At the Annual General Meeting of Shareholders, Chairman of the Board of Directors of Sun PhuQuoc Airways - Mr. Phan Dinh Tue reported to shareholders on the business results in 2023, the restructuring results and the business plan for 2024. Accordingly, Sun PhuQuoc Airways has had very positive signals about business results in 2023 when the airline's net revenue from sales and service provision increased by 6% compared to 2022, reaching VND 12,392.9 billion. The seat rate increased to 87%, average passenger revenue increased by 14%, and ancillary revenue increased by 25%. Sun PhuQuoc Airways' profit after corporate income tax in 2023 was brought to a positive level of VND 236.8 billion (compared to -VND 19,798.4 billion in 2022). In particular, under the efforts of the Board of Directors of Sun PhuQuoc Airways, the loss ratio to total net revenue has decreased from 46% in 2022 to 29% in 2023. The Company's total liabilities have decreased by about VND 2,000 billion in 2023. Up to now, Sun PhuQuoc Airways no longer owes aircraft rental fees.
In addition, to optimize operating costs, Sun PhuQuoc Airways has changed its ground service provider from SAGS HGS to Pacific Airlines and implemented self-service, thereby saving 20% of ground service costs for each flight. At the same time, the Company successfully negotiated the conversion of the Passenger Service System (PSS) from Amadeus to Navitaire, expected to be implemented in April 2025. This will help the Company save at least 20 million USD (about more than VND 508 billion) in the next 5 years.
Regarding the 2024 business plan, Mr. Phan Dinh Tue said: “Sun PhuQuoc Airways expects total revenue to reach VND4,857 billion and losses to decrease to VND1,387 billion. The company plans to operate 9 Airbus narrow-body aircraft, which can increase to 12 by the end of 2024 and 18 by the end of 2025 if market conditions permit. At the same time, Sun PhuQuoc Airways aims to increase the average occupancy rate from 81% to 85%, maintaining an average operating hour of over 12 BH/day/aircraft”. Based on the fleet added from now until the end of the year, Sun PhuQuoc Airways plans to increase the frequency of operating routes, reopen some domestic routes such as Ho Chi Minh City - Da Lat, Ho Chi Minh City - Thanh Hoa, Ho Chi Minh City - Phu Quoc ... and study the re-exploitation of some international regular routes such as Ho Chi Minh City - Bangkok (Thailand).
