×

Maintenance Repair & Overhaul Space Air Cargo

Home- Stories

Air Astana: Strong Performance and Growth Prospects in 2024

Our Bureau - : Mar 15, 2024 - : 4:24 pm

Air Astana anticipates a prosperous 2024, with robust growth in passenger numbers and capacity amidst sustained demand for air travel. Despite volatile market conditions, the airline has demonstrated resilience, achieving significant milestones in various operational and financial aspects.

“We are pleased to report our first set of results as a public company following our successful IPO across three stock exchanges last month. Air Astana delivered another strong year of growth in 2023 with record passenger numbers and increased capacity,” said Peter Foster, CEO of Air Astana Group in the airline’s press release on Friday (Mar. 15). “All our markets continue to perform well and we have demonstrated our ability to grow the business and maintain sector-leading margins while managing cost headwinds across the industry. As [a] result, the Group EBITDAR excluding EME and FH has continued to expand by another 16% in 2023.”

“The IPO proceeds will enable us to further expand our operations and increase our carrying capacity. We are well positioned to capture the growth opportunities from developing the underserved aviation market in Kazakhstan and improving international connectivity,” he added.

Financially, Air Astana recorded total revenue and other income of USD 1.2 billion, marking a notable 13.8% increase compared to the previous year, rising to an impressive 15.6% when excluding extraordinary market events. Operating profit surged to USD 136.0 million, a 12.9% increase when excluding extraordinary market events and fuel hedging gains. Similarly, profit after tax saw a positive surge, reaching USD 68.7 million, indicating significant growth of 21.5% when excluding extraordinary market events and fuel hedging gains.

Operationally, the airline made commendable progress, with revenue passenger kilometres (RPK) rising by 11.3% to 14.6 billion and available seat kilometres (ASK) increasing by 11.1% to 17.7 billion. Additionally, revenue per available seat kilometre (RASK) experienced a modest increase, reaching US 6.6 cents, or 4.0% when excluding extraordinary market events.

Air Astana’s expansion efforts were highlighted by a record number of passengers carried, totalling 8.1 million, representing a 10.1% increase from the previous year. The fleet size also grew to 49 aircraft, facilitating network expansion to key destinations such as Turkey, India, Thailand, Uzbekistan, Georgia, the Gulf, and China. The airline’s fleet is also projected to increase to at least 56 aircraft by the end of 2024

Moreover, the airline enhanced its international network with new routes to Jeddah and Doha, alongside FlyArystan’s seasonal routes from regions to Antalya and Dubai. Operational efficiency remained high, with adjusted EBITDAR increasing by 4.3% to USD 300.8 million, and adjusted EBITDAR margin maintaining stability at 25.6%.

The airline’s solid financial position was evident with cash reserves amounting to USD 274.0 million, and lease liabilities decreasing to USD 718.9 million despite fleet growth. Its commitment to operational excellence was further underscored by achievements such as an on-time performance (OTP) of 79.5%, and multiple accolades including the Skytrax Awards for “Best Airline in Central Asia and CIS” and “Best Service in Central Asia and CIS” for Air Astana, and “Best low-cost carrier in Central Asia and CIS” for FlyArystan. Additionally, investments in infrastructure, such as the new Flight Training Centre in Astana, demonstrated the airline’s dedication to maintaining high standards of safety and service quality.

MORE NEWS

Headquartered in Singapore with reporters spread across all major regions, GBP Aerospace & Defence is a leading media house that publishes three publications that serve the aerospace and defence sector - Asian Defence Technology, Asian Airlines & Aerospace and Daily News. Known industry-wide for quality journalism, GBP Aerospace & Defence is present at more international tradeshows and exhibitions than any other competing publication in the region.
For over three decades, our award-winning team of reporters has been producing top-notch content to help readers stay abreast of the latest developements in the field of commercial aviation, MRO, defence, and Space.

Popular Posts

Copyright 2023. GBP. All Rights Reserved.

Home Defence & Security Space Commercial Aviation Maintence Repair & Overhaul Daily News Events About Us