Prime Minister Shehbaz Sharif on Wednesday declared the financial achievement of the Pakistan International Airlines (PIA) a “major turnaround” after decades of losses.  “Another good news! Alhamdolilah! PIA set to post its first profit in 20 years, a major turnaround after decades of losses. The skies ahead look brighter, Inshallah!” the prime minister wrote on his X timeline.  

He also lauded the team efforts led by Aviation Minister Khawaja Muhammad Asif. Earlier, the significant financial milestone was announced by aviation minister on social media, stating that the PIACL Board has approved its accounts for Fiscal Year 2024.  “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 on X. 

“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 rationalization, routes optimization & financial discipline with balance sheet restructuring, PIA is poised to capitalise on financial performance through privatization process,” Asif said.

On Tuesday, the PIA Board of Directors approved annual results for the year 2024, showing that the national carrier has earned an operational profit of Rs9.3 billion and a net profit of Rs26.6 billion.  PIA's operating margin remained above 12 percent, which is on par with the performance of any of the world’s best airlines.  PIA last recorded a profit in 2003, after which it faced losses for the period spanning over two decades.

Credit: Independent News Pakistan (INP)