ACV - Q2-FY24 results stayed positive due to growth in international pax, exchange rates, and bad debt control
• In Q2-FY24, net revenue and net profit (excluding take-off/landing activities) were VND 5.5 trillion (+12% YoY) and VND 2.9 trillion (+26% YoY), respectively. The number of international passenger reached 9.8 mn x (+31% YoY) and 17.2 mn domestic passenger (-21% YoY). The shift in the international/domestic passenger ratio to 36%/64% from 26%/74% in the same period last year drove ACV's growth.• ACV's financial operations recorded VND 287 billion in deposit interest and VND 435 billion in net foreign exchange gain due to the JPY/VND exchange rate depreciating by about 4% compared to the previous quarter.
• During the period, ACV reversed VND 21 billion for Pacific Airline and VND 211 billion for Vietjet. Thus, ACV has fully reversed the provision for receivables from Vietjet. Airlines such as Bamboo Airways, Vietravel, and Air Mekong maintained a 100% provision rate, with immediate provisions for receivables from these airlines.
• For the 6 months of 2024, cumulative revenue and pre-tax profit (excluding take-off/landing activities) were VND 11.1 trillion (+16% YoY) and VND 5.5 trillion (+53% YoY), respectively, completing 56% and 86% of the annual plan.
• We are currently revising the forecast for 2024 and valuation, which will be updated in the next report.
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