Air Astana reported a 12.4% revenue increase to $1.3 billion for 2024, proposed a special dividend, and expanded its fleet. CEO Peter Foster announced growth in passenger numbers and new route plans for 2025, emphasizing a partnership with China Southern Airlines.
Air Astana, one of Central Asia’s leading airlines, has demonstrated robust financial performance, reporting a revenue increase of 12.4% to $1.3 billion for the fiscal year ending December 31. Following its initial public offering valued at $356 million in February 2024, the company’s shares rose nearly 3% to $6.22 during morning trading. The airline’s board proposed a special dividend of $0.425 per global depositary receipt (GDR), a reflection of its strong financial results and solid balance sheet.
In a strategic move to optimize its fleet management, Air Astana reached a settlement last year with Pratt & Whitney regarding PW1100G engines used in its A320-200 neo aircraft. The airline has proactively managed its fleet by resting engines during low seasons and securing additional aircraft and spare engines. In 2024, the airline increased its fleet by eight aircraft, bringing the total to 60, with plans for a further expansion to 63 by year-end.
Chief Executive Peter Foster highlighted the airline’s growth, stating that nearly a million additional passengers were served in 2024, alongside an increasing load factor attributed to the rising demand for air travel in Kazakhstan and surrounding regions. For 2025, Air Astana has already announced eight new routes, including direct flights from Almaty to major cities such as Frankfurt, Guangzhou, Mumbai, and two locations in Vietnam. Foster also revealed a memorandum of understanding with China Southern Airlines to enhance their market presence further.
In summary, Air Astana’s recent financial growth, indicated by a significant revenue increase and a proposed special dividend, underscores the airline’s strong position within the industry. Its adaptive fleet management strategies and route expansions position it for continued success in the competitive aviation market, enhancing connectivity within Kazakhstan and beyond.
Original Source: www.sharesmagazine.co.uk
