ISLAMABAD: In a historic financial comeback, Pakistan International Airlines (PIA) has reported a net profit for the first time in 21 years, according to the airline’s annual financial results for 2024, approved by its Board of Directors.
The national carrier posted a net profit of Rs. 2.26 billion alongside an operating profit of Rs. 3.9 billion, marking a dramatic turnaround after two decades of consistent losses. The airline’s operating margin surpassed 12%, placing it on par with the world’s leading aviation companies.
This is the first time since 2003 that PIA has achieved profitability.
The success is attributed to sweeping reforms implemented under the Government of Pakistan’s oversight. Measures included a significant reduction in workforce and operational expenses, streamlining of profitable routes, elimination of loss-making routes, and restructuring of the airline’s balance sheet.
Defense Minister Khawaja Asif, in an official announcement, hailed the turnaround as a pivotal achievement. He noted that PIA’s financial revival is not only a boost for its reputation but also a major step forward for the national economy.
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The development also comes at a crucial juncture, as the government eyes privatization of the airline, with this renewed financial health expected to increase investor interest and confidence.
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