Air Astana reported a 12.4% revenue increase to $1.3 billion for 2024, with shares rising nearly 3% to $6.22. The company proposed a special dividend of $0.425 per GDR. CEO Peter Foster announced new routes and a partnership with China Southern Airlines, indicating strong growth prospects.
Air Astana, the leading carrier in Central Asia and the Caucasus, has reported significant growth for the year ending December 31, with a 12.4% increase in revenue, totaling $1.3 billion. Following a successful IPO in February 2024, shares rose by nearly 3% to $6.22. The airline also proposed a special dividend of $0.425 per Global Depositary Receipt (GDR), reflecting the company’s strong financial performance and solid balance sheet.
In the previous year, Air Astana reached a settlement with Pratt & Whitney regarding issues with PW1100G engines used in their A320-200 neo aircraft. The airline has undertaken measures under its mitigation plan, including resting engines during low seasons and augmenting their aircraft and spare engine capacities. The fleet size is anticipated to grow from 60 current aircraft to 63 by year end, with a net increase of eight aircraft in 2024.
CEO Peter Foster highlighted that Air Astana welcomed nearly one million new passengers in 2024, driven by rising demand for air travel in Kazakhstan and surrounding markets. Looking ahead, Foster announced plans for eight additional routes in 2025, including direct flights from Almaty to major international destinations such as Frankfurt and Guangzhou. Furthermore, a memorandum of understanding has been signed with China Southern Airlines to facilitate the company’s expansion into the neighboring mega-market.
Air Astana has demonstrated impressive growth, reporting a revenue increase of 12.4% and recommending a special dividend following its IPO. The settlement with Pratt & Whitney and proactive fleet management contribute to the airline’s stability. Additionally, the CEO’s announcements regarding passenger growth and new routes outline a promising future for the airline in expanding markets.
Original Source: www.sharesmagazine.co.uk
