Islamabad, February 13, 2026 – Pakistan’s State-Owned Enterprises (SOEs) recorded a staggering net loss of Rs122 billion in the fiscal year 2025, marking a 300% increase compared to the previous year, according to the latest annual report released by the Finance Ministry.
The report highlighted that total revenues of SOEs fell by 8% to Rs12,430 billion, while aggregate profits decreased by 13% to Rs709 billion. Total aggregate losses remained high at Rs832 billion, a 2% decline from FY24. Despite rising net losses, total equity of SOEs grew by 7% to Rs6,245 billion, while total liabilities decreased by 3% to Rs31,742 billion. Overall assets dropped slightly by 1% to Rs37,988 billion.
Government support to SOEs surged 37% to Rs2,078 billion, whereas the SOEs’ contribution to the exchequer rose 7.5% to Rs2,119 billion. However, net flow to the government plunged sharply by 91% to Rs40.7 billion. Total SOE debt increased 4% to Rs9,571 billion, and government guarantees spiked 52% to Rs2,164 billion. Meanwhile, unfunded pensions climbed 41% to Rs2,030 billion, and circular debt fell 13% to Rs3,929 billion.
The report underscores ongoing financial challenges faced by Pakistan’s SOEs, signaling a need for strategic reforms to improve operational efficiency and reduce fiscal pressure on the government.