ISLAMABAD: PIA Holdings has announced a significant improvement in its financial results for the year 2024, with the company’s profits increasing by approximately 42.90%, as detailed in its latest annual audit report.
The report highlighted a dramatic reduction in losses, which fell by 82% compared to the previous year. In 2023, PIA posted a profit of Rs36.2 billion, which surged to Rs51.74 billion in 2024, indicating a strong upward trend in the airline’s financial health.
Additionally, the audit noted that operational losses shrank to Rs15.35 billion in 2024, reflecting an 82% decrease from the previous year’s figures. Despite these positive developments, the airline experienced a decline in total revenue, which decreased by 7.68%, dropping from Rs259.59 billion in 2023 to Rs239.65 billion in 2024.
The report also pointed out a 22.92% reduction in aviation fuel costs, contributing to the overall cost-saving measures. Nonetheless, the company faced an additional net loss of Rs524.58 million during the year.
