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Vietjet Records 2,496 Billion Dong Profit After Tax in 2016

April 6, 2017 Financial No Comments Email Email

Vietjet (VJC – HOSE) announces its consolidated financial statements of 2016, audited by KPMG International Auditing Company. Following the international standard initial public offering procedures (Reg-S), Vietjet released financial statements in compliance to the Vietnamese Accounting Standards (VAS) and International Financial Reporting Standards (IFRS).

According to the audited report, Vietjet enjoyed an extremely successful year in 2016 netting the highest recorded revenue and profit since the commencement of its commercial operation in 2011. Its revenue and profit after tax in 2016 was VND27,499 billion and VND2,496 billion, reflecting an increase of up to 39% and 113% respectively as compared to 2015. Profit after audit in 2016 increased by VND206 billion as cost of goods sold was brought down sharply to only VND435 billion. Earnings per share (EPS) ranked high among the top 20 largest capitalisation companies in the two Vietnam stock exchanges at VND9,586.

These positive numbers were achieved through the airline’s relentless efforts in growing its network, its clever enhancement on the exploitation of available routes as well as its brilliant application of advanced technology in cost management. The company maintains a high standard in its operational management and safety control, making rigidly sure that the standards are in compliance with international standards and regulations.

Vietjet is a member of the International Air Transport Association (IATA), while most other low-cost carriers have not been able to meet the rigorous standards of the IATA. Technical reliability for the A320/321 fleet is 99.57%, the highest level among airlines in the Asia Pacific region, while its on-time performance was rated 83.6%. By the end of 2016, Vietjet’s market share of domestic passengers hit a record of 41%.

Vietjet also recently launched the new Hanoi – Siem Reap route on 30 March 2017 and the company plans to operate four additional domestic routes and 22 international routes, bringing the total route number to 86.

At the close of December 2016, Vietjet’s total assets tally at VND20,063 billion, an increase of 67% compared to the same period in 2015; whereas equity reached VND4,734 billion, an increase of 120%. Unallocated profit after tax was VND1,703 billion, not including dividend advanced to shareholders in 2016, which was VND1,478.5 billion.

Recently, Vietjet also successfully made a private offering of 22.3 million shares, earning more than VND1,660 billion in equity surplus. With the above un-distributed profit and share premium, the Board of Directors of Vietjet plans to submit to the shareholders a plan proposing to pay dividends and bonus at a high rate (excluding advanced dividend) for year 2016 during its Annual General Meeting 2017, which is scheduled to be held in late April.

On February 28, Vietjet listed 300 million shares on the Ho Chi Minh Stock Exchange with the floor price of VND90,000 per share.  By the end of trade on 31 March 2017,a month after listing, VJC shares closed at VND128,100 per share, amounting to a  growth of 42%. VJC shares were particularly favoured by foreign investors and foreign investors’ net buying has been done for the last 10 consecutive sessions.

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