Biman announces highest-ever profit despite owing Tk 2,000cr to Padma Oil
Despite owing approximately Tk 2,000 crore to Padma Oil Company Limited, Biman Bangladesh Airlines has declared its highest-ever annual profit, sparking surprise among energy sector officials.
Padma Oil, the sole supplier of jet fuel in Bangladesh and a subsidiary of the state-owned Bangladesh Petroleum Corporation (BPC), is reportedly still awaiting payment from the national carrier. According to June 2024 financial estimates, Biman owed Tk 2,100 crore for jet fuel supplied.
Although partial payments were made in July, officials confirm the outstanding balance remains above Tk 2,000 crore.
This backdrop makes Biman’s announcement of a Tk 937 crore profit for the 2024-25 fiscal year particularly striking. The figure, described as "unaudited," marks the highest profit in the airline’s 55-year history.
In a press release issued on Monday, 18 August, ABM Rawshan Kabir, General Manager (Public Relations) at Biman Bangladesh Airlines, said the national flag carrier had achieved a “historic milestone” in its financial performance.
Previously, the second-highest profit was recorded in the 2021-22 fiscal year, amounting to Tk 440 crore, less than half of this year’s figure.
The announcement has taken officials at Padma Oil and BPC by surprise, though neither organisation has issued an official statement.
A senior BPC official, speaking on condition of anonymity, told Jago News: “According to our June assessment, Biman owed us around Tk 2,100 crore for jet fuel. Even after some payments in July, the outstanding amount is still over Tk 2,000 crore. It’s perplexing that such a large profit is being declared without settling this debt.”
Biman’s press release highlighted several operational achievements contributing to the record profit. Passenger traffic reached 3.4 million in the 2024–25 fiscal year, cargo volume hit 43,918 tonnes, and seat occupancy (cabin factor) rose to 82 per cent, a notable increase from the previous year.
The airline also recorded its highest-ever ticket sales in January 2025, which it attributes to growing public confidence and improved service quality.
Initiatives such as faster baggage handling, enhanced in-flight services, and the modernisation of airport operations have reportedly boosted customer satisfaction.
Biman emphasized its commitment to safety, stating it continues to adhere strictly to international aviation safety standards, maintaining a strong safety record.
While the airline celebrates its financial turnaround, questions remain about the timing and transparency of its profit declaration – especially in light of its substantial unpaid fuel bills to a key state supplier.