Thanks to the relatively positive development of the air transport market and management efforts, Vietnam Airlines Corporation (Vietnam Airlines, stock code HVN) has recorded positive business results.
Thanks to the relatively positive development of the air transport market and management efforts, Vietnam Airlines Corporation (Vietnam Airlines, stock code HVN) has recorded positive business results.
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| Vietnam Airlines' financial indicators by the end of 2024 continue to improve, especially the consolidated equity indicator. |
Vietnam Airlines has just announced the Parent Company's Fourth Quarter Financial Report (from October 1, 2024 - December 31, 2024).
Specifically, in the fourth quarter of 2024, Vietnam Airlines achieved VND 26,829.4 billion in sales and service revenue, an increase of 26.59% over the same period in 2023; gross profit from sales and service provision reached VND 4,377.3 billion (in the same period last year, it lost VND 189.37 billion); net profit from business activities reached VND 549.858 billion (in the same period last year, it lost VND 2,204.4 billion); total accounting profit before tax reached VND 1,146.7 billion (in the same period last year, it lost VND 1,919.7 billion); consolidated profit after corporate income tax reached VND 1,003.68 billion (in the same period last year, it lost VND 2,064.57 billion).
The parent company's profit after corporate income tax in the fourth quarter of 2024 increased sharply compared to the loss in the fourth quarter of 2023; along with that, the consolidated profit in the fourth quarter of 2024 was mainly due to the following reasons:
The total revenue and other income of the parent company in the fourth quarter of 2024 increased by 19.03% compared to the fourth quarter of 2023 (an increase of more than VND 3,114.1 billion), mainly due to an increase of 18.52% in service revenue, equivalent to an increase of more than VND 3,298.3 billion over the same period last year (domestic revenue increased by 14.8%, international revenue increased by 10.8%) because the Corporation has restored the entire domestic flight network; most international routes have been exploited and new routes have been opened.
The total expenses of the parent company in the fourth quarter of 2024 increased by 4.7%, equivalent to an increase of VND 962.1 billion compared to the fourth quarter of 2023, mainly due to an increase in cost of goods sold (increased corresponding to increased output) and increased financial expenses due to the impact of exchange rates and interest rates.
The growth rate of total revenue and other income in the fourth quarter of 2024 was faster than the growth rate of total expenses, resulting in the parent company's gross profit from service provision reaching more than VND 3,221.7 billion in the fourth quarter of 2024; profit after tax reached more than VND 229.3 billion compared to the loss in the same period last year.
Consolidated business results in the fourth quarter of 2024 were a profit of VND 1,003.7 billion compared to a loss of VND 1,982.3 billion in the fourth quarter of 2023, mainly due to the parent company and its subsidiaries all operating profitably compared to the same period last year.
In 2024, the transportation market recovered and the Corporation proactively implemented a series of short-term and long-term solutions such as flexible management of transportation supply, maximum cost reduction, negotiation of service price reduction... which helped the profit in the fourth quarter of 2024 and the whole year of 2024 increase sharply compared to the loss in the fourth quarter of 2024 and the whole year of 2023 (consolidated profit after corporate income tax and parent company profit in 2024 reached VND 7,267.4 billion and VND 2,174.8 billion respectively, a sharp increase compared to the same period in 2023).
The above business results have helped Vietnam Airlines not only complete the goal of balancing revenue and expenditure for the first time since 2020, set at the 2024 Annual General Meeting of Shareholders, but also help the Corporation approach the profit level of 2019 - the time before the Covid-19 outbreak.
With positive results in 2024, Vietnam Airlines' year-end financial indicators continue to improve, especially the consolidated equity indicator.
Currently, the Corporation has completed the overall project of solutions to overcome difficulties caused by the impact of the Covid-19 pandemic so that the Corporation can soon recover and develop sustainably in the period of 2021-2035 and has reported to the Government and the National Assembly for approval of solutions to continue to overcome difficulties for the Corporation stated in the project.
According to the Project, in 2024-2025, the Corporation will synchronously implement solutions to overcome the situation of negative consolidated equity such as: synchronously implementing solutions to enhance adaptation and profitable business; 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.
Source: https://baodautu.vn/vietnam-airlines-uoc-dat-loi-nhuan-72674-ty-dong-ca-nam-2024-d243502.html
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