The Pakistan International Airlines (PIA) is reportedly expected to post an annual profit for the first time since 2003, signaling a major shift for the national carrier that has long been weighed down by debt, mismanagement, and state dependency.

As per audited documents reviewed by Bloomberg, PIA recorded an earning of Rs5.01 per share for the year ending December 2024. The report will be submitted to the board before it is made public.

This profitability comes at a critical time, as the government is once again moving to privatize the airline, after a failed attempt last year due to underwhelming bids. To make the deal more viable, authorities transferred around 75% of the airline’s debt to state books. Now, with PIA reportedly free of financial liabilities, earlier bidders are showing renewed interest. Fresh bids are due this month.

However, profitability alone doesn’t tell the full story. The airline has been restructuring its operations aggressively over the past three years. It reduced staff by nearly 30%, cut loss-making routes, and focused on better fleet utilization. With its debt burden lifted, PIA has finally had room to breathe—and act.

The turnaround is now reflecting in its operations as well. PIA has resumed flights to Skardu from four key cities—Islamabad, Karachi, Lahore, and Dubai. The direct international connection from Dubai to the tourist hotspot begins on May 16 and will operate every Friday. Daily flights from Islamabad are already underway, while routes from Karachi and Lahore will operate multiple times a week.

The move is not just about tourism. It reflects the airline’s efforts to expand operationally and boost revenue through more viable routes, including international segments.

At the same time, the airline is preparing to overcome manpower shortages that could hinder this momentum. The PIA has announced the recruitment of 20 pilots and 40 airhostesses. This includes both captains and first officers, with set age limits and experience criteria. For cabin crew, the airline is targeting both fresh and experienced candidates with a minimum graduation requirement.

This hiring drive suggests PIA is aiming to stabilize operations ahead of the anticipated ownership transition. For a carrier that has spent years being synonymous with bailouts, court cases, and grounded planes, this sudden forward movement feels unfamiliar, but very deliberate.

Whether this is a genuine turnaround or just a privatization push with a better coat of paint, remains to be seen. However, after two decades of dysfunction, even a hint of sustainability is newsworthy. If the restructuring, route revival, and hiring are any indication, the airline is doing more than just dressing up its books—it is actually flying again.