Air Astana profits down as chair arrested on suspicion of corruption
Kazakhstan-based carrier acknowledges ‘detainment’ of chairman Nurlan Zhakupov.
Air Astana Group’s chairman has been arrested on suspicion of corruption, as the Kazakhstan-based carrier reports a decline in third-quarter profits and a net loss at the nine-month mark.
Kazakhstan’s National Security Service said in an 11 November statement that the chief executive of the country’s Samrut-Kaznya sovereign wealth fund, Nurlan Zhakupov – who also serves as chairman of the board and non-executive director at Air Astana Group – had been detained “along with other individuals suspected of committing a corruption-related offence”.
It does not disclose any further details.
Air Astana says in a 13 November statement that it “notes the detainment of the CEO of Samruk-Kaznya”, who “holds the position of non-executive chairman of the group”. The airline adds that it “continues following the updates”.
Zhakupov was first elected to Air Astana Group’s board in December 2023 and was re-elected in February of this year. Prior to his appointment as chief executive of Samrut-Kaznya, he worked in the international banking sector.
Profits tumble
His arrest came a day before Air Astana Group – which includes flag-carrier Air Astana and low-cost unit FlyArystan – reported its latest financial results, which saw its operating and net profits fall in the third quarter.
Operating profit in the three months ended 30 September decreased by 16% year-on-year to $37.8 million while net profit slid 10% to $18.5 million. This was despite revenues rising a fifth, to $529 million.
Operating expenses for the period climbed by almost $100 million to hit $491 million, as fuel costs and maintenance costs rose by 27% and 29%, respectively.
For the nine months to 30 September, Air Astana Group slid to a $2.7 million net loss, compared with a $31.2 million net profit in the same period a year earlier. Operating profit almost halved to $51.3 million as operating costs jumped to $1.24 billion from $1 billion a year earlier.
Air Astana Group says it purchased four spare engines during the period, which were immediately sold as part of a sale-and-leaseback transaction. Total cash received from the transaction amounted to $95.2 million. The group says it “entered into the contracts with the buyer-lessor for the right to use the engines for eight years, with monthly payments”.
Air Astana said a year ago that it had “effectively tapped into market supply for spare engines”, having obtained 13 spare powerplants for its Airbus A320neo-family fleet by the halfway point of 2025. It has been hit by unscheduled engine removals related to its Pratt & Whitney PW1100G powerplants.
The carrier’s chief executive, Ibrahim Canliel, told FlightGlobal in June that 10 of its aircraft were grounded in summer 2025 due to scheduled and unscheduled removals, and that this number would drop to a lower, “single-digit” number in summer 2026.
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