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’s Punjab issues fresh rain alert after 21 killed by storms last month
- Pakistan has seen erratic weather changes leading to frequent heatwaves, untimely rains, storms and droughts in recent years
- Thunderstorms last month also claimed more than 10 lives and injured 30 others in the neighboring Khyber Pakhtunkhwa province
ISLAMABAD: The Punjab Provincial Disaster Management Authority (PDMA) on Monday issued a fresh alert about rains and strong, dusty winds in the province from June 2 till June 5, days after thunderstorms killed nearly two dozen people in Pakistan’s most populous province.
Thunderstorms killed at least 21 people and injured more than 100 others in Punjab as moist currents penetrated upper parts of Pakistan late last month, according to national and provincial disaster management authorities.
More rains and gusty winds are expected in Rawalpindi, Murree, Galiat, Attock, Chakwal, Mandi Bahauddin, Gujrat, Jhelum, Gujranwala, Lahore, Kasur, Sialkot, Narowal, Okara, Faisalabad, Toba Tek Singh, Jhang, Khushab, Sargodha, Mianwali, Multan, Dera Ghazi Khan, Bahawalpur and Bahawalnagar districts.
“Citizens should stay in safe places to protect themselves from lightning. The public should never go out under the open sky during thunderstorms and storms,” the PDMA quoted its Director-General Irfan Ali Kathia as saying.
Due to possible rains, it said, the intensity of heat will decrease during the three-day Eid Al-Adha festival, which begins on Saturday.
Kathia said the PDMA has alerted the district administrations as well as health, irrigation, construction and communications, local government and livestock departments.
Pakistan has seen erratic changes in its weather patterns which have led to frequent heat waves, untimely rains, storms, cyclones and droughts in recent years. Scientists have blamed the events on human-driven climate change.
Thunderstorms last month also claimed more than 10 lives, while 30 others sustained injuries in the Khyber Pakhtunkhwa province in Pakistan’s northwest, according to provincial authorities.
In 2022, devastating floods, blamed on human-driven climate change, killed more than 1,700 Pakistanis, affected another 33 million and caused the country over $30 billion in economic losses.
Pakistan to play in Colombo when India hosts women’s World Cup
- India and Pakistan have not played a bilateral series since 2013 and play their matches in neutral venues when either country hosts an ICC event
- Neutral venue arrangement between the countries will also be in place for the men’s T20 World Cup in 2026, which India will co-host with Sri Lanka
Pakistan will play all their women’s 50-over World Cup matches in Sri Lanka’s capital Colombo when India hosts this year’s tournament, the International Cricket Council (ICC) said on Monday.
Politically-estranged India and Pakistan, who have not played a bilateral series since 2013, will play their matches in neutral venues when either country hosts an ICC event, the sport’s global governing body announced in December.
“The venues for the knockouts are dependent on Pakistan qualifying as two alternative venues have been identified for one semifinal and the final,” the ICC said.
“Colombo will be the venue for the first semifinal and the final only if Pakistan qualify for those stages.”
Bengaluru, where the tournament will start with India playing in the opening match, will host the final on November 2 if Pakistan are knocked out earlier in the tournament, the ICC added.
Bengaluru will also stage the second semifinal on October 30, a day after the first semifinal in Colombo or Guwahati. Visakhapatnam and Indore are the two other host cities for the eight-team tournament.
India played all their matches in Dubai when Pakistan hosted the men’s Champions Trophy this year, including the final which they won.
Both the Indian Premier League (IPL) and the Pakistan Super League were suspended last month amid clashes between the two countries following an attack targeting tourists that killed 26 people in disputed Kashmir region in April. Matches resumed after a ceasefire was announced.
The neutral venue arrangement between the countries will also be in place for the men’s T20 World Cup in 2026, which India will co-host with Sri Lanka, and the women’s T20 World Cup in 2028 in Pakistan.
Pakistan earmarks $3.5 billion for development projects in upcoming budget
- The budget for fiscal year 2025-26 will be announced in the National Assembly on June 10
- Pakistan’s annual inflation rose to 3.5% in May, though macroeconomic outlook has improved
ISLAMABAD: Pakistan’s Planning Minister Ahsan Iqbal said on Monday that the Finance Division has allocated Rs1 trillion ($3.5 billion) for development projects in the upcoming budget for fiscal year 2025-26.
The 2025–26 budget is expected to be presented by Finance Minister Muhammad Aurangzeb in Pakistan’s lower house of parliament on June 10, following the Eid Al-Adha holidays, after the government postponed an earlier date of June 2.
Providing the breakdown $3.5 billion development budget, Iqbal said Rs664 billion ($2.3 billion) would be allocated to infrastructure projects, including energy, water, transport, physical planning and housing.
