Record passenger numbers for Air Astana in 2023  

Air Astana has published its full year results for 2023, the Kazakhstan flag carrier’s first set of results since its IPO across three stock exchanges in February 2024, noting strong growth with record passenger numbers and increased capacity. In the full year 2023, total revenue and other income reached $1.2bn, an increase of 13.8%. Operating profit was also up to $136 million, an increase of 12.9% (excluding gains from fuel hedging and the impact of partial mobilisation in Russia). Adjusted group EBITDAR increased 4.3% to $300.8 million. “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,” commented Peter Foster, CEO of Air Astana Group. Expansion across the carrier’s international network contributed to an increase in 11% of available seat kilometres, generating an 11/3% rise in RPKs. The total numbers of passengers carried across the Air Astana Group in 2023 increased by 10.1% to 8.1 million, including increased services to China with the reinstatement of Beijing. “Our international customer base continues to evolve with an expanded network of destinations as we capitalise on our strategic location between air travel mega markets,” explained Foster. Despite a growth in fleet (comprising the net addition of six new aircraft, bringing total fleet size to 49 by the close of 2023), lease liabilities decreased from $732.8 million in 2022 to $718.9 million in 2023. The group expects to report further growth in 2024, adding an additional seven aircraft to its fleet, with markets in India, China, Asia, the Gulf, Turkey and Europe as representing further growth opportunities. “The IPO proceeds will enable us to further expand our operations and increase our carrying capacity,” stated Foster. Load factor will remain ‘broadly consistent’ with 2023, while in the medium term, EBITDAR expectation is in the mid to high 20s. Air Astana also adds that it is “at a very advanced stage in positive negotiations for an agreement with Pratt & Whitney that will provide compensation and other support” concerning ongoing GTF issues.