Islamabad 29 July: PIA Holding Company Limited (PSX: PIAHCLA) has reported a substantial reduction in net losses for the year ending December 31, 2024, with losses dropping to Rs15.35 billion — an 82.41% improvement from the Rs87.26 billion loss recorded in 2023.
This sharp turnaround comes despite a 7.68% decline in net revenue, which stood at Rs239.65 billion compared to Rs259.59 billion the previous year. The improved financial performance was largely driven by a 15.88% reduction in total service costs, primarily due to a 22.92% drop in aircraft fuel expenses and a 10.36% cut in other service-related costs.
Gross profit surged to Rs51.74 billion, marking a 42.90% increase from Rs36.2 billion in 2023. However, the airline faced a steep rise in operating expenses, which jumped over tenfold — up 1,031% — resulting in a 51.02% decline in profit from continued operations.
Other income fell sharply by 91.56%, settling at Rs2.98 billion. Nonetheless, the airline benefited from a 33.81% drop in finance costs, down to Rs60.23 billion, helping reduce its pre-tax loss to Rs43.99 billion from Rs77.82 billion the previous year.
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PIA also recorded a loss of Rs524.58 million from discontinued operations, while foreign exchange losses plunged by 90.78% to Rs2.39 billion, a significant improvement from Rs25.91 billion in 2023.
The airline’s overall loss before tax narrowed by 42.79% to Rs45.53 billion. With improved tax outcomes, PIA’s net loss for the year stood at Rs15.35 billion, reflecting a major turnaround.
Loss per share (LPS) also showed notable improvement. For A Class shares, LPS fell to Rs2.93 from Rs18.67 — a reduction of 84.31%. For B Class shares, LPS dropped to Rs1.47 from Rs8.33, down by 82.35%.
In parallel with its financial recovery, the government of Pakistan has relaunched a fresh privatisation round for PIA, offering a 51% to 100% stake in the airline. To facilitate this, legacy debt has been shifted to the government’s balance sheet following failed attempts in earlier bidding rounds.
PIA also continues to expand its international footprint, having launched a new direct route from Lahore to Baku on July 20.
