Vietjet Aviation Joint Stock Company, Vietjet’s parent company, has released its audited annual financial statements for the year 2020.
The audited revenue of the company in 2020 was reported at VND15,203 billion (approx. US$657.9 million). Its consolidated revenue and post-tax profit after audit were VND18,220 billion (approx. US$788.4 million) and VND69 billion (approx. US$2.99 million), respectively.
Regarding earnings by sector, Vietjet recorded a loss of VND 1,453 billion (approx. US$62.9 million) in air transport, lower by 31% than those previously reported in its own financial statements. It has made Vietjet among the few airlines in the world to keep their core business afloat and turn a profit in 2020.
Vietjet’s total assets reached VND45,197 billion (approx. US$ 1.96 billion), while its owner equity was at VND17,325 billion (approx. US$749.7 million), including treasury shares. Its debt-to-equity ratio stayed as low as 0.66 while the liquidity ratio remained at 1.28, which is considered a good performance in the aviation industry.
Vietjet has made drastic cuts to operating expenses by optimizing fleet operations with a 50% cost reduction, negotiating 20%-25% discounts with suppliers while bringing down at least 10% of daily operating costs. The airline also successfully hedged jet fuel which helped save 25% of fuel costs than buying at market price.
The airline was the first one in Vietnam being approved to deploy cargo operations in the passenger cabin (CIPC) in 2020. By optimizing freight capacity and expanding the international network, Vietjet has since delivered more than 60,000 tons of cargo on nearly 1,200 international flights during 2020. Thanks to its outstanding cargo transportation, Vietjet has won the “Belly carrier of the year” and the “Low-cost carrier of the year” awards by cargo magazine Payload Asia. The year 2020 also marked the launch of Vietjet Ground Services Center (VJGS) at Noi Bai International Airport in Hanoi last year.
Vietjet’s load factor was at over 80%, while the on-time performance rate stayed at a global high of 90%. The carrier’s technical reliability rate stood at 99.64% and received the highest safety ranking of 7 stars. It was also listed in the top 10 safest and best low-cost airlines in the world in 2020 by Airlineratings.
The airline has further invested in the aircraft maintenance system and sustained training for pilots and cabin crew to meet the highest demand of the domestic market while being on standby for the resumption of international flights.
The Vietjet Aviation Academy (VJAA) has stayed open throughout 2020, offering a total of 47,386 training hours for employees of all units, of whom many attended online classes for the sake of social distancing. The academy plans to kick off a series of technical and physical infrastructure projects in 2021, including installing a new flight simulator (SIM) to make VJAA an aviation training center at a regional level.
The domestic market has now been back in full swing, even surpassing the 2019 level. Vietjet projects a recovery of the international market in the fourth quarter of 2021.
Vietjet has so far resumed its entire domestic network and even opened more new routes in 2020. Putting customers at the center of business, Vietjet will kick off a comprehensive digital transformation that will apply a technology touch to every service available in 2021.
The Philippine Armed Forces (PAF) took delivery of the first India-made BrahMos land-based anti-ship missile system at Clark Air Base…
The UK Ministry of Defence (MoD) ordered six Airbus H145 helicopters as part of its efforts to update its rotary…
The Brazilian aerospace company, Embraer, signed a Memorandum of Understanding (MoU) with AICAT (Austrian Industrial Cooperation & Aviation Technology) to…
Qatar’s Hamad International Airport (DOH) announced that it has reclaimed the title of the "World’s Best Airport" at the prestigious…
Israel Aerospace Industries (IAI) joined the Sharp Technics K (STK) and Incheon International Airport Corporation for a ceremony heralding the…
Curtiss-Wright Defense Solutions division has forged a strategic alliance and reseller agreement with Rancher Government Solutions (RGS), a provider of…
Saudia, the national airline of Saudi Arabia, has experienced a significant surge in brand value, as indicated by the latest…
The ongoing eruption of Mount Ruang in the Siau Islands regency, North Sulawesi, Indonesia has caused significant disruptions to air…
Scoot, the low-cost arm of Singapore Airlines, recently received the first Embraer E190-E2 aircraft at Changi Airport. "We are excited…
The first of two Fincantieri-built PPA (Pattugliatore Polivalente d'Altura - offshore multi-purpose patrol vessel) for the Indonesian Navy is expected…
Thailand’s DTI (Defence Technology Institute) and the Royal Thai Army recently conducted a successful test of the DTI-STD-003 bridge layer…
Eve Air Mobility has signed a letter of intent with AirX, Japan’s largest public helicopter air charter service, for up…
L3Harris Technologies has received a US$256 million order from the U.S. Army for continued production of the Enhanced Night Vision…
The Missile Defense Agency has selected Lockheed Martin to deliver the nation's new homeland missile defense capability, the Next Generation…
Collins Aerospace will introduce two major upgrades to the Ascentia software platform. Ascentia is a software solution for aircraft reliability management that…
Pratt & Whitney Canada's PT6A engine recently surpassed 25 million flight hours and 40 years of powering the Cessna Caravan…
The US Army deployed its Mid-Range Capability (MRC) missile system to Northern Luzon, Philippines for the first time. This deployment…
Milrem Robotics has secured a contract to deliver an undisclosed quantity of THeMIS UGVs (Unmanned Ground Vehicles) to the Japanese…
CMA CGM Air Cargo is set to expand its service by launching a transpacific route connecting Asia to North America…
Eve Air Mobility (Eve) has designated Korea Aerospace Industries Ltd. (KAI) as the supplier for the pylons of its electric…
Emirates SkyCargo, the cargo arm of one of the two flag carriers of the United Arab Emirates (UAE), has established…
Israel Aerospace Industries (IAI) has secured a contract to supply a Multi-Sensor Multi-Mission Radar (MS-MMR) system for the air defence…
The first Embraer E190F, a jet converted from passenger transport to freighter (E-Freighter), successfully concluded its inaugural flight in São…
The Government of Greece officially announced its plans to purchase 35 UH-60M Black Hawk helicopters from Sikorsky, a Lockheed Martin…
Cathay Cargo resumed its Ho Chi Minh City freighter service on April 4, 2024, after a four-year hiatus due to…
Skykraft has secured approval from the International Telecommunications Union (ITU) for its spectrum filing for a constellation of 2976 satellites.…
The U.S. Navy, in partnership with Lockheed Martin, has successfully conducted a historic Long-Range Anti-Ship Missile (LRASM) flight test with…
The U.S. Air Force has awarded Boeing a contract worth up to $559 million over five years to operate, maintain…
Israel Weapon Industries (IWI) introduced the ARBEL, hailed as the world’s first computerized small arms system, on Thursday (Apr. 4).…
Hong Kong’s Government Flying Service (GFS) has integrated the H175 helicopter flight simulator developed by Indra into their training regimen.…
Headquartered in Singapore with reporters spread across all major regions, GBP Aerospace & Defence is a leading media house that publishes three publications that serve the aerospace and defence sector - Asian Defence Technology, Asian Airlines & Aerospace and Daily News. Known industry-wide for quality journalism, GBP Aerospace & Defence is present at more international tradeshows and exhibitions than any other competing publication in the region.
For over three decades, our award-winning team of reporters has been producing top-notch content to help readers stay abreast of the latest developements in the field of commercial aviation, MRO, defence, and Space.
Copyright 2024. GBP. All Rights Reserved.
Home Defence & Security Space Commercial Aviation Maintence Repair & Overhaul Daily News Events About Us
2024 GBP all rights reserved.