The main airport of the Mangystau Region looked like a stable business for several years in a row: revenue there holds at the level of 4.9 billion tenge, and cash flow is positive. But behind this picture lies a more complex construction. To understand how solid it is, FBRK compared three audited financial statements and checked the most curious amounts.
WHAT THE AKTAU AIRPORT REPORTS FOR 2023–2025 SHOW
Revenue of JSC "Aktau International Airport" amounted to 4.9 billion tenge in 2023, 6.1 billion in 2024 and 6.2 billion in 2025. The net result for the same years: a profit of 39.3 million, a profit of 616.5 million and a loss of 315.7 million. For comparison, in 2022 the airport earned 1.8 billion.
The balance sheet for 2025 grew from 11.1 billion to 15.8 billion tenge, equity decreased from 8 billion to 7.7 billion. Liabilities jumped from 3.1 billion to 8.2 billion tenge. The sole shareholder of the company is the akimat of the Mangystau Region, and ATM Grup LLP has been appointed as the trustee - the Kazakhstani representative office of a Turkish company operating in the construction and operation of airports.
WHERE THE REVENUE SPIKES CAME FROM: 2022 TRANSIT AND FUEL
First of all, it is worth explaining why 2022 turned out to be so high. According to the company's own explanation, after the ban on the use of Russian airspace in 2022, the number of transit international flights rose sharply. In 2023, transit declined, and revenue returned to the 2021 level: it fell by 17.7%, and net profit almost disappeared.
In 2024, revenue grew by 23.7%, and a substantial part of the growth came from refuelling aircraft with aviation fuel: 1.1 billion versus 1.9 billion, that is, plus 71.5%. In 2025, this line item dropped to 1.5 billion, exactly by 368 million. The financial statements do not comment on this coincidence. At the same time, regulated airport services grew to 1.9 billion (in 2024 - 1.7 billion), and ground handling - to 1.7 billion (in 2024 - 1.6 billion).
Dependence on individual customers is also noticeable. Revenue from the airline FlyArystan grew from 888.4 million to 1.5 billion, that is, to 23.5% of all revenue in 2025. From Aster Aviation Services FZCO it fell from 706.7 million to 264.4 million.
WHERE THE 2023 AND 2024 PROFITS ACTUALLY CAME FROM
This is where the main point begins. Before paying corporate income tax, the airport lost 103.9 million tenge in 2023. The net profit of 39.3 million arose because a "tax saving" of 143.1 million appeared in the report. In 2024, 286.9 million was earned before tax, and the tax saving amounted to 329.7 million, that is, 53.5% of the final profit of 616.5 million.
If this saving is related to deferred tax, and in 2023 its size exactly coincided with a decrease in deferred tax liabilities by 143.1 million, then this is an accounting entry, not money in the account. In 2025, the effect disappeared: a tax expense of 41.3 million appeared, along with a final loss. The operating picture worsened at the same time: gross profit fell from 933.9 million to 783.9 million (by 16.1%), and administrative expenses rose by 34%, from 610.5 million to 817.8 million.
An important caveat: the business does still earn money. Operating cash flow amounted to 358.6 million in 2023, 1.4 billion in 2024 and 1.4 billion in 2025. This is helped by depreciation (the writing down of the value of fixed assets, 884.3 million in 2024), which does not require real payments. The business is viable, and the problem itself lies in the financing structure.
DEBTS AND RECONSTRUCTION OF THE RUNWAY: HOW THE CONSTRUCTION CHANGED THE BALANCE SHEET
In 2024, the board of directors decided to reconstruct the runway, taxiways and apron, and the budget of the investment programme up to 2030 was estimated at "more than 8 billion tenge". In December 2024, the company concluded a framework agreement on a bank loan of 5 billion tenge for a term of seven years, with a rate from 20% per annum. By the end of 2024, an advance of 1.1 billion was paid to the contractor Ak zhol Kurylys LLP, and the contractor provided a bank guarantee of 221.6 million (3% of the contract amount).
In 2025, the value of fixed assets increased by approximately 4.2 billion (from 8.6 billion to 12.8 billion), and loan debt reached 4.9 billion tenge, including accrued interest of 275.7 million. Of this amount, 258.1 million falls to ATM Grup. The remainder of the main part of the debt is with the bank "Kazakhstan-Ziraat International Bank".
The calculation of debt servicing costs shows an imbalance. Financial expenses amounted to 351.2 million, income from placed funds - 226.3 million, and the net difference - 124.9 million. Part of the borrowed money lies in deposits: 1.6 billion with a term of more than three months.
INCONSISTENCIES IN THE FINANCIAL STATEMENTS
The first discrepancy that FBRK noticed concerns earnings per share. In the 2025 note, the amounts used are 886.6 million (2024) and −45.3 million (2025), although the statement of comprehensive income shows 616.5 million and −315.7 million. The difference, 270 million and 270.4 million, almost coincides with the annual decrease in the revaluation reserve. As a general rule, a transfer within equity is not considered income. This is also confirmed by 2024: total comprehensive income in the report is 886.6 million, while equity grew by only 598.2 million.
The second concerns liquidity. The risk note states that the company does not have access to sufficient financing and cannot defer payment deadlines, but it immediately states: "no liquidity risk is observed". The maturity table includes only accounts payable of 2.1 billion, but not loans of 4.9 billion. According to FBRK's own calculation, the current liquidity ratio (current assets to current liabilities) was about 1.1 in 2023, about 0.4 in 2024 and about 0.7 in 2025.
WHAT THIS MEANS
Several scenarios are possible. If the full reconstruction is completed on time, the updated infrastructure may support revenue growth, but servicing debt at a rate from 20% will require stable cash flow. By the way, in June 2026 it was reported that the repair of the runway and taxiways had already been completed, and the completion of all works was planned by the end of the third quarter of 2026.
The status of a participant in the special economic zone "Aktau Sea Port", obtained in July 2025, exempts the company from corporate income tax, property tax and land tax, and this reduces the tax burden. Dependence on the trustee is growing: after the reporting date, on 30 March 2026, the company received an interest-free loan of 400 million tenge from ATM Grup.
Another feature is that the terms of the trust management oblige the company to pay the shareholder fixed dividends of 18.3 million tenge per year regardless of profit, and in the loss-making 2025 they were also accrued. For the region, it is important that any disruptions could hit tariff policy and investment plans.
Recall that FBRK earlier analysed the financial statements of JSC "Nursultan Nazarbayev International Airport" for 2024. There, the auditor refused to vouch for 80% of assets, the airport lost a court case to the state for 395.4 million tenge, and the difference between the amount of the debt and its present value due to the instalment plan was reflected as income.
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