Pakistan International Airlines (PIA) has achieved a significant milestone by posting a net profit of Rs2.26 billion for the fiscal year 2024, marking its first profit since 2003.
PIA’s board of directors approved the financial results on Tuesday, April 8, 2025. PIA’s spokesperson stated that, the report highlights an operational profit of Rs 3.9 billion and an impressive operating margin of 12%, which positions the airline alongside some of the world’s leading carriers.
The recent milestone for Pakistan International Airlines (PIA) comes after years of challenges. Recent reforms have significantly reduced staff and costs, stabilized profitable routes, and eliminated unprofitable ones. Additionally, a comprehensive balance sheet review has eased financial burdens. Defence and Aviation Minister Khawaja Asif praised this development on X, highlighting that it enhances PIA’s push for privatization.
#PIACL Board today has approved its accounts FY 2024, and 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).
People of #Pakistan might have lost hope on 'once a pride of the nation', but with…
— Khawaja M. Asif (@KhawajaMAsif) April 8, 2025Bloomberg reports that PIA’s turnaround is a stark shift from its troubled past, marked by impounded planes, cancelled flights, and near-defaults. Last year’s failed sale halted when bids fell below the $306 million floor, prompting the government to offload 75% of PIA’s debt to public books. By February, Privatisation Secretary Usman Bajwa told Bloomberg all debt was cleared, reigniting interest from prior bidders. Fresh bids are due later this month.
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Past operational gains were overshadowed by heavy debt servicing. With streamlined operations and a debt-free status, PIA has achieved profitability, positioning itself for a smoother sale. After two decades, the airline’s revival offers hope for its future both on the ground and in the market.
