Cargo being loaded into a Vietjet plane. — Photo courtesy of Vietjet

HCM CITY — Vietjet Aviation Joint Stock Company (HoSE: VJC)  recorded a consolidated after-tax profit of VNĐ70 billion (US$3 million) in 2020, following its financial report released on Sunday. 

The positive figure makes Vietjet one of the few airlines in the world having no workforce reduction and turning a profit amid complicated development of the COVID-19 pandemic. 

Last year, the company's consolidated revenue surpassed VNĐ18.2 trillion ($790 million). 

According to the report, ancillary revenue accounted for nearly 50 per cent of Vietjet’s total revenue in 2020, showcasing the firm’s efforts to promote ancillary services to offset decreasing air travel revenue.

As per the report, Vietjet’s total assets reached over VNĐ47 trillion while its owner equity was at more than VNĐ17.32 trillion including treasury shares. Its debt-to-equity ratio stood at as low as 0.66 while the liquidity ratio remained at 1.2, which was considered a good performance given the current situation of the aviation industry.

Vietjet last year configured some of its passenger aircraft for freight transportation purpose while applying new operational methods to strengthen its cargo service capacity.

It was the first airline in Việt Nam approved to deploy cargo operations in the passenger cabin (CIPC). It has since delivered more than 60,000 tonnes of cargo internationally, seeing its freight revenue leaping by 75 per cent year-on-year in the fourth quarter of last year.

In 2020, its air cargo growth saw a yearly rise of 16 per cent. Through interline agreements, Vietjet’s cargo for the first time also landed in America and Europe, which were initially held for its future plan.

During the year, Vietjet also marked a milestone by launching Vietjet Ground Services Centre (VJGS) at Nội Bài International Airport. That helped the airline better manage its operating costs while improving the brand recognition and service quality.

Meanwhile, Vietjet also reported very positive operating indexes last year, including its load factor at over 80 per cent while on-time performance rate was 90 per cent, one of the highest in the world and technical reliability rate at 99.64 per cent.

Vietjet has so far resumed its entire domestic network of more than 47 routes. With its effective cost and operation management Vietjet is expected to be strong enough to bounce back anytime in 2021, offering customers flying opportunity at flexible but low prices and other diverse services. — VNS