Pakistan International Airlines (PIA) has reported its first annual profit in over two decades, signaling a significant turnaround ahead of the government’s renewed push to privatize the national carrier. Defence and Aviation Minister Khawaja Muhammad Asif confirmed the development, stating that for the fiscal year 2024, the airline posted an operating profit of PKR 9.3 billion ($33.14 million) and a net profit of PKR 26.2 billion after deferred tax adjustments.
Prime Minister Shehbaz Sharif called it a “major turnaround after decades of losses” and expressed optimism about the airline’s future. The financial results were approved during a PIA board meeting and later confirmed by the airline in an official statement. The profitability follows years of financial struggles, during which the airline survived on government bailouts as debt servicing consumed its operational earnings.
To make PIA more attractive for potential buyers, the government had earlier transferred nearly 80% of the airline’s legacy debt onto state accounts, while the remaining liabilities were cleared after a failed privatisation attempt in 2023. That effort had drawn just a single offer, far below the $300 million asking price.
Officials attribute the financial turnaround to aggressive reforms, including staff reductions, cutting unprofitable routes, and tightening operational costs. Just last year, PIA faced grounding of its planes and cancelled flights due to unpaid dues and fuel shortages. The return to profitability now positions the airline more favorably as the government plans another attempt to privatize it.
