Past three-year financial accounts of PIA finalized within three months: CEO Arshad Malik

KARACHI: Pakistan International Airlines (PIA) informed its shareholders 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. Shareholders were also informed that as soon as 2019 financial year ends, work will initiate to compiling the financial results.

The 3rd Annual General Meeting of PIACL shareholders held today Saturday at the Airport Hotel Karachi. 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.

In the Annual General Meeting, year 2018’s financial performance was discussed.

Moreover, the shareholders appreciated PIA’s management for their acknowledgment and support. They believe in transparency for responsibly taking out pending tasks.

In his speech, CEO Air Marshal Arshad Malik briefed shareholders about PIA’s recent developments and current challenges. He started off by sharing that the biggest challenge the company was facing was that three years’ audit had not been done however, he lauded the team that worked non-stop and finished the last audit in record time.

Furthermore, 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 CEO further said that the team is hopeful that the last remaining audit will be completed by June 2020. About the staggering company losses, the CEO was glad to inform the shareholders that the losses have been brought considerably and will be evident from 2019 audited reports. He further informed about the induction of two aircraft in the fleet and the seat factor has risen to 84% due to which both revenue and network spread are also increasing.

After observing the steady improvements, international banks have come forward showing their interest in investing in the national carrier, the CEO shared. Similarly, the country’s leading organizations have also been engaged for co-branding with PIA including Askari Bank, IHIG, ARY Group, BankIslami, Jazz, and NBP.

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. On his concluding remarks, the CEO is hopeful that the numbers of 2019 will be even, better when they will be presented in June 2020 for review.

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