“Prime Minister Shehbaz Sharif has directed that Rs120 billion ($426.7 million) be allocated for N25 Chaman-Quetta-Karachi Expressway,” he said at a press conference in Islamabad.
“Rs150 billion ($533.3 million) are for social sectors, special areas, including Azad Jammu and Kashmir and Gilgit-Baltistan, have been allocated Rs63 billion ($223.9 million), and merged [tribal] districts in Khyber Pakhtunkhwa have been allocated Rs70 billion ($248.4 million).”
Similarly, Rs53 billion ($188.3 million) have been earmarked for science and information technology, Rs9 billion ($32.2 million) for governance and reform projects, and Rs11 billion ($39.1 million) for production sectors, according to the minister.
“The majority [of allocation] is for water, power and highway sector,” he added.
Late last month, Iqbal said Pakistan’s defense spending would be hiked in the upcoming budget as the military would “certainly require” more financial resources to defend the country against India. But neither Iqbal nor any other government official has so far shared any figures. Pakistan’s defense budget currently stands at Rs2.122 trillion ($7.53 billion).
The remarks came days after Pakistan and India attacked each other with missiles, drones and artillery in their worst conflict in decades that killed around 70 people on both sides. The two nations agreed to a ceasefire on May 10 after four days of hostilities sparked by a militant attack on tourists in Indian-administered Kashmir in April.
Pakistan’s annual inflation rate rose to 3.5% in May, though the country’s macroeconomic outlook has improved in recent months, supported by a stronger current account balance, increased remittances and declining inflation.
Authorities remain cautious as they aim to build on recent economic stabilization, guide the country toward gradual growth, and reaffirm their commitment to ongoing economic reforms.
Pakistan announces four-day holiday on Eid Al-Adha
- Eid Al-Adha is one of two important Islamic festivals, in which Muslims sacrifice animals and share their meat among family, friends and the poor
- Believers observe the annual festival to commemorate the willingness of Prophet Ibrahim (Peace Be Upon Him) to sacrifice his son on God’s command
ISLAMABAD: Pakistan has announced a four-day holiday on Eid Al-Adha starting from June 6, the Cabinet Division said on Monday.
Eid Al-Adha is one of the two most important festivals of the Islamic calendar. The other, Eid Al-Fitr, occurs at the end of Ramadan, the holy month of fasting.
Muslims mark the Eid Al-Adha holiday by slaughtering animals such as sheep and goats, and the meat is shared among family and friends and donated to the poor.
“The prime minister has been pleased to declare 6th, 7th, 8th and 9th June, 2025, (Friday, Saturday, Sunday and Monday) as public holidays on the occasion of Eid Al-Adha,” the Cabinet Division said.
Last week, Pakistan’s moon sighting committee announced that the crescent marking the beginning of the Islamic month of Dhul Hijjah was not sighted due to unclear skies and the Eid Al-Adha festival would commence from June 7.
Eid Al-Adha is observed on the 10th day of Dhul Hijjah to commemorate the willingness of Prophet Ibrahim (Peace Be Upon Him) to sacrifice his son on God’s command.
Dhul Hijjah is the twelfth and final month of the Islamic calendar, a sacred period during which the Hajj pilgrimage takes place. This year, the annual Hajj pilgrimage will commence on June 4.
Pakistan’s Air Sial launches inaugural flight to UAE
- Flight took off from Islamabad around 11:34am with 137 passengers aboard
- The Pakistani airline already operates flights to cities in Saudi Arabia and Oman
ISLAMABAD: Air Sial, a Pakistani private airline, has launched its first flight to the United Arab Emirates, it said on Monday, in a significant development for the Pakistani aviation industry.
Inaugurated in 2020 by the Sialkot Chambers of Commerce and Industry, the airline initially aimed to improve air travel to and from Pakistan’s Sialkot city, a major industrial hub in the eastern Punjab province.
Over the years, Air Sial has expanded its operations not just countrywide, but to countries in the Gulf region and uses a fleet of modern Airbus A320 aircraft.
“Pakistan Airports Authority successfully facilitated and supervised the launch of Air Sial’s inaugural international flight (PF784) from Islamabad International Airport to Dubai,” Air Sial said on Monday, adding the flight departed around 11:34am with 137 passengers aboard.
Air Sial’s domestic network includes major cities like Karachi, Lahore, Islamabad, Sialkot, Quetta and Multan.
The airline entered the international market in March 2023 with the launch of its inaugural flight to Jeddah, Saudi Arabia. It also flies to Riyadh, Madinah and Dammam.
Air Sial extended its international reach the same year in June by launching direct flights from Pakistan to Oman.
Late last month, the state-run Pakistan International Airlines (PIA) also resumed direct flights between Dubai and Pakistan’s mountainous Skardu district in a bid to boost tourism.
