PIA posts first annual profit since 2003, resumes EU flights after long hiatus

Airline operating profitably since March 2024; Government eyes further expansion in Middle East and Europe


ISLAMABAD: Pakistan International Airlines (PIA) has been operating profitably since March 2024 and has resumed flights to the European Union after a long suspension, a government official informed the National Assembly on Wednesday.

Parliamentary Secretary Zeb Jaffar, responding during the National Assembly’s Question Hour, said the national carrier has undergone a financial recovery and is now flying to several EU destinations, including Paris. She also highlighted progress in negotiations with UK aviation authorities, and potential collaboration with Turkish Airlines to improve international connectivity.

The parliamentary exchange followed a question raised by MNA Sharmila Faruqi, who pointed out that previous statements made on the floor of the House had harmed PIA’s reputation and performance. Jaffar confirmed the negative impact of a controversial remark made in 2020 by then Aviation Minister Ghulam Sarwar Khan, which led to international bans on PIA’s flights due to concerns over pilot licensing.

“Those remarks had serious consequences for the country and the airline,” Jaffar stated, but added that constructive engagement with the European Union Aviation Safety Agency (EASA) had allowed PIA to resume operations to Europe.

The secretary said the government is actively working to expand the airline’s reach to profitable international markets, especially in the Middle East and North Africa. She noted that PIA had also recently begun direct flights from Lahore to Baku, Azerbaijan, as part of broader efforts to promote tourism and strengthen air links.

The positive momentum follows the airline’s announcement last month of its first annual profit in 21 years. According to documents reviewed by Bloomberg, PIA posted earnings per share of Rs5.01 for the year ending December 2024—its first profitable year since 2003.

The financial turnaround is seen as a crucial development ahead of the government’s plan to privatise the airline. With renewed access to key international routes and improved fiscal performance, PIA appears to be on a stronger footing as it prepares for a potential ownership transition.

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