FLC, chairman hold nearly 90 percent of Bamboo Airways stake

By Son Minh March 12, 2021 | 02:31 am PT

Airplane airbus A320 of Bamboo Airways about to land at the Tan Son Nhat International Airport, HCMC. Photo by Shutterstock/Huy Thoai.

Bamboo Airways increased its charter capital from VND7 trillion ($303 million) to VND10.5 trillion ($455 million) in February.

Of the additional capital, Trinh Van Quyet, Chairman of FLC Group cum Chairman of Bamboo Airways contributed VND1.738 trillion and FLC Group VND550 billion.

After the capital increase, Quyet and FLC Group are still the two largest shareholders of Bamboo Airways, holding nearly 90 percent of the airline's stake.

Bamboo Airways was founded in May 2017 with a total charter capital of VND700 billion. In less than four years, it has increased its charter capital five times.

With the latest adjustment, Bamboo Airways ranks second in terms of charter capital among six domestic airlines, only behind flag carrier Vietnam Airlines with VND14.2 trillion.

In 2020, the airline reported a 34 percent year-on-year increase in pre-tax profits to VND400 billion. It was among the few airlines which made a profit during the pandemic year.

It also had the best on-time performance in 2020, with the on-time performance rate of 96 percent. In the first two months of 2021, the rate has increased to 97 percent.

FLC Group posted VND421 billion in pre-tax profit in 2020, a year-on-year increase of 43 percent.