- 2024-10-31T00:00:00
- Company Research
* 9M 2024 results:
VJC reported 9M 2024 revenue of VND52.2tn (USD2.2bn; +19.3% YoY). The company’s 9M 2024 NPAT-MI was VND1.4tn (USD58mn), increasing by 493% from VND236.5bn in 9M 2023. As VJC’s revenue and NPAT-MI in 9M 2024 account for 56% and 58% of our respective full-year 2024 projections, we see downside risk to our forecast, pending a fuller review.
9M 2024 blended GPM increased by 4.5 ppts YoY, driven by an 18.1 ppts YoY expansion in SALB (sales and lease back) gross profit margin and a 1.3 ppts YoY rise in transportation GPM. VJC’s operating profit margin increased by 3.2 ppts YoY in 9M 2024.
The airline’s cash flow from operations (CFO) was negative VND1.6tn (USD61.6mn) in 9M 2024, which showed improvement when compared to the negative CFO of VND2.2tn in 9M 2023.
In 9M 2024, VJC transported over 19.6 million passengers across 104,000 flights, reflecting a 6% YoY increase in passenger volume and a 2% YoY increase in the number of flights.
* Q3 2024 results:
- In Q3 2024, VJC’s revenue was VND18.2tn (USD756.8mn; +28% YoY) and NPAT-MI improved to VND571.6bn (USD23.8mn), compared to net profit of VND101.4bn in Q3 2023.
- Q3 2024 blended GPM increased by 1.8 ppts YoY, mainly driven by SALB’s GPM of 21.2% in Q3 2024 vs no SALB transactions in Q3 2023.
VJC’s Q3 2024 & 9M 2024 results
VND bn | Q3 2023 | Q3 2024 | YoY | 9M 2023 | 9M 2024 | YoY | 9M 2024/ 2024F |
Revenue | 14,235 | 18,164 | 28% | 43,738 | 52,194 | 19% | 56% |
Transportation segment | 14,235 | 15,084 | 6% | 38,111 | 46,824 | 23% | 80% |
SALB & ROFR | - | 3,081 | N.M | 5,894 | 5,356 | -9% | 16% |
Gross Profit | 1,241 | 2,202 | 78% | 3,020 | 5,956 | 97% | 76% |
Operating profit | 440 | 1,524 | 247% | 990 | 3,163 | 220% | 81% |
Financial income | 310 | 242 | -22% | 1,013 | 1,390 | 37% | 101% |
Financial expenses | (548) | (1,085) | 98% | (1,586) | (3,109) | 96% | 121% |
Net other income | (3) | 78 | N.M | 29 | 317 | 1007% | N.M |
PBT | 199 | 760 | 283% | 445 | 1,761 | 296% | 64% |
NPAT-MI | 101 | 572 | 464% | 236 | 1,402 | 493% | 58% |
GPM % | 8.7% | 12.1% |
| 6.9% | 11.4% |
|
|
OPM % | 3.1% | 8.4% | 2.3% | 6.1% | |||
NPAT-MI margin % | 0.7% | 3.1% | 0.5% | 2.7% |
Source: VJC, Vietcap
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