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Vietjet Annual General Meeting

July 1, 2020 Business News No Comments Email Email

Following Vietjet Aviation Joint Stock Company’s (HOSE: VJC) 2020 Annual General Shareholders’ Meeting (AGM) held recently to review its 2019 business results, vote for the approval of audited financial statement and discuss the company’s 2020 development plan, it was announced that shareholders would receive a dividend of 50% per shares for 2019. This is the result of the financial accumulation gained from the airline’s sustainable, safe and effective development in recent time.

2019 Milestones and Achievements

According to the Executive Board’s report from the AGM, 2019 continued to reveal the airline’s strong growth and sustainable development with positive business results. Thirty-four new routes were launched, increasing the flight network to 139, including 44 domestic routes and 95 international routes. The year also marked an important milestone in the new-age carrier’s journey with more than 25 million passengers transported, reaching an accumulated 100 million passengers.

In 2019, Vietjet’s audited air transport revenue and profit before tax reached VND41,252 billion and VND3,869 billion, a year-on-year increase of 22 per cent and 27 per cent respectively compared to 2018. As per the report, Vietjet’s consolidated pre-tax revenue and profit in 2019 topped VND50,603 billion and VND4,569 billion respectively.

2020 Outlook and Development Plans 

Amid the global crisis sparked by the Covid-19 pandemic, Vietjet has created a foundation for recovery and will look to seize all opportunities for sustainable development in 2020 thanks to the resources of a robust management system, the airline’s modern fleet and flexible business strategies, especially its strong financial capacity.

As soon as the domestic market resumed ahead of most countries, Vietjet quickly implemented a campaign called “Returning to the sky” and inaugurated eight new routes, increasing the domestic flight network to a total of 53 routes. Thai Vietjet is also the first airline to reopen operations in Phuket Airport, expanding its network with five new domestic routes in Thailand.

After completing the resumption and expansion of the domestic flight network, Vietjet and the local aviation industry are poised to return to international skies from July onwards with careful preparation to control the epidemic and ensure medical safety for its passengers and staff while contributing significantly to economic and investment recovery.

Currently, the Vietnamese government is implementing a number of initiatives to support airlines such as tax and fee reductions and loans with low rates. With this, Vietjet is expected to operate 90 aircraft with over 118,000 flights and transport more than 20 million passengers by the end of 2020.

Vietjet aims for the air transport, its core business, to reach break-even point by the end of 2020 with the concentration on carrying out cost-optimizing solutions such as fostering its cargo service, aircraft purchase, diversifying credit loans solutions and expanding self-serving ground operation.

The carrier will also continue to grow its customer base and activities on its e-commerce platforms while digitally transforming its operating systems and procedures with advanced management software and technology.

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