Vietjet of $601.68 million and pre-tax profit of $20.57 million, growing by 23% and 683%, respectively.
At the end of June, the airline had total assets of more than $3.65 billion and cash and cash equivalents of $163.18 million, with a debt-to-equity ratio of 2.
Vietjet has proven there is money to be made in ultra-low-cost flying and has posted strong profits after carrying 25.3 million passengers in 2023. Vietjet paid a total of $146.
78 million of direct and indirect taxes and fees in the first half of this year and has maintained a long-term credit rating of vnBBB - with a stable outlook from Saigon Ratings. With a growing fleet of more than 100 , Vietjet is now operating routes to 111 international and 38 domestic destinations, with more to come. Vietnam's leading business magazine, , recognized Vietjet in Vietnam's Top 50 Sustainable Companies Award 2024, citing its steadfast commitment to sustainability in the sky and on the ground.
The airline received accolades in two categories: Outstanding Sustainable Transport and Human Resource Strategy for Sustainable Development. The Top 50 Awards promote the principles of sustainable development within the business community and society in Vietnam and highlight Vietjet's achievements in sustainable development, green transition, and low-carbon strategies, as well as its effective human resources management. Vietjet is committed to achieving net zero emissions by 2050, starting with its modern fleet of and A330 aircraft, which will benefit even more with the recent order for 20 new-generation A330neo widebodies.
Other initiatives include pioneering the use of electronic tickets, reducing waste and investing in researching, developing and using sustainable aviation fuel (SAF) to grow its status as a green, technology-driven airline. On the opening day of the Farnborough Airshow, Vietjet and Airbus signed a firm order for 20 A330neos. Vietjet also is rated as one of the 50 most valuable brands in Vietnam, one of the top 50 best-performing companies in the country and one of the Top 10 in corporate governance on the Vietnam Stock Exchange.
recognized Veitjet as one of the 50 best airlines for healthy financing and operations, while named it among Southeast Asia's Top 500 companies..
