Vietnam Airlines achieves consolidated revenue of over VND79.994 billion in 9 months

Vietnam Airlines Corporation (Vietnam Airlines) information, thanks to the restoration of the entire domestic flight network and most international routes, opening new routes and increasing operations during the peak summer season, the airline achieved positive business results in the third quarter of 2024.

Accordingly, in the first 9 months of 2024, Vietnam Airlines achieved consolidated revenue of more than VND 79.994 billion, an increase of more than 17,4% compared to the same period in 2023. Consolidated profit after tax was more than VND 6.641 billion. In the third quarter of 2024 alone, consolidated profit after tax reached VND 1.239,7 billion.

The profit achieved was mainly due to continued improvement in the parent company's efficiency and the resonance of the ecosystem of profitable subsidiaries compared to the same period last year.

Total revenue and other income of the parent company in the third quarter of 2024 increased by 19,8% compared to the third quarter of 2023, equivalent to an increase of more than VND 3.598,7 billion. Of which, service revenue increased by 17,7%, equivalent to an increase of more than VND 3.125,7 billion compared to the same period last year.

In the first 9 months of the year, Vietnam Airlines conducted 106,4 thousand safe flights. Passenger transport reached 17,2 million, up 8,9% over the same period in 2023; Cargo and parcel transport reached nearly 226 thousand tons, up 42% over the same period in 2023. Vietnam Airlines has restored the entire domestic flight network; resumed most international routes and opened new routes.

The airline announced the opening of a direct flight. Ha Noi, Ho Chi Minh City - Munich (Germany), Hanoi - Phnom Penh (Cambodia); opening a series of flights from Hanoi, Ho Chi Minh City - Manila (Philippines) and re-operating the flight route from Hanoi - Chengdu (China), Da Nang – Da Lat; Da Nang – Buon Ma Thuot. At the same time, Vietnam Airlines operates wide-body aircraft on routes between Vietnam and India, Singapore, and China.

Despite the market's recovery, Vietnam Airlines still faces many difficulties due to the prolonged consequences of COVID-19. By the end of 2023, the airline's equity was still negative at over VND17.026 billion. The aviation market continues to face long-term challenges such as political conflicts, exchange rate fluctuations, unfavorable fuel prices, engine recalls by manufacturers, and rising costs of materials, spare parts, maintenance, and aircraft leasing.

In that context, Vietnam Airlines has implemented many self-contained solutions such as flexibly managing the supply of transport capacity, optimizing costs, and negotiating service discounts. Vietnam Airlines has also taken advantage of the growth momentum of the international market to quickly recover and develop.

Vietnam Airlines has completed the overall project of solutions to remove difficulties caused by the impact of the COVID-19 pandemic so that the airline can soon recover and develop sustainably in the 2021-2035 period, and has reported to competent authorities.

According to the project, in 2024-2025, Vietnam Airlines will synchronously implement solutions to overcome the negative equity situation such as: restructuring assets and financial investment portfolio to increase income, cash flow and prepare necessary conditions to implement the plan to issue shares to increase equity after being approved by competent authorities.

In addition to ensuring business efficiency, Vietnam Airlines continues to promote the role of the National Airline by implementing a series of sustainable development programs such as "Fly lightly to Con Dao", "Contribute leaves to patch the forest", participate in the gender equality campaign He for She, accompany the whole country to provide relief to flood-affected areas and overcome the consequences of floods.

The airline is preparing an early operational plan to meet passenger demand in the last quarter of 2024 and early 2025, such as proactively monitoring market developments, operating reasonable supply capacity during low and peak periods during Christmas and New Year; implementing aircraft reception, narrow-body aircraft investment projects, and implementing the Airbus A321CEO aircraft configuration conversion project.