PIA profitable for first time in decades
April 9, 2025
Pakistan International Airlines (PIA) has recorded its first annual profit in over two decades.
The financial turnaround was revealed during a meeting of PIA’s board of directors.
It comes as the government prepares for another attempt to sell the national carrier.
News of the profit was confirmed by both the airline and Defence and Aviation Minister, Khawaja Muhammad Asif.
“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),” he wrote.
“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 optimisation & financial discipline with balance sheet restructuring, PIA is poised to capitalise on financial performance through privatisation process.
“Good news is coming from all around, Alhamodillah!”
The improved financials were announced as Islamabad prepares for a renewed privatisation bid, following a failed attempt last year that saw only one offer submitted, below the more than $300 million valuation.
To improve the airline’s appeal to investors, Pakistan previously absorbed nearly 80% of PIA’s historic debt into state accounts.
After the initial sale attempt faltered, the remaining liabilities were also removed from the airline’s books.
