The Air Astana Group has posted its 2024 full year financial results, covering the first full fiscal year since the airline’s IPO in February 2024.
They show that the two airlines constituting the group, Air Astana’s mainline operation and its low-cost subsidiary FlyArystan, carried a record nine million passengers, one million up from the preceding year.
The Kazakh flag carrier attributed this increase to strong market demand and capacity expansion, with the combined fleet of the group’s airlines growing by eight units (from 49 to 57 aircraft).
This growth has also been reflected in the revenue figure, which grew by 12.4%, to US$1.3 billion (vs. US$ 1.16 billion in 2023), as well as EBITDAR, which is up by 16.1%, to US$336.8 million. However, net income went down from US$68.7 to US$52 million.
The group managed to strengthen its cash position by 78.4% in 2024, from US$214.7 to US$488.7 million, in part thanks to US$120 million raised through the company’s IPO, which consisted of dual listings in the London Stock Exchange (LSE) and Kazakhstan.
In the statement announcing the annual results, Peter Foster, CEO of Air Astana Group, said: “We achieved strong growth in our first year as a public company, fulfilling our promises set out at IPO despite the capacity and cost challenges impacting the wider industry.”
Air Astana’s CEO confirmed the company’s plans to continue fueling further growth in the near future, reiterating what he had already told AeroTime in an exclusive Spotlight interview published in November 2024.
