Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Buddha Air, a leading private sector airline in Nepal, has achieved remarkable financial success in the first six months of fiscal year 2023/24, with revenue soaring to an impressive Rs 3.83 billion.
The airline, known for its extensive air services on trunk routes and its recent expansion into international destinations such as Kathmandu to Varanasi in India, has witnessed a substantial increase in market share, reaching an impressive 67 percent.
This surge in revenue and market dominance marks a significant improvement for Buddha Air, which has been steadily expanding its fleet by adding aircraft.
Compared to the fiscal year 2022/23, where the airline held a 56 percent market share, this recent growth highlights its increasing prominence in the aviation sector.
In the previous fiscal year 2022/23, Buddha Air recorded a total revenue of Rs 12.16 billion, reflecting its consistent upward trajectory. This follows turnovers of Rs 10 billion in 2021/22, Rs 3.33 billion in 2020/21, and Rs 4.94 billion in 2019/20, showcasing the airline’s sustained financial growth over the years.
In addition to its impressive financial performance, Buddha Air has also secured a significant bank loan amounting to Rs 1.6 billion, further bolstering its financial position. The airline’s creditworthiness has been reaffirmed by ICRA Nepal, with long-term loans of 25.5 million US dollars being rated [ICRANP] LA- and short-term loans rated [ICRANP] A2+.
With its strong financial standing, expanding market presence, and continued commitment to excellence in air services, Buddha Air remains a formidable player in the aviation industry, poised for continued success in the future.
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