ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday described Pakistan International Airlines’ (PIA) return to profitability after 20 years as a “major turnaround” after decades of losses.
In a post on X (formerly Twitter), the Prime Minister wrote: “Another good news! Alhamdulillah. PIA set to post its first profit in 20 years — a major turnaround after decades of losses,” adding, “The skies ahead look brighter, Inshallah!”
He also praised Minister for Aviation Khawaja Asif for his role in the national carrier’s recovery, stating: “Great team effort led by Khawaja Asif, Minister for Aviation.”
Read More: PIA breaks two decade loss streak with record net profit
Notably, the Pakistan International Airlines (PIA) Board of Directors has officially approved the airline’s financial results for 2024, marking a major milestone as the national carrier reported its first net profit in 21 years, ARY News reported.
According to the approved financial statement, PIA recorded an operational profit of Rs 3.9 billion and a net profit of Rs 2.26 billion for the year 2024. This marks the airline’s first profitable year since 2003.
The airline’s operating margin stood at over 12 percent, a figure comparable to the performance of some of the world’s leading airlines.
PIA’s return to profitability is being credited to wide-ranging reforms carried out under the supervision of the Government of Pakistan.
These reforms included reducing workforce and operational costs, consolidating profitable routes, eliminating loss-making routes, and restructuring the airline’s balance sheet.
This financial turnaround is expected not only to restore PIA’s reputation but also to contribute positively to Pakistan’s overall economy.
from ARY NEWS https://ift.tt/yTRaiwn
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