Islamabad: The Cabinet Committee on State-Owned Enterprises (CCoSOEs) met today at the Finance Division under the chairmanship of Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.
The Committee reviewed the Annual Consolidated Performance Report of Commercial and Non-Commercial SOEs for FY 2024-25, prepared by the Central Monitoring Unit (CMU), Finance Division. The report covered SOEs' financial and non-financial performance, government support and fiscal flows, debt profile, corporate governance, business plan assessments, and the proposed way forward under the SOEs Act, 2023.
During FY 2024-25, aggregate revenues of SOEs were PKR 12.4 trillion, while profits of profit-making SOEs declined by 13 percent to PKR 709.9 billion. Loss-making SOEs showed slight improvement, with aggregate losses declining 2 percent to PKR 832.8 billion, resulting in a net sector loss of PKR 122.9 billion, compared to PKR 30.6 billion last year. Losses were concentrated in transport and power distribution sectors.
Total government support to SOEs rose to PKR 2,078 billion, mainly through equity injections, while inflows from SOEs increased to PKR 2,119 billion via dividends, tax receipts, and interest income. Total SOE debt stood at PKR 9.57 trillion, with unfunded pension liabilities estimated at around PKR 2 trillion. Guarantees and other off-balance-sheet contingencies were PKR 2.16 trillion.
The Committee praised CMU for improving transparency, consolidating SOE financial data on an IFRS-aligned basis, and creating a digital database to support evidence-based policymaking. Members emphasized timely audits, realistic business plans, sector-specific engagement, loss reduction strategies, and strict budget discipline for loss-making entities.
The Committee approved sharing the report with relevant ministries for reform measures and directed regular review of audits, governance reforms, debt rationalization, and fiscal risk containment. The report's publication was noted as a key step toward enhanced accountability and operational efficiency of SOEs.
Additionally, the Committee approved the appointment of independent directors for Gujranwala Power Company (GEPCO), Jamshoro Power Generation Company (JPCL), Energy Infrastructure Development and Management Company (EIDMC), Independent System Market Operator (ISMO), Islamabad Electronic Supply Company (IESCO), and Tribal Areas Electric Supply Company (TESCO).
The meeting was attended by Federal Ministers for Power, Science and Technology, Planning, Commerce, and Maritime Affairs, along with secretaries and senior officials from relevant ministries, divisions, and regulatory bodies.