In a historic turnaround, Pakistan International Airlines (PIA) is set to post an annual profit for the first time since 2003, marking a significant shift for the debt-laden national carrier.
According to audited financial documents, the airline recorded an earning of Rs 5.01 per share for the year ending December 2024. The report will be submitted to the board before being made public.
The milestone comes at a crucial juncture as the federal government reinitiates its bid to privatize PIA, following a failed attempt last year due to underwhelming investor interest. To make the national airline a more attractive prospect, the authorities transferred nearly 75% of its liabilities to the state, relieving PIA of most of its longstanding financial burdens.
With its balance sheet cleared, the airline has started to draw renewed interest from previous and potential bidders. Fresh bids are expected to be submitted later this month.
PIA’s profitability, however, is not solely due to debt restructuring. Over the past three years, the airline has undergone aggressive operational reforms—cutting its workforce by nearly 30%, eliminating unprofitable routes, and improving fleet utilization.
This financial revival is already beginning to show operationally. The airline has resumed flights to Skardu, a scenic destination in Gilgit-Baltistan, from Islamabad, Karachi, Lahore, and Dubai.
The Dubai-Skardu route, launching May 16, will operate every Friday, enhancing tourism links. Daily flights from Islamabad are already in operation, while services from Karachi and Lahore will run multiple times a week.
PIA’s resurgence, if sustained, could mark a new chapter for the national flag carrier, aligning profitability with improved service and operational discipline—just as it enters the final stages of a renewed privatization initiative.
