New-age carrier Vietjet Air has been awarded a certificate for Best Financial Management and Corporate Governance 2019 among companies listed on the Vietnamese Stock Exchange. The award was announced during the Business Performance Assessment Program (BCI) ceremony, which took place in Hanoi on 23 September 2019.
Vietjet has previously been awarded with Best Financial Management in the transportation industry and the Top 10 Best Corporate Governance Company on the Vietnamese Stock Exchange.
The most recent award was presented by the Vietnam Chamber of Commerce and Industry (VCCI), Vietnam Association of Accountants and Auditors (VAA) and the Vietnam Business Forum Newspaper in collaboration with the Institute for Business Studies and Development (INBUS). Ten other companies received the award for Best Corporate Governance Companies, including Vinamilk, Vingroup, Mobile World and PVGas. This year, all listed companies from a total of 30 sectors were evaluated and ranked based on 21 indicators related to various aspects of the business, taking each company’s financial statements into consideration with a comprehensive list of evaluation methods to ensure accurate and objective results.
These results affirm the performances of the awarded companies, helping partners, financial institutions, investors and shareholders to evaluate and decide their investments reasonably. Attesting to Vietjet’s stellar performance, Vietjet’s Founder & CEO Nguyen Thi Phuong Thao was recently featured in Forbes Asia’s Power Businesswomen list, which can be found in the link here.
Chairman of VCCI, Vu Tien Loc said, “It is reasonable to assess only listed companies in this index because they are the best companies in Vietnam’s market, and are also the most transparent companies. These companies are also the ones that show the best capacity and performance, and the performance for listed enterprises on the stock exchanges are now the measurements of Vietnamese companies’ health in general.”
Since its listing on Ho Chi Minh City Stock Exchange (HOSE) on February 2017, Vietjet’s stocks (coded VJC) have quickly attracted domestic and foreign investors, becoming one of the fastest growing companies on HOSE and being selected on the VN30 index.
With more than USD 3 billion in market capitalisation, Vietjet has been listed as one of Forbes’ Asia Pacific Best over a billion in 2019. Air Finance Journal magazine also ranked Vietjet in the 22nd place among the top 50 airlines in the world with the best operational and financial indicators. VJC stocks have also just been listed in the Vietnam Sustainability Index (VNSI) by HOSE from 5 August 2019 to 31 July 2020, which includes the top 20 stocks listed on HOSE with the best sustainable development scores. VJC stocks have listed in the basket of FTSE and VNM ETF portfolios with a total value of 6 million shares, equivalent to VND 890 billion (approximately USD 38 million).
In the first half of 2019, Vietjet operated 68,821 flights, equivalent to 45 per cent of the total number of flights operated by domestic airlines, transporting 13.5 million passengers within its flight network. Air transport revenue reached VND 20,181 billion (approximately USD 867 million), an increase of 22 per cent, and pre-tax profit reached VND 1,553 billion (approximately USD 67 million), an increase of 15 per cent year on year. Available seat kilometers (ASK) was maintained; CASK was at 3.88 cents while CASK ex-fuel was 2.27 cents, attributing to reduced fuel costs (decreased in four per cent) and cost savings in management and operation (reduced by 2 per cent).
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