Pakistan International Airlines Turns the Corner: National Airline Nears First Annual Profit in Over Two Decades

 

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.