The federal government has sold the Pakistan International Airlines (PIA), to a private group for Rs 135 billion, a price that critics say is well below the actual value of national carrier’s assets.
The Government of Pakistan offered five PIA properties, all aircraft, and domestic and international routes and operations for privatization.
According to the Privatization Commission, PIA’s total assets range between Rs 150 billion and Rs 190 billion. The national airline has 32 aircraft, of which 16 are grounded. PIA operates daily flights on 45 international and 25 domestic routes, running around 70 flights per day.
PIA has 9,500 employees, who will be guaranteed employment for one year. The airline’s daily revenue ranges from Rs 600 million to Rs 800 million, and from January to June 2025, PIA’s total revenue was Rs 112 billion.
Here’s a breakdown of Pakistan International Airlines (PIA) assets and their reported values based on available information.
Total Assets (approximate)
Reports suggest that the total book value of PIA’s assets is in the range of Rs 150 to 190 billion (USD 500-600 million) based on what was offered for privatization. These include aircraft, international and domestic route rights, and operations.
Earlier Official Estimate (2024)
A government document previously cited total PIA assets at about Rs 171.43 billion. Of this:
Rs 146.57 billion was planned to be transferred to the new airline management, and Rs 24.86 billion would remain with a holding company.
List of PIA’s Assets
Aircraft Fleet
PIA’s fleet typically consists of around 32 aircraft (with a mix of operational and grounded jets), a core part of its asset base.
Estimated Aircraft Market Values
Aircraft values change with age and condition, but below are approximate list values for similar aircraft in the global market. Used aircraft typically sell for significantly less depending on age and maintenance.
Route Rights & Slots
Valuable airport slots at major international airports (e.g., London Heathrow, Manchester) form part of the intangible asset value. Some industry analysts estimate these alone could be worth tens of billions of rupees annually, though exact book values vary.
Operational Rights and Infrastructure
Domestic and international flight operations, ground equipment, technical assets, and office infrastructure add to the airline’s asset portfolio.
Non-core Assets
Assets that are not directly linked to airline operations and may be held separately, sold, or transferred to the holding company:
Real Estate & Properties
PIA Holdings owns 26 properties and the airline itself holds five properties. A prime plot in Islamabad’s Blue Area is valued between Rs 10-12 billion.
International Hotel
Roosevelt Hotel (New York) and Hotel Scribe (Paris) are owned internationally. The Roosevelt Hotel is being evaluated for redevelopment with an estimated valuation target of over $1 billion (Rs 280 billion+) in potential joint venture returns.
Liabilities vs. Assets
It’s important to note PIA’s liabilities historically far exceeded assets, by hundreds of billions of rupees, which is why restructuring and divestment efforts were underway alongside asset valuation.
