NHA and power sector lead list of loss-making SOEs in Pakistan

ISLAMABAD: The National Highway Authority (NHA) and the power sector have emerged as the top loss-making entities in Pakistan for the fiscal year 2022-23, according to the “Aggregate Annual Report of Central Monitoring Unit on State-Owned Enterprises (SOEs).”

According to Business Recorder, the NHA incurred the highest losses, amounting to Rs413.454 billion, while the power sector followed closely with Rs285 billion in losses.

Within the power sector, the Quetta Electric Supply Company Limited (QESCO) reported the highest losses of Rs88.487 billion, followed by the Peshawar Electric Supply Company Limited (PESCO) with Rs80.595 billion, and the Lahore Electric Supply Company Limited (LESCO) with Rs30.839 billion.

Other significant losses in the power sector include:

– Sukkur Electric Power Company Limited (SEPCO): Rs30.667 billion

– Multan Electric Power Company Limited (MEPCO): Rs23.372 billion

– Hyderabad Electric Supply Company Limited (HESCO): Rs15.640 billion

– Faisalabad Electric Supply Company Limited (FESCO): Rs14.983 billion

– Islamabad Electric Supply Company Limited (IESCO): Rs666 million

In addition to the power sector, several other state-owned enterprises reported substantial losses. Pakistan International Airlines Corporation (PIA) faced losses of Rs75.755 billion, Pakistan Railways reported Rs48.534 billion in losses, and Pakistan Steel Mills Corporation (Private) Limited recorded losses of Rs25.455 billion.

Other notable losses include:

– Sui Southern Gas Company Limited (SSGC): Rs17.350 billion

– Pakistan Telecommunication Company Limited (PTCL): Rs15.544 billion

– GENCO-II Central Power Generation Company Limited, Thermal Power Station Guddu: Rs14.170 billion

– GENCO-III Northern Power Generation Company Limited, Thermal Power Station Muzaffargarh: Rs3.240 billion

– Pakistan Post Office: Rs3.234 billion

– Pakistan Broadcasting Corporation (PBC): Rs1.617 billion

– GENCO-I Jamshoro Power Company Limited: Rs910 million

– GENCO-IV Lakhra Power Generation Company Limited: Rs480 million

Additionally, losses were reported for Pakistan Expo Centres (Pvt) Ltd at Rs181 million, Pakistan Revenue Automation (Private) Limited at Rs165 million, and State Engineering Corporation (Private) Limited at Rs32 million.

The report highlights the urgent need for reforms and effective management in these entities to curb the mounting losses and improve their financial health.

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