Air Astana earned $10.7 million in net profit in the first half of 2025 - a 132% increase compared to the same period last year. The company shared details about its financial success, operational milestones, and future plans at Issuer Day, held on August 6, 2025, at the Astana International Exchange. The hybrid event brought together international analysts, bankers, and journalists both online and in person.
According to the airline, total revenue grew by 12.1% year-on-year to $658.2 million, while EBITDAR increased by 24.1%, reaching $157 million. The multimillion-dollar performance - including that of its low-cost subsidiary FlyArystan - was driven by several key factors.
Fleet Expansion and Higher Efficiency
One of the primary contributors was fleet growth. Air Astana added six new Airbus A320 aircraft this year, bringing the total fleet size to 61. By the end of 2025, two more aircraft will be delivered, and the airline aims to grow its fleet to 84 by 2029. In May, the last Embraer E2 was retired from service. The current fleet now consists of just two types - the fuel-efficient Airbus A320 and the long-haul Boeing 767 - allowing for greater operational efficiency.
With a larger fleet came higher passenger volumes. In the first six months of the year, Air Astana and FlyArystan carried approximately 4.5 million passengers - up 11.6% year-on-year. Notably, international traffic surged by 25.5%.
“The increase in passenger numbers alongside expanded seat capacity confirms strong demand for our new routes in Asia’s fastest-growing markets, particularly in megamarkets like India and China. We offer convenient air connections between these regions and the CIS. Our recent codeshare agreement with China Southern Airlines marks another important step in expanding our route network.” Peter Foster, President and CEO of Air Astana
Air Astana has added 20 new international routes to its existing portfolio of 91. The company is strengthening its presence in China and India. Today, the group operates 30 weekly flights to China. In March, the airline launched a new route from Almaty to Guangzhou; in May, it introduced direct flights from Almaty to Yining (Kuldja) in Xinjiang. Shanghai is also on the radar for future expansion.
Growth in India, Cautious Expansion at Home
In India, Air Astana is increasing frequencies on the Almaty–Delhi route. The inaugural flight to Mumbai recently took off, and FlyArystan plans to introduce regular services between Almaty and Goa. Domestic growth, however, remains more measured - the airline currently operates 38 domestic routes.
“We are proud to be a Kazakh airline and serve the domestic market. But considering our fleet expansion goals, Kazakhstan’s population of 20 million alone is not enough to sustain a carrier of our size. Our main focus is to expand our commercial footprint in neighboring aviation markets - through partnerships and active marketing - to attract more passengers from other countries. This will benefit not only our company but also tourism and business development in Kazakhstan.” Peter Foster
Seasonal traffic also spiked on routes to Turkey, Georgia, Montenegro, and Vietnam. Despite overall positive performance, the company noted that geopolitical tensions - including conflicts between India and Pakistan and between Israel and Iran - led to some cancellations in Q2. Currency fluctuations, especially a weakening tenge, also posed challenges, but the company said these were successfully mitigated.
Investor Optimism and Post-IPO Confidence
On Issuer Day, participants raised questions about the company’s stock performance. It has been nearly 18 months since Air Astana’s IPO - a milestone for Kazakhstan’s capital markets. Demand for shares was strong, underscoring the airline’s appeal to investors. While the stock price has dipped slightly, management remains optimistic.
“We’ve already paid out dividends with a yield of 7.4%, which is quite high by global standards. My colleagues and I are also shareholders, so we, like the public, want to see long-term value. As Warren Buffett said, if a company performs well and is managed well, its share price will eventually reflect that performance.” Peter Foster
“The IPO brought in $120 million. Of that, $100 million has already been allocated - for pilot training, simulators, de-icing equipment, and more. We also plan to expand our hangars in Almaty and Astana. All of these investments are aimed at improving internal efficiency and supporting long-term growth” Ibrahim Janliyel, Chief Financial Officer of Air Astana
Air Astana is listed on the Kazakhstan Stock Exchange (KASE), Astana International Exchange (AIX), and the London Stock Exchange (LSE) under the ticker AIRA. The airline has been named Best Airline in Central Asia & CIS 14 times and has won Best Airline Staff Service in the region nine times at the Skytrax World Airline Awards. Its budget arm, FlyArystan, has been recognized by Skytrax three years in a row as the Best Low-Cost Airline in Central Asia & CIS. Air Astana also holds a prestigious five-star rating from APEX in the major airline category.
