Abdul Ghani

Twenty-five federal state-owned enterprises (SOEs) reported combined losses of Rs832.8 billion during fiscal year 2025, with the National Highway Authority (NHA) emerging as the largest loss-making entity, according to the Federal State-Owned Enterprises Annual Aggregate Report FY2025.

The report shows that NHA recorded a loss of Rs294.9 billion during the fiscal year, the highest among all loss-making SOEs. Its accumulated losses to date stood at Rs2.07 trillion.

Quetta Electric Supply Company (QESCO) reported the second-largest loss at Rs112.7 billion, followed by Peshawar Electric Supply Company (PESCO), which recorded a loss of Rs92.7 billion. Pakistan Railways posted a loss of Rs60.3 billion, while PIA Holding Company Limited incurred a loss of Rs48.9 billion.

Other major loss-making entities included National Power Parks Management Company, with a loss of Rs46.1 billion; Neelum-Jhelum Hydropower Company, at Rs29.4 billion; and Pakistan Steel Mills, at Rs26.0 billion.

Sukkur Electric Power Company (SEPCO) reported losses of Rs25.3 billion, while Pakistan Post Office recorded losses of Rs19.3 billion. Pakistan Agricultural Storage and Services Corporation (PASSCO) incurred a loss of Rs19.0 billion during the year.

Hyderabad Electric Supply Company (HESCO) posted a loss of Rs12.9 billion, and Lahore Electric Supply Company (LESCO) reported Rs12.7 billion in losses. GENCO-II recorded a loss of Rs10.3 billion.

Smaller losses were reported by National Insurance Company Limited (Rs2.9 billion), Central Power Purchasing Agency-Guaranteed (CPPA-G) at Rs2.0 billion, Islamabad Electric Supply Company (IESCO) at Rs1.4 billion, Pakistan Television Corporation at Rs0.6 billion, and Private Power and Infrastructure Board at Rs0.47 billion.

Pakistan Expo Centres (Private) Limited reported losses of Rs0.22 billion, while Hazara Electric Supply Company recorded Rs0.04 billion in losses. National Construction Limited and Pakistan Broadcasting Corporation each posted losses of Rs0.03 billion.

The report states that accumulated historical losses across these entities reached approximately Rs6.56 trillion, reflecting the cumulative deficit position of loss-making SOEs. On an operational basis, the average daily loss across the SOE portfolio was calculated at approximately Rs3.1 billion during the fiscal year.

The figures are part of the federal government’s consolidated annual assessment of the financial performance of state-owned enterprises operating across sectors, including infrastructure, transport, power, manufacturing, mining, trading and public services for the fiscal year ended June 2025.

Credit: INP-WealthPk