Vietnam Airlines reports highest profit in history

On March 31, Vietnam Airlines Corporation (Vietnam Airlines - stock code: HVN) announced its audited business results for 2024, recording strong growth in revenue and profit reaching the highest level in the airline's history.

Specifically, Vietnam Airlines' total revenue and other income in 2024 will reach nearly VND 113,750 billion, of which the parent company's revenue and other income will reach nearly VND 85,430 billion. Consolidated profit after tax will reach a record level of nearly VND 7,960 billion, of which the parent company's profit after tax will reach VND 2,775 billion.

This profit mainly comes from the impressive recovery of the international aviation market (Vietnam Airlines' international revenue increased sharply, up to 17.2% compared to the same period last year); successful negotiations with partners to cancel the debt of about VND 4,710 billion for Pacific Airlines according to the agreement to return the ship; continuing to improve the efficiency of the parent company, resonating with the ecosystem of profitable subsidiaries compared to the same period last year...

In 2024, Vietnam Airlines' transport volume will grow strongly with 22.7 million passengers (up 8% year-on-year) and 314,700 tons of cargo (up 40% year-on-year). The seat utilization rate will reach 80.6%.

Vietnam Airlines' consolidated profit after tax reached a record level of nearly VND7,960 billion. Photo: VNA.

Operational efficiency improved significantly with the average flight hours reaching 11 hours/day per aircraft, an increase of 25% compared to 2023. The airline operated 140,000 flights with high on-time performance (OTP), of which the outgoing OTP reached 83.4% and the incoming OTP reached 81.9%.

To achieve these results, the national airline has focused its resources on maintaining its domestic flight network, ensuring that operating hours are spread evenly throughout the day, and consolidating its position on key routes. The airline has also taken advantage of the strong recovery of the international market, resuming operations on most international routes and opening many new routes.

In 2024, Vietnam Airlines launched new international routes such as Hanoi - Ho Chi Minh City to Munich (Germany), Hanoi - Ho Chi Minh City to Manila (Philippines), Hanoi - Phnom Penh (Cambodia). Vietnam Airlines also operates wide-body aircraft on routes between Vietnam and India, Singapore, and China.

In addition, Vietnam Airlines optimizes operations by changing the method of building and operating flight schedules, effectively managing slot funds to maximize aircraft utilization efficiency, improve service standards towards developing high-end products, increasing competitiveness and promoting digital transformation, applying technology to improve operational quality as well as increase labor productivity.

This year, Vietnam Airlines aims to transport more than 25 million passengers and 336,300 tons of cargo, with expected consolidated revenue of more than VND119,150 billion.

Along with that, Vietnam Airlines restructured the business to optimize operational efficiency, build a strong corporate culture, focus on increasing the efficiency of aircraft fleet exploitation, improve labor productivity, and promote digital transformation in operations.

Notably, Vietnam Airlines will open and restore 15 international routes to countries such as Russia, Italy, Denmark, the Middle East, China, etc., creating momentum for the goal of welcoming 22-23 million international visitors to Vietnam this year.

Source: https://baoquangninh.vn/vietnam-airlines-bao-lai-cao-nhat-lich-su-3351038.html