The aviation industry in Kazakhstan has soared to new heights, as air companies in the country reported a remarkable profit of 80.5 bn tenge ($178.2 mn) for the month of July, as per data released by the Bureau of National Statistics. This historic achievement was attributed to a surge in passenger numbers and a significant rise in air transport service prices.
The data revealed on August 15 that this recent profit figure eclipsed the previous record of 73.6 bn tenge ($162.9 mn), which had been established in August of 2022.
The gains made by airlines in the first seven months of 2023 have been nothing short of impressive. Total revenue for the sector reached a staggering 418.1 bn tenge ($925.7 mn) during this period, indicating a substantial leap from the 276.8 bn tenge ($612.9 mn) earned in 2022.
The pivotal driving force behind this unprecedented growth has been the remarkable increase in passenger numbers. Over the course of January to July, the total number of passengers utilizing air travel surged by an impressive 26.1%, reaching a substantial 7.3 mn individuals. For the month of July alone, airlines successfully carried a total of 1.3 mn passengers.
However, this extraordinary progress cannot be solely attributed to passenger influx. The rise in the prices of air transport services has significantly contributed to the boost in revenue. Since the commencement of the year, the cost of air transport services has undergone an extraordinary increase of 48.4%. Notable spikes were observed in February, with a surge of 21.5%, and in April, with a further increase of 17.7%. This upward trend in prices continued into July, as the cost of services experienced a 4% increase.
As the aviation industry in Kazakhstan continues to evolve, it is anticipated that further innovations and adaptations will take place to maintain this upward trajectory. With growing passenger numbers and increasing service costs, airlines are expected to embrace new strategies to ensure sustainable growth and deliver unparalleled travel experiences to their customers.
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