Air Astana announced that its full-year 2022 results “exceeded expectations” even if the airline faced unfavorable external factors throughout the year.
The Kazakhstan-based airline’s profit after tax in 2022 was $78.4 million. The airline earned $1.03 billion in revenue carrying 7.3 million passengers. Compared to 2021, the profit figure is 115% higher, while revenue and passenger numbers grew by 36% and 11%, respectively. All three metrics are the highest in the company’s 20-year history, noted Air Astana.
“The group significantly exceeded expectations despite political unrest in Kazakhstan in January and the Russian invasion of Ukraine in February,” stated Peter Foster, the president and chief executive officer (CEO) of Air Astana. Foster pointed out that even if the airline lost revenue due to route closures to, from, and over Russia, the increased capacity to Europe, Asia, India, and the Caucasus “more than compensated” for the loss in revenue.
Air Astana’s low-cost subsidiary FlyArystan has grown by 366% since it began services in 2019, with Foster adding that it “has a great future, as this region probably has the fastest-growing low-cost air travel market in the world today”.
“Headwinds persist in the form of the continued airport and service provider resource and supply chain limitations, general inflationary pressure, and technical reliability issues with Pratt & Whitney 1100 engines,” Foster concluded.
Air Astana owns several aircraft powered by the Pratt & Whitney PW1000G engine family, namely five Airbus A320neo, 14 A321neo, and five E190-E2s. It plans to grow its fleet with six aircraft in 2023, and welcome three Boeing 787-9s leased from Air Lease Corporation (ALC) from 2025.