International banks are willing to invest in Pakistan International Airlines (PIA) after observing steady improvements in its financials as the national carrier’s revenue is increasing. This was revealed by the PIA CEO, Air Marshal Arshad Malik, during the 3rd Annual General Meeting of PIACL shareholders.
The meeting was attended by PIA’s key shareholders, PIA employees and chaired by CEO PIA, Air Marshal Arshad Malik and Chief Financial Officer, Khalilullah Shaikh. The session was hosted by Secretary PIA, Muhammad Shuaib.
The CEO noted that the losses have been brought down considerably and will be evident from 2019’s audited reports. He further informed about the induction of two aircraft in the fleet and that the seat factor has risen to 84% due to which both revenue and network spread are also increasing. He said that all the observations made in the last meeting have been tackled in this year’s audit and this year’s audit has been cleared without any observations.
The shareholders were informed that PIA’s accounts, which had not been finalized for the past three years, were finalized within three months and 2018 AGM’s accounts were cleared and enforced. The CEO briefed that as soon as 2019’s financial year ends, they will start the work to compile the financial results.
PIA CEO added that the country’s leading organizations have been engaged in co-branding with PIA, including Askari Bank, IHIG, ARY Group, BankIslami, Jazz, and National Bank of Pakistan.
The CEO stressed that it is his team’s constant endeavor to keep generating a steady revenue stream irrespective of how big or small it is. He was hopeful that the numbers of 2019 will be even, better when they will be presented in June 2020 for review.