- 2024-08-01T00:00:00
- Company Research
HVN reported H1 2024 net revenue of VND52.6tn (USD2.1bn; +19.5% YoY). The company's H1 2024 NPAT-MI was VND5.6tn (USD220mn), compared to the loss of VND1.5tn in H1 2023. The revenue for H1 2024 accounted for 45.9% of our full-year 2024 projection of VND115.6tn. Additionally, H1 2024 NPAT-MI exceeded our expectation as we had forecasted a full-year 2024 loss of VND1.3tn.
Vietnam Airlines’ (VNA) standalone revenue increased 24.6% YoY to VND41.5tn (USD1.6bn) in H1 2024. In addition, HVN’s subsidiaries' revenue increased by 6.1% YoY to VND11.7tn (USD459mn). Transportation revenue increased 24.9% YoY to VND40.9tn (USD1.6bn) and total auxiliary revenue slightly increased by 2.8% YoY to VND555bn (USD21.8mn).
HVN’s H1 2024 gross profit was VND6.8tn (USD267mn), a significant 127.1% increase from H1 2023 of VND3tn.
In H1 2024, Vietnam Airlines transported approximately 11.5 million passengers and 143 thousand tons of cargo, increasing by 10% and 42.1% YoY, respectively. The international market also recorded nearly 20 million passengers, up 42% YoY.
HVN’s operating profit was VND3.6tn (USD141mn) in H1 2024, compared to the loss of VND51bn in H1 2023. The operating margin improved from -0.1% in H1 2023 to 6.8% in H1 2024, significantly outperforming our 2024 forecast of 0.8%.
In H1 2024, financial income decreased by 28.8% YoY to VND329bn (USD13mn), while financial expenses increased by 91.9% YoY to VND2.9tn (USD114mn). HVN recorded a net other income of VND4.5tn (USD176.5mn) in H1 2024, which is significantly higher than the loss of VND222bn (USD8.7mn) in H1 2023. We attribute the surge in other income for HVN to the cancellation of payables for Pacific Airline’s lessor.
HVN’s Q2 2024 & H1 2024 results
| Q2 2023 | Q2 2024 | YoY | H1 2023 | H1 2024 | YoY | H1 as % of 2024F |
Revenue | 20,635 | 24,859 | 20.5% | 44,275 | 53,127 | 20.0% | 45.94% |
- VNA | 15,454 | 19,314 | 25.0% | 33,290 | 41,471 | 24.6% | 46.2% |
- Transportation revenue | 15,194 | 19,035 | 25.3% | 32,750 | 40,916 | 24.9% | 46.9% |
Total auxiliary | 260 | 279 | 7.0% | 540 | 555 | 2.8% | 22.7% |
Subsidiaries | 5,181 | 5,545 | 7.0% | 10,986 | 11,656 | 6.1% | 45.0% |
Net Revenue | 20,504 | 24,630 | 20.1% | 43,998 | 52,594 | 19.5% | 45.8% |
- Gross Profit | 1,034 | 2,713 | 162.5% | 2,993 | 6,798 | 127.1% | 84.3% |
- SG&A | (1,515) | (1,318) | -13.0% | (3,044) | (3,225) | 5.9% | 45.2% |
- Operating Profit | (481) | 1,396 | N.M | (51) | 3,574 | N.M | 384.7% |
Financial income | 96 | 191 | 99.3% | 462 | 329 | -28.8% | 91.2% |
Financial expense | (738) | (1,429) | 93.7% | (1,511) | (2,900) | 91.9% | 95.2% |
Gain/loss from associates | 35 | 85 | 138.8% | 70 | 140 | 99.9% | 187.2% |
Net other income | (184) | 904 | N.M | (222) | 4,532 | N.M | N.M |
PBT | (1,272) | 1,146 | N.M | (1,253) | 5,674 | N.M | N.M |
NPAT-MI | (1,415) | 934 | N.M | (1,519) | 5,628 | N.M | N.M |
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GPM | 5.0% | 11.0% |
| 6.8% | 12.9% |
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OPM | -2.3% | 5.7% |
| -0.1% | 6.8% |
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NPM | -6.9% | 3.8% |
| -3.5% | 10.7% |
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Source: HVN, Vietcap
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