BEAUTY IN THE FRIDGE

Vietjet Revises Targets for 2021

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(30 June 2021) In light of the continued difficulties that the ongoing global COVID19 pandemic is causing the airline industry, Vietjet Aviation has revised its business plan for 2021.

The airline has set its 2021 targets for air transport revenue at VND15,500 billion (approx. US$670 million) and consolidated revenue at VND21,900 billion (approx. US$945 million), achieving year-on-year growth of 20%.

The results will mainly be driven by an increase in cargo revenue, new services in air transport, personnel training, and aircraft maintenance, and several investments in projects and finance. Vietjet is ready for the upcoming recovery phase.

At the Annual Shareholder Meeting, Vietjet’s shareholders also voted through the proposal for the appropriation of profit in pursuant to Resolution 01-2020 of the General Shareholders Meeting 2020 and the appropriation of profit plan 2021.

Vietjet Airbus A320 reg: VN-A656. Picture by Steven Howard of TravelNewsAsia.com Click to enlarge.

Accordingly, the Board of Directors (BOD) has declared a 25% stock dividend as previously approved in Resolution 01-2020 to focus financial resources on the air transport business. The BOD will also decide on the plan for the appropriation of profit in 2021.

To guarantee sufficient resources for a safe and efficient comeback of Vietjet, the shareholders agreed to let the BOD decide on a plan to raise charter capital through private placement of shares at a maximum of 15% of the charter capital.

The BOD will also consider a US$300 million international bond offering in 2021-2022 to allow Vietjet to improve its financial position and to stay on track of sustainable growth.

The shareholders have also passed an employee stock ownership plan (ESOP) to issue up to 10 million shares. This is expected to boost innovation, creativity, and employee retention.

Regarding the audit report 2020, the revenue of the parent company stood at VND15,203 billion (approx. US$656million) while air transport made a loss of VND1,453 billion (approx. US$62.7 million), relatively lower than expected.

Consolidated revenue was reported at VND18,220 billion (approx. US$787million) with consolidated profit reaching VND68 billion (approx. US$2.9 million).

Vietjet’s total assets reached VND45,197 billion (approx. US$ 1.95 billion) while its owner equity was VND17,325 billion (approx. US$751.3 million) including treasury shares. Debt-to-equity ratio stayed as low as 0.66 while the liquidity ratio remained at 1.28.

The airline opened eight new domestic routes in 2020, flying more than 15 million passengers on nearly 79,000 flights with over 120,000 safe flight hours.

Vietjet has reported passenger load factor at over 80% while the on-time performance rate stayed at 90%.

Proactively implementing new approaches to develop the cargo sector, Vietjet delivered more than 60,000 tons of cargo on nearly 1,200 flights in 2020.

2020 also marked the first running year of the Vietjet Ground Services Center (VJGS) at Noi Bai International Airport in Hanoi. The center has helped the airline greatly improve its service quality while cutting back on outsourcing costs.

Extending training courses for employees, the Vietjet Aviation Academy (VJAA) offered more than 47,300 hours of training throughout 2020, and partnered with aircraft manufacturer Airbus to install the second flight simulator (SIM) to improve its pilot training capability.

See latest Travel Industry News, Video Interviews, Podcasts and other news regarding: Vietjet, Vietnam.

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