Qazaq Air posts KZT7.5bn net loss in 2023
Kazakhstan’s airline Qazaq Air suffered a net loss of 7.59 billion tenge last year according to its 2023 financial report, Kazinform News Agency correspondent reports.
To note, the company posted a net loss of 6.59 billion tenge in 2022. Last year, the figure rose to 7.59 billion tenge.
The amount of the airline’s obligations exceeds its total assets by 9.5 billion tenge, with loans for the purchase of aircraft from its parent company Air Astana accounting for 92%.
In 2023, Qazaq Air’s revenue stood at 19.6 billion tenge, down 4% compared with a year before, which is attributable to the reduced number of international flights. Of the total revenue, 15.5 billion tenge came from domestic flights and 4 billion tenge from international flights (12.9 and 7.5 billion tenge in 2022, respectively).
In late May, President of Kazakhstan Kassym-Jomart Tokayev announced the sale of Kazakhstan’s Qazaq Air airline to Vietnam’s SOVICO Group. The sale deal is set to be completed by the end of September this year.