Pakistan’s state-owned enterprises (SOEs) reported combined losses of Rs. 832.8 billion in the fiscal year 2024-25, according to the Ministry of Finance, showing a slight 2 percent improvement compared to the previous year. The National Highway Authority emerged as the largest loss-making entity with losses of Rs. 295 billion. Among power distribution companies, Quetta Electric Supply Company posted losses of Rs. 112.7 billion, Peshawar Electric Supply Company Rs. 92.7 billion, Sukkur Electric Power Company Rs. 25.3 billion, Lahore Electric Supply Company Rs. 12.7 billion, Hyderabad Electric Supply Company Rs. 13 billion, and Islamabad Electric Supply Company Rs. 1.4 billion.
The transport sector also contributed to SOE losses, with Pakistan International Airlines recording Rs. 48.9 billion in losses and Pakistan Railways Rs. 60.3 billion. Pakistan Steel Mills and Pakistan Post reported losses of Rs. 26 billion and Rs. 19.3 billion respectively. Despite these figures, total SOE losses decreased slightly by 2 percent, indicating a marginal improvement in financial performance.
On the profitability side, SOEs collectively earned Rs. 709 billion, though this represented a 13 percent decline from the previous year. The most profitable enterprises included Oil and Gas Development Company Limited with Rs. 170 billion in profits, Pakistan Petroleum Limited with Rs. 90 billion, and National Bank of Pakistan with Rs. 57 billion.
The government also provided substantial financial support to these entities, injecting Rs. 2,078 billion during the fiscal year and issuing sovereign guarantees worth Rs. 2,164 billion, highlighting the significant fiscal exposure associated with the state-owned sector.
