Buddha Air, a leading private airline in Nepal, is celebrating remarkable achievements in the fiscal year 2023/24. With revenues reaching Rs 3.83 billion in the first half of the year, the airline’s performance has soared. Its market dominance has increased significantly, now standing at 67%, up from 56% last year.
In the preceding fiscal year, the airline recorded earnings of Rs 12.16 billion, indicating consistent growth over time. From turnovers of Rs 10 billion in 2021/22 to Rs 3.33 billion in 2020/21 and Rs 4.94 billion in 2019/20, Buddha Air’s trajectory showcases resilience and advancement.
Further enhancing its achievements, Buddha Air recently secured a substantial bank loan of Rs 1.6 billion, highlighting its strong creditworthiness. ICRA Nepal’s endorsement through long-term loan ratings at [ICRANP] LA- and short-term loans at [ICRANP] A2+ underscores the airline’s financial stability.
Related: Celebrating 25 Years of Excellence: The Journey of Buddha Air in Nepali Aviation
About Buddha Air Private Limited
Established in 1996, Buddha Air primarily serves domestic trunk routes within Nepal, with a limited presence in international aviation, operating a single route from Kathmandu, Nepal to Varanasi, India. As the largest and longest-operating private sector airline in Nepal, it holds a prominent position in the country’s aviation industry.
Mr. Surendra Bahadur Basnet serves as the company’s Chairman, while his son, Mr. Birendra Bahadur Basnet, holds the position of Managing Director. Additionally, Buddha Air holds a significant stake of approximately 6% in Shikhar Insurance Company Limited, which is rated at [ICRANP-IR] A as of mid-July 2022.
