- VJC released H1 2023 results with revenue of VN29.8tn (USD1.26bn; +86.8% YoY) and NPAT-MI surging to VND385bn (USD16.4mn; +2.67x YoY), which fulfilled 54.2% and 42.3% of our respective full-year forecasts. Overall, we do not foresee any risk to our forecasts for VJC, pending a fuller review. In addition, although revenue related to aircraft transactions increased 84.6% YoY in H1 2023, it only contributed to 10% of VJC’s gross profit.

- In H1 2023, VJC operated 66,000 flights and carried 12.1 million passengers, increasing 25.5% YoY and 34.4% YoY, respectively. Furthermore, VJC’s H1 2023 cargo volume amounted to 33,000 tonnes (+40% YoY). With the introduction of 11 new international routes, VJC had 120 total destinations (45 domestic and 75 international) as of end-Q2 2023.

- In Q2 2023, VJC’s revenue was VND16.8tn (USD714mn; +45.6% YoY) while its NPAT-MI was VND213bn (USD9mn; +17.7% YoY). 

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