ISLAMABAD – Prime Minister Shehbaz Sharif has expressed satisfaction over the profit recorded by the Pakistan International Airlines (PIA) for first time in two decades.
In a post on his X handle, he called it as a major turnaround after decades of losses. “The skies ahead look brighter, Inshallah,” he wrote.
He also lauded Minister for Defence Khawaja Asif and his team in the aviation.
Earlier, Asif shared details of the major financial milestone achieved by the national carrier after 21 years.
He said the PIACL Board has approved its accounts for Fiscal Year 2024. “After 21 years, it has achieved an operating profit of PKR9.3 billion and Net Profit of PKR 26.2 billion (after deferred tax adjustment),” read his statement.
“People of Pakistan might have lost hope on ‘once a pride of the nation’, but with rigrous 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,” he added.
Meanwhile, Bloomberg reported that this profit marks a significant recovery for PIA, which has faced years of financial instability, including aircraft impoundments, cancelled flights, and near-default situations.
