Pakistan’s public sector companies reported a net profit of Rs102 billion during the first half of fiscal year 2023-24

Pakistan’s public sector companies reported a net profit of Rs102 billion during the first half of fiscal year 2023-24, despite losses from power distribution firms and Pakistan International Airlines (PIA).

The Cabinet Committee on State-Owned Enterprises (CCoSOEs), led by Finance Minister Muhammad Aurangzeb, approved the report, which showed an aggregate profit of Rs510 billion, outweighing Rs407 billion in losses.

Profitable entities included OGDC, Pakistan Petroleum Limited, and National Power Parks Management Company. However, seven of the top 15 loss-making entities were in the power sector.

The government provided Rs437 billion in fiscal support to SOEs, and despite challenges, the overall financial health of these companies improved.