PIA Reports Historic Profit of Rs 2.26 Billion in 2024, First Profit Since 2003

The Pakistani airline Pakistan International Airlines (PIA) achieved its first profit margin for an entire fiscal year in 2003 since its establishment year. The audited financial statements which Bloomberg obtained show that PIA achieved Rs5.01 earning per share for 2024 December period.

PIA generated Rs9.357 billion operational profit as well as Rs26.2 billion net profit from its activities despite reporting total revenue of Rs204.16 billion and expenses of Rs175 billion. The airline posted Rs104 billion of net loss in 2023 revenue of Rs237 billion which stood as an extreme opposite to its 2024 performance.

Defence Minister Khawaja Asif confirmed to the public that PIA achieved an operating margin of over 12% which positions it among the top airlines globally. The major adjustments which he attributed to improved profitability involved:

Workforce reduction by 30%

Cutting loss-making routes

Focusing on profitable operations

Restructuring the balance sheet

The company faced major operational difficulties which consisted of aircraft being grounded, financial rescue packages and failures in privatization initiatives.

The federal government continues to pursue airline privatization for PIA despite the unsuccessful minimum $306 million offer attempts during the previous year. The debt removal of 75% from PIA’s books attracted new investment interest from potential buyers who seek to invest in the airline. Evaluation of the first bidding rounds for PIA’s privatization plan will begin through proposals expected during this month.

The progress strengthens PIA’s financial position as it suggests future improvements in Pakistan’s national economy.