KARACHI: Pakistan’s financially struggling national air carrier has recorded an operational profit of Rs9.3 billion ($33.48 million) for the first time in 21 years, the country’s defense minister Khawaja Muhammad Asif said on Tuesday.
Pakistan’s cash-strapped administration is looking to privatize the debt-ridden Pakistan International Airlines (PIA) to raise funds and overhaul state-owned enterprises as part of a $7 billion International Monetary Fund (IMF) program.
However, a previous attempt to offload a 60 percent stake in the airline failed last year after it drew just one bid — well below the asking price — highlighting investor concerns over the carrier’s viability. The new development could boost the government’s efforts to revive buyer interest.
“#PIACL Board today has approved its accounts FY 2024, and after 21 years, it has achieved an operating profit of PKR 9.3 billion & net profit of PKR 26.2 billion [$94.32 million] (after deferred tax adjustment),” Asif said in a post on social media platform X, formerly Twitter.
“People of #Pakistan might have lost hope on ‘once a pride of the nation’, but with rigorous steps adopted by the GoP, implementing comprehensive reforms entailing cost & workforce rationalization, routes optimization & financial discipline with balance sheet restructuring, PIA is poised to capitalize on financial performance through privatization process,” he added.
According to a statement from the airline’s spokesperson, the operational margin for 2024 exceeded 12 percent, a performance level the company said matches that of top global carriers.
PIA’s return to profitability is expected to enhance its market credibility and support the broader economy, it added.
Pakistan’s national flag carrier posts first profit in 21 years amid privatization push
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Pakistan’s national flag carrier posts first profit in 21 years amid privatization push
- PIA posted an operational profit of $33.48 million, with a net profit of $94.32 million in FY 2024
- Airline says its return to profitability will enhance market credibility, support national economy
Pakistan to export halal meat worth $14.5 million to Tajikistan
- Effective trade facilitation can increase bilateral Pakistan-Tajikistan trade to $300 million, says state media
- PM Shehbaz Sharif approved Pakistan’s halal meat policy earlier this month in bid to boost meat exports
ISLAMABAD: Pakistan will export 143,000 tons of halal meat to Tajikistan worth $14.5 million in the near future, state media reported on Tuesday amid Islamabad’s efforts to bolster trade with Central Asian countries.
Prime Minister Shehbaz Sharif, earlier this month, approved Pakistan’s halal meat policy that aims to boost Islamabad’s meat exports to Muslim states.
In a high-level meeting on Dec. 24, Federal Minister for Food Security Rana Tanveer Hussain said Malaysia, Saudi Arabia, Iran and other Gulf countries are ready to import Pakistani fresh meat and rice. The minister said Tajikistan has expressed the demand to import nearly 100,000 tons of meat from Pakistan.
“According to details, Pakistan will export one hundred and forty-three thousand tons of halal meat to Tajikistan, valued at 14.5 million dollars,” state broadcaster Radio Pakistan reported.
It did not, however, specify a timeline as to when Islamabad planned to export the halal meat items to the Central Asian nation.
The state media said that effective trade facilitation will increase bilateral trade between Pakistan and Tajikistan to $300 million, strengthening regional economic integration.
Pakistan has recently attempted to increase its halal meat exports to other Muslim countries such as Malaysia. Both countries announced they had agreed to a $200 million halal meat trade quota during Sharif’s visit to Malaysia in October.
A 2024 report by the Pakistan Bureau of Statistics (PBS) mentioned that the country exported meat worth $512 million in 2024, which included beef, mutton and poultry.
According to the PBS, the UAE remained Pakistan’s top meat export market in 2024 with exports to the Gulf nation reaching $201 million. Meanwhile, meat exports to Saudi Arabia recorded a growth of 65.1 percent last year valued at $141 million.
