The new owners of Pakistan International Airlines have laid out an ambitious turnaround plan, acknowledging that the national carrier will continue to incur losses for at least one year before moving towards profitability. Speaking in an exclusive interaction, Arif Habib, founder of the Arif Habib Group, said that PIA currently employs around 9,000 people — a number he believes is not excessive. “The concern should not be about how many people are employed, but whether they are performing effectively,” he said, adding that no employees would be laid off for at least one year. Habib stressed that the focus would not be on replacing the management overnight, but on improving systems, training, and accountability. “Despite all its problems, PIA is still operating today. That itself shows there is potential. We will invest in training and capacity-building to fix what is broken,” he noted. Safety, according to Habib, will remain non-negotiable. He said there would be zero tolerance for violations of standard operating procedures (SOPs). “Passengers must feel that if they are flying PIA, they are safe. There will be no compromises on safety under any circumstances,” he said. The airline is currently facing a loss of Rs54 billion, which is expected to rise to around Rs65 billion. Habib confirmed that the losses will be absorbed for one year as part of the restructuring phase. “This is a low-margin business with intense competition. Organization and discipline are critical,” he explained. Highlighting operational realities, Habib said profitability depends heavily on load factor. “If bookings exceed 85 percent, the airline makes money. Anything below that results in losses,” he said. He pointed out that PIA has a strong built-in market, including Hajj and Umrah operations and nearly 70 million overseas Pakistanis who travel regularly. “People want to fly PIA, but poor service and aircraft condition push them away. Fix the service and planes, and they will come back,” he said. Under the investment plan, aircraft engines will be purchased and grounded planes restored. The fleet is expected to expand from 16–17 aircraft to around 38 over time. Habib said PIA also benefits from direct international routes, a key competitive advantage. The airline has received Rs125 billion, which will be used for new engines, debt servicing, and operational costs. A dedicated plan has also been prepared to improve the cargo business. PIA’s total liabilities stand at Rs181 billion, while many assets have already been shifted to a holding company. Habib concluded that the government should not be running businesses. “Losses in state-owned entities grew due to personal interests of officials. Business is the job of the private sector — and we intend to prove that PIA can be profitable within a year.” The turnaround plan will be driven by a private consortium that has acquired a 75 percent stake in Pakistan International Airlines for Rs135 billion (approximately $482 million). The group is scheduled to formally take operational control of the airline in April 2026, after which it plans to immediately roll out its restructuring and investment roadmap. This privatization represents one of Pakistan’s largest and most consequential divestments of a state-owned enterprise in recent years, reflecting the government’s broader effort to offload chronically loss-making entities that have placed a sustained burden on public finances. The ownership structure of the consortium brings together some of the country’s leading corporate players. Fauji Fertilizer will hold a 25 percent stake, while another 25 percent will be jointly controlled by Arif Habib’s investment group and Fatima Fertilizer. The remaining 25 percent stake will be shared among other consortium partners, completing the private-sector-led ownership structure.