Here is a summary of the financial and operational results for Air Astana Joint Stock Company for the six months ended June 30, 2024
Strong financial performanceThe company reported a 12.9% increase in total revenue and other income, excluding non-recurring items, to USD 586.2 million compared to the same period in 2023. Adjusted EBITDAR, excluding non-recurring items, increased by 9.8% to USD 138.7 million, with a slight decline in the adjusted EBITDAR margin from 24.3% to 23.7%.
Growing passenger demandThe total number of passengers carried by the Group increased by 14.6% to 4.0 million, with a steady average load factor of 82.0%. The company saw strong growth across Asia and expanded its capacity on routes to China and South Korea.
Fleet expansionAir Astana added six aircraft to its fleet in the first half of 2024, focusing on narrow-body planes for domestic and regional markets. The Groups fleet size expanded from 49 aircraft at the end of 2023 to 54 during the period, <mark style="background-color:yellow">ahead</mark> of the initial plan. The company also signed an agreement for the lease of seven Airbus A321neo LR aircraft, with deliveries starting in 2026.
Mitigating engine issuesThe company proactively managed issues with Pratt & Whitney engines, reaching an agreement for compensation and support. They also purchased additional spare engines and optimized their fleet during the high season.
Cost managementDespite industry-wide cost inflation, Air Astana maintained a focus on operational cost efficiency. The company invested in customer experience and fleet expansion, while also benefiting from lower engineering and maintenance costs.
New terminal and awardsA new international terminal at Almaty Airport became operational in June 2024, increasing capacity and reinforcing Almatys position as a major hub. Air Astana and its low-cost carrier, FlyArystan, received multiple awards for excellence in global awards, including Best Airline in Central Asia & CIS and Best Low-Cost Carrier in Central Asia & CIS.
Positive outlookThe Group expects strong passenger demand to continue into the third quarter, the seasonally strongest period. They remain confident in their growth strategy and ability to meet their medium-term expectations, despite ongoing engine management and cost pressures.
| Financial Metrics | H1-24 | H1-23 | % YoY | Q2-24 | Q2-23 | % YoY |
|---|---|---|---|---|---|---|
| Passengers (millions) | 4.03 | 3.52 | 14.6% | 2.15 | 1.93 | 11.4% |
| Revenue and other income excl. non-recurring items (million USD) | 586.17 | 519.11 | 12.9% | 321.43 | 285.41 | 12.6% |
| Revenue and other income (statutory) (million USD) | 587.17 | 528.05 | 11.2% | 322.43 | 288.93 | 11.6% |
| Adjusted EBITDAR excl. non-recurring items (million USD) | 138.68 | 126.30 | 9.8% | 88.72 | 79.56 | 11.5% |
| Adjusted EBITDAR (statutory) (million USD) | 126.54 | 134.80 | (6.1%) | 82.85 | 82.98 | (0.2%) |
| Adjusted EBITDAR margin excl. non-recurring items | 23.7% | 24.3% | (0.7)pp | 27.6% | 27.9% | (0.3)pp |
| Adjusted EBITDAR margin (statutory) | 21.6% | 25.5% | (4.0)pp | 25.7% | 28.7% | (3.0)pp |
| Cash and bank balances (million USD) | 418.19 | 300.23 | 39.3% | 418.19 | 300.23 | 39.3% |
| Net Debt (million USD) | 407.47 | 405.96 | 0.4% | 407.47 | 405.96 | 0.4% |
| Debt Metrics | H1-24 | H1-23 | % YoY | Q2-24 | Q2-23 | % YoY |
|---|---|---|---|---|---|---|
| Group Net Debt / Adjusted EBITDAR | 1.4x | 1.5x | N/A | N/A | N/A | N/A |