Budget carrier Fly Arystan, wholly owned by Air Astana, posted a loss of 4.5 billion tenge for 2025, up from 3.6 billion tenge a year earlier — a 27% increase year on year, the website infohub.kz reports.
On a per-share basis, Fly Arystan's loss for 2025 came to 2,143 tenge, compared with 1,441 tenge in 2024.
Revenue, meanwhile, surged to 203.1 billion tenge from 36.8 billion tenge in 2024 — a 5.5-fold increase. That included 173.8 billion tenge from passenger traffic in 2025 (249.8 million tenge in 2024), 28.3 billion tenge from the lease and sublease of aircraft and engines (6.6 billion tenge), and 1 billion tenge from cargo and mail, of which cargo accounted for 895.7 million tenge and mail for 140 million tenge.
The airline leases its aircraft from its parent structure, and the related liabilities are denominated mainly in US dollars.
Within passenger traffic, scheduled services generated 161.7 billion tenge and charter flights 12.1 billion tenge.
The bulk of revenue came from domestic routes — 141.1 billion tenge — followed by flights to CIS countries at 15.8 billion tenge, Europe at 10.7 billion tenge, and Asia and the Middle East at 6.2 billion tenge (249.8 million tenge in 2024).
As of July 1, Samruk-Kazyna held 41.18% of Air Astana's shares, while the US-based Citibank, N.A.-N.Y. (F/B/O DR Holders) was the nominal holder of 35.73%. On the same date, Air Astana's loss stood at 10.4 billion tenge and the book value of one ordinary share was 453.28 tenge.
The current market price of one Air Astana share on the Kazakhstan Stock Exchange (KASE) is 679.10 tenge (-0.43%). During the IPO, the airline's shares were sold at 1,073.83 tenge each. The sharp decline in Air Astana's shares is dampening risk appetite among potential investors ahead of the planned IPO of Kazakhstan Temir Zholy (KTZ, owned by Samruk-Kazyna) at the end of 2026.