Islamabad (TDI): The Pakistan International Airlines (PIA) has achieved a net profit of PKR 2.26 billion after two decades, as per the records made public with the approval of the Board of Directors of the airline.
In the Financial Year 2024, PIA achieved the operational profit of PKR 3.9 billion and a net profit of PKR 2.26 billion. The operating margin of PIA was more than 12 percent which is at par with the best airlines of the world, according to the spokesperson of the airline.
This is the first time since 2003 that the airline has achieved such remarkable profits under the new set of reforms and restructuring.
#PIACL Board today has approved its accounts FY 2024, and after 21 years, it has achieved an operating profit of PKR 9.3 Billion & Net Profit of PKR 26.2 Billion (after deferred tax adjustment).
People of #Pakistan might have lost hope on ‘once a pride of the nation’, but with…
— Khawaja M. Asif (@KhawajaMAsif) April 8, 2025
The national airline has struggled for the last two decades, pushing the government to undertake some long overdue reforms.
These reforms include reducing the manpower by 30%, cutting down the expenditure of the airline, shutting down loss-making routes, and restructuring its balance sheet. Measures to ensure the stability of profitable routes were also part of the reform agenda.
Minister of Defense and Aviation, Khawaja Asif said, “People of Pakistan might have lost hope on ‘once a pride of the nation’, but with rigorous steps adopted by the GoP; implementing comprehensive reforms entailing cost & workforce rationalisation, routes optimization & financial discipline with balance sheet restructuring, PIA is poised to capitalise on financial performance through privatization process.”
On April 8th, Bloomberg reported that the progress of PIA would mark a turnaround for the airline, whose financial losses, in recent years, had caused the confiscation of its aircraft at foreign airports.
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Last year, the Government of Pakistan tried to sell the airline in an effort to privatize it but fell short of the minimum price of $306 million. By the end of the ongoing month, the Government has planned to make the initial bids to sell the airline, again.
To make the purchase of PIA more attractive, the authorities have moved PKR 660 billion in debts off of the airline’s books and transferred them to a separate government-owned holding company.
As a result, companies that had shown some interest in the purchase of the airline, are now coming on board with a renewed sense of willingness to negotiate , the Bloomberg reported.
Prime Minister Muhammad Shehbaz Sharif appreciated the efforts of Minister Khawaja Asif and his team for their dedication in making PIA functional and managing it during a challenging time.
Javaria Khalid is a Web Contributor at The Diplomatic Insight Magazine. She specializes in covering geopolitical developments, international relations, diplomatic, and socio-economic developments in Europe and Pakistan.
