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ISLAMABAD, Jun 9 (APP):The Pakistan Economic Survey 2024-25, presented by Federal Finance Minister Senator Muhammad Aurangzeb on Monday, highlighted a significant financial turnaround for Pakistan International Airlines (PIA), the national flag carrier.
According to the survey, PIA recorded an operating profit of Rs 9.3 billion in 2024, more than double its Rs 3.9 billion profit in 2023. This marks the second consecutive year of operational profitability for the airline, reflecting continued progress under a strategic reform plan.
PIA’s improved financial performance comes despite a decline in several key operational indicators. The number of passengers carried fell to 3.9 million in 2024 from 4.5 million in 2023. Revenue hours flown dropped to 82,043 from 90,067, and revenue flown kilometers decreased to 51.98 million from 57.12 million.
The passenger load factor also dipped slightly to 81.8% from 83.3% last year. However, the revenue load factor, a measure of efficiency, improved to 64.4%, continuing its steady recovery from 60.9% in 2023 and 51.3% in 2020.
Fleet size increased slightly to 33 aircraft in 2024, and the airline significantly expanded its route length to 593,063 kilometers—nearly doubling from the previous year.
PIA’s operating revenue declined to Rs 204.16 billion in 2024 from Rs 238.51 billion in 2023, while expenses dropped to Rs 194.81 billion from Rs 235.32 billion.
One of the year’s major achievements was passing the European Union Aviation Safety Agency (EASA) audit, which cleared PIA to resume flights to Europe. The airline plans to restart flights to Paris in January 2025 and expand access to 21 destinations across Europe and the UK through new interline agreements.
Other key developments in 2024 include:
Launch of redesigned websites and digital booking tools.
Integration with global travel platforms like Wego and Google Flights.
New partnerships with airlines such as Air France-KLM and Alaska Air.
Separation of core aviation operations from non-core businesses.
Workforce reduction from 7,800 to 6,900 employees as part of operational streamlining.
The Economic Survey noted that PIA’s strategy to optimize routes, cut costs, and focus on digital and international partnerships has positioned it for long-term recovery, though operational challenges remain.