WOOD Flash - Air Astana Group: 1Q24 – 15% ASK growth, RASK down slightly yoy, but CASK stable
Air Astana Group’s 1Q24 revenue and EBITDAR were broadly in line with our expectations. During the seasonally-weakest quarter of the year, the RASK was slightly (4%) lower yoy. This was driven by a combination of: 1) the high base effect (with 1Q23 boosted by people fleeing the military draft in Russia, to and via Kazakhstan); and 2) a growing share of FlyArystan in the revenue mix. Both of these factors were flagged by the company along with the 4Q23 results. If adjusted for the positive one-off effect in 1Q23, both Air Astana airline and FlyArystan have seen positive yoy RASK dynamics, according to management. The CASK was 3% higher yoy, which was driven by the IPO costs – outside of this one-off expense, the unit costs have been stable yoy, which is encouraging. In addition to the results, the company launched a share buyback on 30 April. It also asked its shareholders to send nationality information to the company by 24 May, in order to be eligible to participate at the upcoming AGM (details below).
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