Aggregate losses of Pakistan’s state-owned enterprises (SOEs) narrowed slightly in fiscal year 2025, though overall profitability weakened as profits from key oil-sector entities declined amid lower global crude prices, according to official figures.
Total aggregate losses fell to PKR 832.8 billion in FY2025, from PKR 851.4 billion in the previous fiscal year. However, the net adjusted loss widened sharply to PKR 122.9 billion in FY2025, compared with PKR 30.6 billion in FY2024.
Who caused how much loss?
In FY2025, which ran from July 2024 to June 2025, 25 SOEs reported combined losses of PKR 832.8 billion. The largest loss was posted by the National Highway Authority, which recorded PKR 294.9 billion in losses.
It was followed by Quetta Electric Supply Company at PKR 112.7 billion and Peshawar Electric Supply Company at PKR 92.7 billion.
Other major loss-makers included Pakistan Railways (PKR 60.3 billion) and PIA Holding Company Limited (PKR 48.9 billion).
Additional significant losses were reported by National Power Parks Management Company (PKR 46.1 billion), Neelum Jhelum Hydropower Company (PKR 29.4 billion), Pakistan Steel Mills (PKR 26.0 billion) and Sukkur Electric Power Company (PKR 25.3 billion).
Smaller losses were posted by entities including Pakistan Post Office (PKR 19.3 billion), Pakistan Agricultural Storage & Services Corporation (PKR 19.0 billion), Hyderabad Electric Supply Company (PKR 12.9 billion), Lahore Electric Supply Company (PKR 12.7 billion) and GENCO-II (PKR 10.3 billion).
Other entities reporting losses included National Insurance Company (PKR 2.9 billion), Central Power Purchasing Agency-G (PKR 2.0 billion), Islamabad Electric Supply Company (PKR 1.4 billion), Pakistan Television Corporation (PKR 0.6 billion), Private Power & Infrastructure Board (PKR 0.47 billion), Pakistan Expo Centres (PKR 0.22 billion), Hazara Electric Supply Company (PKR 0.04 billion), National Construction Limited (PKR 0.03 billion) and Pakistan Broadcasting Corporation (PKR 0.03 billion).
Overall profitability moderated during the year. Aggregate profits declined 13% to PKR 709.9 billion in FY2025 from PKR 820.7 billion a year earlier, largely due to lower financial contributions from profit-making SOEs in the oil sector as international oil prices fell. On the loss side, cumulative losses improved marginally, declining 2% year-on-year.
The balance sheet of SOEs showed mixed trends. Total equity rose 7% to PKR 6,245.7 billion in FY2025 from PKR 5,865.2 billion, driven by recapitalization efforts and equity injections, particularly in the power sector to address circular debt.
Total liabilities declined 3% to PKR 31,742.4 billion from PKR 32,570.5 billion, while total assets remained broadly stable, edging down 1% to PKR 37,988.1 billion from PKR 38,435.7 billion.
Who delivered profits?
Among profit-making entities, earnings were heavily concentrated in a handful of firms. The top contributor was Oil and Gas Development Company Limited with PKR 169.9 billion in profit, followed by Pakistan Petroleum Limited (PKR 89.9 billion), National Bank of Pakistan (PKR 56.7 billion), Water and Power Development Authority (PKR 52.3 billion) and Government Holdings (Private) Limited (PKR 48.5 billion).
Other major contributors included Karachi Port Trust (PKR 35.3 billion), Port Qasim Authority (PKR 35.1 billion), Pak Arab Refinery Company (PKR 22.2 billion), Pakistan National Shipping Corporation (PKR 20.4 billion), State Life Insurance Corporation (PKR 14.8 billion), Sui Northern Gas Pipelines Limited (PKR 14.6 billion for nine months), Pakistan State Oil (PKR 14.2 billion), Gujranwala Electric Power Company (PKR 13.7 billion), Zarai Taraqiati Bank Limited (PKR 9.7 billion), Saindak Metals Limited (PKR 8.4 billion), National Transmission and Despatch Company (PKR 7.6 billion), Sui Southern Gas Company (PKR 7.4 billion for nine months) and Pakistan International Airlines Corporation Limited (PKR 6.8 billion for six months).
A small group of prominent SOEs accounted for nearly 90% of total profits, effectively forming the profitability backbone of the sector and offsetting persistent losses among the majority of enterprises.
“The concentration of earnings among a handful of oil, banking and infrastructure entities highlights structural imbalances in the SOE portfolio,” said economist Dr. Faisal Ahmed. “Without deeper governance reforms and operational restructuring — particularly in the power distribution and transport segments — the fiscal risks associated with these losses will continue to weigh on Pakistan’s public finances.”
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