PIA aims to become profitable within a year, plans to triple its fleet

Pakistan International Airlines (PIA) is expected to become profitable within the first year after its privatization, investor Arif Habib said on Monday, outlining plans to expand the airline's fleet from 19 to 60 aircraft over the next five years.

Speaking to reporters, Habib said four to five aircraft in PIA's existing fleet are currently undergoing repairs and are expected to return to service soon. He said efforts are underway to restore the aircraft to operations as quickly as possible.

An additional five aircraft are expected to join the fleet this year, with another five aircraft planned to be inducted annually in the following years, he said.

Habib said the fleet expansion would require additional staff, leading to an increase in the airline's workforce to support its operations.

He said PIA would focus on commercially viable routes and would not operate loss-making services for non-commercial reasons.

Habib also said the airline's engineering facility in Karachi would receive significant investment to strengthen its maintenance and repair capabilities.

On the privatization transaction, Habib said payment for 66% of the shares has already been made under the agreement, while payment for the remaining 34% will be completed within one year.

He said the agreement guarantees that no employees will be laid off during the first year following the transaction.

Habib added that recruitment for PIA's senior management team is underway and is expected to be completed within the next one to one-and-a-half months.