PIA’s First Annual Profit In 21 Years Confirmed

PIA’s first annual profit in 21 years has marked a significant turnaround for the airline, which has long struggled with financial losses. According to Bloomberg, the airline recorded earnings per share of Rs5.01 for the year ending December 2024, based on its audited financial statements.

The PIA board of directors approved the financial report on Tuesday. The report showed that the airline earned Rs204.16 billion in revenue during 2024 and incurred Rs175 billion in expenses, which included fuel costs, aircraft leasing and employee salaries. As a result, PIA achieved an operational profit of Rs 9.357 billion and a net profit of Rs 26.2 billion, a major recovery compared to its Rs 104 billion loss in 2023 despite generating Rs 237 billion in revenue that year.

Defence Minister Khawaja Asif, in a post on social media, confirmed the board’s approval and said, “For the first time in 21 years, PIA achieved a net profit.” He mentioned an operational profit of Rs 9.3 billion and a net profit of Rs 26.2 billion for 2024. According to him, PIA’s operating margin exceeded 12%, which is comparable to some of the world’s top airlines.

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Khawaja Asif said that PIA’s return to profitability is a result of the government’s full support and key reforms. These included cutting down the workforce, managing expenses, stabilising profitable routes, closing down loss-making routes and restructuring the airline’s balance sheet. He said that PIA’s first annual profit not only improves its image but will also benefit Pakistan’s economy.

In recent years, PIA has faced serious challenges, such as grounded aircraft, flight cancellations, and dependency on government bailouts. The government’s previous attempt to sell the airline failed due to a low bid under the $306 million minimum price.

Now, the government plans to restart the privatisation process, with new bids expected soon. To make the offer more attractive, around 75% of the airline’s debt has been removed. Usman Bajwa, secretary at Pakistan’s privatisation commission, stated in February that the debt removal has sparked fresh interest among potential buyers.