Biman earns Tk 2.82 billion net profit in FY 2023-24

Biman Bangladesh Airlines earned a net profit of Tk 2.82 billion for the fiscal year 2023-24 and total revenue of Tk 105.75 billion.

The announcement came on Monday following Biman’s Annual General Meeting, or AGM, held on Saturday, at which its income and expenditures for the fiscal year were disclosed.

The AGM was headed by Abdul Muyeed Chowdhury, chairman of Biman’s Board of Directors. All board members were present at the meeting.

Representatives from the Ministry of Finance, Ministry of Civil Aviation and Tourism, Ministry of Power, Energy and Mineral Resources, Ministry of Foreign Affairs, Cabinet Division, and Ministry of Commerce were also present among the shareholders.

According to the statement, Biman recorded an operational profit of Tk 15.56 billion during the fiscal year, reflecting a 9.5 percent increase compared to the previous year.

However, exchange rate fluctuations and tax expenses impacted the final net profit.

This marks the fourth consecutive year of profitability for the national flag carrier since the COVID-19 pandemic, with the airline having earned net profits in eight of the last 10 fiscal years.

In FY 2023-24, the state-owned airline transported a total of 3.36 million passengers across 30 domestic and international destinations using 21 aircraft, which is nearly 100,000 more than the previous fiscal year.

In addition, the airline earned Tk 6.37 billion from transporting 43,044 metric tonnes of cargo, marking a 60 percent increase compared to the previous year.

At Shahjalal International Airport, Biman handled 350,222 metric tonnes of cargo, reflecting a 33.1 percent increase over the previous fiscal year.

The airline also provided ground handling services to 32 foreign passenger airlines and 17 cargo airlines, as well as non-scheduled flights.

In total, Biman provided handling service for 6.64 million passengers from 33,297 foreign airline flights in FY 2023-24.

The statement highlighted that over the past 53 years, Biman Bangladesh Airlines has not received any subsidies from the government. It has fully funded the purchase of 13 new aircraft, repaying a total of Tk 125.74 million, equivalent to $1.04 billion, including loans and interest, by November 2024.

Of this, Tk 12.74 billion was repaid during the 2023-24 fiscal year alone.

The airline contributed Tk 9.26 billion in value added tax, or VAT, and taxes to the national treasury during the fiscal year.

It also purchased ground service equipment, or GSE, worth Tk 245.1 million for the third terminal, with ongoing plans to acquire additional equipment.