Pakistan International Airlines Reports Losses for FY 2022, No Dividends or Corporate Actions Recommended

Karachi, In the annual financial results for the year ended December 31, 2022, Pakistan International Airlines Corporation Limited (PIACL) announced significant losses, leading to the absence of any dividends, bonus shares, or right shares for its shareholders. The Board of Directors held a meeting on May 18, 2023, in Karachi, where they made the recommendations.

The consolidated statement of profit or loss revealed that PIACL’s revenue for the year stood at Rs. 178,551,320,000, with a net loss of Rs. 97,301,638,000. The revenue was lower compared to the previous year, which amounted to Rs. 88,089,164,000. The cost of services, including aircraft fuel and other expenses, contributed to the significant gross loss of Rs. 40,566,148,000.

Despite these financial challenges, the company decided not to provide any cash dividend, bonus shares, or right shares to its shareholders. Additionally, no other corporate actions were recommended during the Board meeting. However, it was announced that the Annual General Meeting for the fiscal year 2022 would be held on June 17, 2023, in Karachi.

Shareholders should take note that the Share Transfer Books of PIACL will be closed from June 09, 2023, to June 17, 2023, inclusive, in preparation for the Annual General Meeting.