PIA Holding cuts annual loss by nearly 82% in 2024

July 28, 2025(MLN): PIA Holding Company Limited (PSX: PIAHCLA) reported a net loss of Rs15.35 billion for the year ended December 31, 2024, compared to a significantly higher net loss of Rs87.26bn in the prior year, marking an 82.41% improvement in the bottom line.

Net revenue declined by 7.68% year-on-year, falling to Rs239.65bn from Rs259.59bn in 2023.

Total cost of services dropped by 15.88% to Rs187.92bn, led by a 22.92% reduction in aircraft fuel cost and a 10.36% decrease in other service costs.

As a result, gross profit jumped 42.90% to Rs51.74bn, compared to Rs36.2bn last year.

Administrative expenses rose by 36.62% to Rs25.75bn, while distribution costs edged down 3.09% to Rs9.5bn.

Other income (net) plunged 91.56% to Rs2.98bn, and provisions & adjustments were down 91.55% to Rs321 million.

Consequently, the company recorded total operating expenses of Rs32.59bn, up sharply from an operating income of Rs2.89bn in 2023.

Profit from continued operations dropped 51.02% to Rs19.15bn from Rs39.09bn in the previous year.

The company also posted a loss from discontinued operations of Rs524.58m.

Exchange losses significantly decreased by 90.78%, down to Rs2.39bn, while profit before interest and taxes (PBIT) rose 23.22% to Rs16.23bn.

Finance costs dropped by 33.81% to Rs60.23bn, leading to a loss before levy and tax of Rs43.99bn, improved from Rs77.82bn in 2023.

After accounting for minimum tax levy of Rs1.54 billion and positive taxation of Rs30.18bn (compared to a tax expense of Rs7.67bn last year), the loss before income tax reduced to Rs45.53bn, showing a 42.79% improvement.

The net loss for the year stood at Rs15.35bn, with loss per share (LPS) for A Class shares at Rs2.93, down from Rs18.67, and for B Class shares at Rs1.47, down from Rs8.33 — representing declines of 84.31% and 82.35%, respectively.

Loss attributable to equity holders was Rs15.55bn, while non-controlling interest contributed a profit of Rs198m, up 50.58% year-on-year.

To note, the government of Pakistan has unveiled a fresh privatisation round for Pakistan International Airlines (PIA), offering 51% to 100% stake after the airline posted its first annual profit in 21 years. Legacy debt has been shifted to the government's balance sheet to address concerns from the previously failed bidding process.

It’s worth recalling that PIA reported a net profit of Rs26.2bn and operational profit of Rs9.3bn for 2024.

The airline has also launched a direct flight from Lahore to Baku, starting July 20.

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