in a remarkable turnaround, Pakistan International Airlines (PIA) Holding Company is on the brink of achieving a historic milestone: its first annual profit in more than 20 years.
According
to audited financial statements obtained by Bloomberg, the national flag
carrier reported an impressive earnings per share of PKR 5.01 for the fiscal
year ending in December. This would mark the first profitable year for PIA
since 2003 — a significant shift for an airline long plagued by financial
crises, including aircraft seizures abroad, flight cancellations, and
near-bankruptcy.
The
official figures are expected to be presented to the board for approval before
being made public. While PIA's spokesperson has declined to comment on the
development, the financial data points to a long-awaited revival for the
struggling airline.
This
breakthrough comes at a critical juncture, as the government is in the final
stages of preparing for PIA’s privatization. Last year’s privatization efforts
failed after bids fell short of the minimum valuation of $306 million. However,
the process has since been revived, and fresh bids have been invited this
month.
To
make the airline more attractive to potential buyers, nearly three-quarters of
PIA’s debt was shifted to the government’s books, and now all liabilities have
reportedly been cleared. According to Usman Bajwa, Secretary of the
Privatization Commission, companies that previously showed interest are once
again reentering the race.
The
airline’s financial recovery is largely credited to major reforms implemented
over the past three years. These include a 30% reduction in workforce,
discontinuation of loss-making routes, and optimized fleet utilization — all of
which have strengthened PIA’s operational performance.
Analysts
suggest that this turnaround could signal a broader positive trend for
Pakistan’s struggling economy. For a national carrier that once relied heavily
on government bailouts for survival, this resurgence is nothing short of
extraordinary.
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