SCAT's 80-Fold Profit Rise Lifts Two Founders Onto Forbes Rich List

SCAT's Slow Climb: From One An-24 to a 36.4 Billion Tenge Profit

SCAT, Kazakhstan's Shymkent-based carrier, has turned modest beginnings into one of the country's most striking corporate turnarounds. Net profit rose from 460 million tenge in 2016 to 36.4 billion tenge in 2024 — an almost 80-fold increase — while revenue climbed from 39.5 billion tenge (after an earlier figure of 37.5 billion was adjusted) to 311.1 billion tenge, according to financial data cited by Forbes Kazakhstan. The growth lifted SCAT from 25th to 17th place in the ranking of the largest private companies in Kazakhstan.

The financial surge also changed the personal fortunes of its founders. Vladimir Denisov, who controls 57% of SCAT, entered the Forbes Kazakhstan rich list in 2024 with an estimated $114 million; by 2026 he had risen to 50th place with $198 million. Vladimir Sytnik, who holds 43%, appeared on the list for the first time in 2026 at 63rd place with $143 million.

The company's route from a single An-24 operating Almaty-Kyzylorda in 1998 to a western-built fleet of Boeing and Bombardier aircraft spans nearly three decades. Along the way SCAT bought an airport, created the Sunday Airlines charter brand, set up a regional subsidiary for Soviet-era aircraft, and became the first operator in Central Asia to fly the Boeing 737 MAX 8.

The story is not one of uninterrupted growth: a 2013 crash, the 2015 tenge devaluation and the 2020 pandemic each forced SCAT to restructure. The result is a carrier that has moved from negative equity in 2016 to record profitability in 2024 — and a rare case of two founders reaching the Forbes rich list through a single airline.

What the Numbers Say About SCAT's Three Crises and Two Subsidiaries

The Founder Wealth Is Almost a Direct Read on SCAT's Value

Denisov and Sytnik own 57% and 43% of the airline respectively. Forbes Kazakhstan estimates their fortunes at $198 million and $143 million, which together imply a combined value of roughly $340 million for their holdings. That is an interpretation, not a fact: the list may include assets outside SCAT. More important than the precise number is the correlation: both men entered the rich list only after the company's profit and revenue accelerated. Their wealth is, in effect, a reflection of the carrier's balance sheet.

Three Crises That Shaped Modern SCAT

The 2013 crash of a CRJ-200 on the Almaty-Kokshetau route killed 21 people and pushed SCAT to a 392.3 million tenge loss. The 2015 float of the tenge then made dollar-denominated leasing costs far more expensive, driving another loss in 2015 and negative equity of 1.6 billion tenge in 2016. The response set the pattern for how SCAT operates today: close physical ticket offices, cut regional staff and drop routes that cannot cover their costs. The 2017 recovery, powered in part by EXPO-2017 in Astana, showed that a lean cost base could convert a demand spike into an 83% revenue jump to 72.3 billion tenge and a 5.2 billion tenge profit.

Two Subsidiaries, One Cost-Splitting Logic

SCAT's structure separates the profitable core from the socially necessary periphery. Yuzhnoye Nebo, fully controlled by SCAT since April 2026, operates old Soviet turboprops on low-demand regional routes such as Semei-Urzhar and Ust-Kamenogorsk-Zaisan. In 2024 it had revenue of about 2.7 billion tenge, including 1.4 billion tenge in state subsidies, yet still lost 107.6 million tenge. Sunday Airlines, by contrast, is a charter vehicle built for tourist demand, using Boeing 767-300s and some of the world's last remaining Boeing 757-200s — a list of only seven operators worldwide that includes Delta, United and Icelandair. The two subsidiaries allow SCAT to serve unprofitable public routes with state help while protecting the parent company's commercial margins.

The 737 MAX Episode Showed Staying Power

SCAT ordered six Boeing 737 MAX 8s in 2017, took its first in 2018, then watched the model be grounded globally in March 2019 after the Ethiopian Airlines crash. Kazakhstan's regulator banned the type, leaving SCAT's only MAX 8 parked. Rather than cancel, the airline added a 29-year-old 737-300 to cover capacity and opened 11 new routes the same year. That combination — continued expansion even under delivery delays — is a useful signal of the balance-sheet strength behind the 2024 results.

What to Watch as SCAT Consolidates Control and Ages Its 757s

• For investors tracking the airline, the critical missing data point is the 2025 annual report; the public record here ends with 2024 figures, and SCAT's history shows profits can swing sharply — from a 5.2 billion tenge profit in 2017 to a loss in earlier crisis years and then to 36.4 billion tenge in 2024.
• For lessors and manufacturers, the fleet story worth watching is the Boeing 757-200: production stopped in 2004 and only seven airlines still fly them in passenger service, so Sunday Airlines will eventually need a replacement or a major restructuring of its charter model.
• For competitors, SCAT's moat is integration: it owns 100% of Aulie-Ata International Airport, fully controls the regional subsidiary Yuzhnoye Nebo, and has EASA and IATA membership that helped it move from a small An-24 operator to one of Kazakhstan's top 20 private companies.
• For passengers, the practical detail is the aircraft: regular SCAT flights use Boeing and Bombardier jets, while Sunday Airlines charters may be operated by the aging 757-200 or the 767-300.