PIA reports improved performance in annual audit

KARACHI: The Pakistan International Airlines (PIA) Holding Company has reported a significant financial turnaround in its 2024 audit report, ARY News reported.

According to the audit report, PIA recorded a profit of Rs 51.74 billion, marking a 42.90 percent increase from the previous year.

In 2023, PIA had posted a profit of Rs 36.2 billion, according to the report. The audit further highlights that losses were reduced by 82 percent, falling to Rs 15.35 billion in 2024 compared to Rs 87.26 billion in 2023.

Despite the improvement in profit and loss figures, PIA’s revenue declined by 7.68 percent, dropping from Rs 259.59 billion in 2023 to Rs 239.65 billion in 2024.

The report attributes the financial recovery to a 15.88 percent reduction in overall expenses, which stood at Rs 187.92 billion in 2024.

A 22.92 percent decrease in jet fuel costs and reduced spending on other services contributed to this decline.

However, the report also notes a 36.62 percent increase in administrative expenses, which rose to Rs 25.75 billion in 2024.

Also Read: PIA launches cadet pilot program to address crew shortage

In other news, the Pakistan International Airlines (PIA) launched a Cadet Pilot Program endeavoring to recruit 24 new pilots to reinforce its operational capacity and deal with an ongoing shortage of cockpit crew.

As part of this project, selected candidates will be recruited for two years on contractual basis, with the prospect to start their flying careers with the national airline.

Applicants must have completed a minimum of 200 flying hours, along with a valid Commercial Pilot License (CPL) issued by the Civil Aviation Authority (CAA).

As part of the program agreement, qualified candidates need to submit a financial bond worth $15,000, guaranteeing dedication and compliance with the airline operating protocols.

This move comes as PIA sustains its efforts to restore international routes, mainly in Europe and the UK.

In addition to the cadet pilot program, recruitment of 20 experienced commercial pilots in PIA is also being executed to meet instant operational demands.

For the PIA pilot recruitment, the airline has appealed candidates wishing to submit their applications to the HR department within 15 days of the announcement.

This recruitment drive is part of a previous advertisement for First Officer positions, which involved nearly 300 applicants, stressing the strong interest in aviation careers within Pakistan.