Vietjet Reports VND274 Billion Profit in Q4 2020

(01 Feb 2021)
Vietjet Aviation has reported VND4,430 billion
(approx. US$192 million) of consolidated revenue in the fourth
quarter of 2020 and a total of VND18,210 billion (approx. US$790
million) of consolidated revenue in 2020.

After-tax profit of Vietjet’s parent company was
VND274 billion (approx. US$11.9 million) in Q4/2020 while
consolidated after-tax profit reached VND995 billion (approx.
US$43 million).

In 2020, Vietjet recorded a consolidated after-tax
profit of VND70 billion (approx. US$3 million), making it one of
the few airlines in the world which has not reduced staff numbers
and yet still made a profit.

Ancillary revenue accounted for nearly 50% of the
airline’s total revenue.


Vietjet’s total assets reached VND47,036 billion
(approx. US$2 billion) while its owner equity was at VND17,326
billion (approx. US$746.2 million) including treasury shares.
Debt-to-equity ratio stayed as low as 0.66 while the liquidity
ratio remained at 1.2.

Last year, Vietjet converted some of its passenger
aircraft into freighters while applying new operational methods to
strengthen its cargo service capacity. The airline was the first
in Vietnam to be approved to deploy cargo operations in the
passenger cabin (CIPC). It has since delivered more than 60,000
tons of cargo internationally, seeing its freight revenue leaping
by 75% in Q4/2020 year-on-year. In 2020, 16% of air cargo growth
was recorded. Through interline agreements, Vietjet’s cargo also
landed in America and Europe for the first time.

In 2020, the airline also launched Vietjet Ground
Services Center (VJGS) at Noi Bai International Airport (Hanoi),
which has helped the airline better manage its operating costs
while improving the brand recognition and service quality.

The airline has also introduced a series of new
products and services to improve the convenience for passengers,
which includes the unlimited Power Pass, the upgraded Power Pass
Skyboss or SkyBoss and Deluxe classes with better flying
privileges.

Vietjet has made drastic cuts to operating
expenses by optimizing fleet operations with a 10% cost reduction,
negotiating a 20%-25% discounts with suppliers while bringing down
at least 10% of daily operating costs.

The airline also successfully hedged jet fuel in
May 2020, helping to save 25% of fuel costs compared to buying at
the market price.

Vietjet has decided to transfer its investment
portfolio and a number of assets accumulated beforehand to gather
capital and cash and nurture its resources for a strong recovery
once the aviation industry bounces back.

The airline conducted 78,462 flights with 120,093
safe flight hours, flying more than 15 million passengers last
year.

Last year, load factor was over 80% while on-time
performance rate stayed at 90%, one of the highest in the world.
Vietjet’s technical reliability rate stood at 99.64% and received
the highest safety ranking of 7 stars.

Vietjet has so far resumed its entire domestic
network of more than 47 routes. The airline has received support
from the Government for tax discounts, tax-payment extensions and
reductions in landing/take-off fee, ground services fee and air
control fee, and is being considered for the government’s
financial aid proposal for local airlines.

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