Vietjet sets $1.9bn revenue target for 2017

The low-cost carrier is targeting a growth of 52 percent in revenue and 36 percent in profit

A flight attendant smiles while serving water to a passenger on a Vietjet flight.

Low-cost Vietnamese carrier Vietjet has set targets of VND42.018 trillion (US$1.88 billion) in revenue and VND3.395 trillion ($151.56 million) in post-tax profit for 2017, after enjoying a successful 2016 with healthy growth and whopping earnings.

The revenue and profit targets, representing respective growths of 52.08 percent and 36.02 percent from 2016, received 100 percent approval at the carrier’s shareholders' meeting on Thursday.

Last year, the no-frills airline raked in VND27.499 trillion ($1.23 billion) in revenue and VND2.496 trillion ($111.43 million) in post-tax profit, increases of 39 percent and 113 percent, respectively, from 2015, according to its audited financial report.

Vietjet told shareholders on Thursday that the airline last year operated 84,455 safe flights, recorded a high on-time performance percentage of 83.57 percent, a technical reliability percentage of 99.57 percent, and was listed among the top airlines operating A320/A312 aircraft in the region.

The airline’s flight operation, ground operation, and engineering safety indicators are also listed in the group of highest quality airlines in the region, Vietjet said in a statement.

In 2016, Vietjet received 12 new aircraft, increasing its fleet to 41 aircraft including, 30 A320 and 11 A321 aircraft and transporting 14.05 million passengers, an increase of 50.9 percent compared to 2015, leading the domestic market.

With 2017 marking the first year of their five-year 2017-22 business plan, Vietjet told shareholders it will develop a sustainable development program and is committed to operating the airline with safety and reliability as top priorities.

“Vietjet is ready to conquer new heights,” said Vietjet chairwoman Nguyen Thanh Ha.

“I am confident that there is a bright future in the air and Vietjet is making every effort to bring it closer.”

Besides the revenue and profit targets, Vietjet shareholders also approved all reports and proposals at the rate of 100 percent, including a request to scrap the foreign ownership cap.

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