DALLAS — Air Astana (KC), Kazakhstan's national carrier, has released its 2023 annual report, which provides sound financials and a positive outlook.

In 2023, KC’s total revenue increased by 13.8% to USD 1.2 billion. The operating profit remained healthy, with a 12.9% increase, excluding extraordinary market events and fuel hedging gains.

Air Astana handled 8.1 million passengers yearly, a 10.1% increase year over year. Profit after tax reached USD 68.7 million, reflecting a 21.5% increase. KC maintained a good financial position with substantial cash reserves and decreased lease liabilities.

Network Expansion

Last year, the Almaty-based carrier expanded its network, adding new routes to popular destinations like Jeddah (JED), Doha (DOH), and Beijing (PEK).

The company's low-cost subsidiary, FlyArystan (KC), also experienced growth with new seasonal routes and increased flights to key leisure destinations.

Air Astana maintained a slightly high level of operational efficiency, with an average load factor of 82.8%, as compared to 82.7% in 2022. The on-time performance (OTP) was 79.5%, up 7.2% year-on-year.

Future Outlook

Air Astana remains optimistic about the future, projecting further growth in 2024. KC plans to add seven new aircraft to its fleet, reaching 56 by year-end. This expansion will primarily focus on its regional and international routes.

“We are pleased to report our first set of results as a public company following our successful IPO. Air Astana delivered another strong year of growth in 2023 with record passenger numbers and increased capacity. We are well positioned to capture the growth opportunities from developing the underserved aviation market in Kazakhstan and improving international connectivity.” Peter Foster, CEO of Air Astana Group.