Chairman Arif Habib Group Arif Habib said Pakistan International Airlines (PIA) is expected to become a profitable company in its first year after privatization, outlining plans to expand the airline’s fleet, invest in engineering facilities and recruit staff, it was reported on Monday.
Habib said PIA currently has a fleet of 19 aircraft, which the new management plans to increase to 60 over the next five years.
He said four to five aircraft currently out of service would be returned to operation after repairs, adding that work was progressing rapidly to make them airworthy.
Habib said five additional aircraft would join the fleet this year, while another five aircraft would be added annually as part of the airline’s long-term expansion strategy.
He said the increase in the fleet would also require an expansion of PIA’s workforce, adding that more employees would be hired to support the airline’s planned growth.
Habib said the airline would operate only on commercially viable routes, adding that no route would be maintained without economic justification.
He also announced plans for significant investment in PIA’s engineering facility in Karachi, saying the facility would receive special attention as part of efforts to strengthen the airline’s technical capabilities.
On the privatization agreement, Habib said payment for 66% of the shares had been made, while the remaining 34% would be paid within one year in accordance with the agreement.
He said no PIA employee would be laid off during the first year after privatization under the terms of the agreement.
Habib said recruitment for senior management positions was underway and was expected to be completed over the next one to 12 months.
