Profit-making SOEs earn Rs709 billion in FY25, earnings concentrated in few entities

Pakistan’s few profit-making state-owned enterprises (SOEs) posted a combined profit of Rs709 billion in FY25, with earnings heavily concentrated among a limited number of entities, according to the Finance Ministry’s latest SOE performance report.

Oil and Gas Development Company Limited (OGDCL) recorded the highest profit at Rs169.9 billion, followed by Pakistan Petroleum Limited (Rs89.9 billion), National Bank of Pakistan (Rs56.7 billion), Water and Power Development Authority (Rs52.3 billion) and Government Holdings (Private) Limited (Rs48.5 billion).

Other major contributors included Karachi Port Trust (Rs35.3 billion), Port Qasim Authority (Rs35.1 billion), Pak Arab Refinery Company (Rs22.2 billion) and Pakistan National Shipping Corporation (Rs20.4 billion).

Additional profits were reported by State Life Insurance Corporation (Rs14.8 billion), SNGPL (Rs14.6 billion), Pakistan State Oil (Rs14.2 billion), Gujranwala Electric Power Company (Rs13.7 billion) and Zarai Taraqiati Bank Limited (Rs9.7 billion).

Further contributions came from Saindak Metals (Rs8.4 billion), National Transmission and Despatch Company (Rs7.6 billion), SSGPL (Rs7.4 billion for nine months) and PIACL (Rs6.8 billion for six months).

The report noted that a small group of large SOEs accounted for nearly 90% of total profits, indicating a high concentration of earnings within the sector. These profitable entities offset a significant portion of losses recorded by other state-owned enterprises during the fiscal year.