NHA Lost Rs 124.7 Billion in Six Months in Pakistan: Interest Cost Rs 71.3 Billion, Toll Revenue Up 58%
The National Highway Authority lost Rs 124.7 billion in July to December 2025, with Rs 71.3 billion in interest. Toll revenue rose 58%. We read the report.
The National Highway Authority (NHA) lost Rs 124.7 billion in July to December 2025, the largest loss of any federal state-owned company. Interest on its loans cost Rs 71.3 billion in those six months, and it has Rs 2,171 billion in accumulated losses. Toll revenue rose 58 percent on a year earlier but missed the target by 27 percent.
The NHA builds and runs national highways and motorways. This page reads the Finance Division's six-monthly report on state-owned companies for what it says about the NHA: the loss, the debt behind it and the signs of improvement. We downloaded and read the report on 13 October 2026.
The loss is mostly the cost of past borrowing
The report names depreciation and financing costs as the NHA's main cost drivers. Interest accrued in its profit and loss account was Rs 71,301 million, far more than the next company in that table, the National Grid Company, at Rs 9.9 billion.
The loss for the six months was Rs 124,685 million. The accumulated loss to date is Rs 2,171,353 million, about Rs 2.17 trillion.
Its debt is Rs 2.44 trillion, the largest of any state company
The NHA owes Rs 1,555.4 billion in cash development loans and Rs 885.6 billion in foreign relent loans. Both are the largest in the report. Cash development loans are loans from the federal government. Foreign relent loans are foreign loans the government passes on to the company.
| NHA item | Amount | Period or date |
|---|---|---|
| Loss for the period | Rs 124.7 billion | July to December 2025 |
| Interest cost in the loss account | Rs 71.3 billion | July to December 2025 |
| Cash development loans owed | Rs 1,555.4 billion | December 2025 |
| Foreign relent loans owed | Rs 885.6 billion | December 2025 |
| Government grant received | Rs 4.6 billion | July to December 2025 |
| Accumulated losses | Rs 2,171.4 billion | December 2025 |
The sum of the two loan types is Rs 2,441 billion, our own arithmetic. For the wider picture of what state companies owe, see what Pakistan’s state companies owe.
Toll revenue rose 58 percent but stayed 27 percent below target
The report gives credit where it is due. Toll revenue grew 58 percent and total operating revenue grew 47 percent on the same months a year earlier. The NHA also cut its net loss by 19 percent.
But both were well short of the business plan: toll revenue by 27 percent and total operating revenue by 41 percent. The report says this shows either overly ambitious targets or remaining weakness in collection.
The operating cost recovery ratio improved from 0.34 to 0.63. That means the NHA now earns about 63 paisas for each rupee of operating cost, up from 34 paisas. It is still below 1.00. The NHA also scored 59 out of 100 on the report's scorecard.
What this means for road users and taxpayers
The report does not discuss toll rates or when they may change, so we do not forecast them. Current rates are in the national highway toll rates. If you have a problem with a toll plaza or a road, you can complain to NHA online.
For taxpayers, the report rates the fiscal risk of the NHA as high. It says the NHA depends on public funding and has limited cost recovery from core operations. The grant received in the six months was Rs 4.6 billion.
The report names the NHA, PIA Holding and Pakistan Railways as the largest structural drags on the state company portfolio. The NHA alone made up 36 percent of all state company losses in the period.
In short, the NHA is earning more from tolls each year, but its debt bill is still larger than its income. Until revenue catches up with the plan, the loss will continue.
How to read the NHA entry yourself
- Open the Finance Division Central Monitoring Unit page and download the H1 FY2026 report.
- Find "Loss making SOEs for HY 2026" on page 29 for the loss and accumulated loss.
- Find the debt tables on pages 44 to 46 for the loan amounts.
- Read the NHA one-page summary in Part VI for the revenue and target figures.
Common questions
How much did the NHA lose in July to December 2025?
The NHA lost Rs 124.7 billion, the largest loss among federal state-owned companies, says the Finance Division report.
Why does the NHA lose so much?
The report names depreciation and the cost of financing its loans. Interest alone was Rs 71.3 billion in six months.
How much does the NHA owe?
It owes Rs 1,555.4 billion in cash development loans and Rs 885.6 billion in foreign relent loans at December 2025.
Is the NHA getting better?
Partly. Toll revenue rose 58 percent and net loss fell 19 percent, but revenue is still far below the business plan.
Will toll rates go up because of this?
The report does not say so. Check the NHA for any notified toll change before you travel.
Where can I read the report?
It is on the Finance Division Central Monitoring Unit page. The link is in the sources section below.
How we verified this
What we checked, where we read it, and what we could not confirm.
Last checked on 13 October 2026, Pakistan time. We read the Finance Division Central Monitoring Unit's bi-annual report on federal state-owned enterprises for July to December 2025: the loss table, the debt tables, the interest table and the NHA one-page summary. The report quotes two different cuts in operating losses (50.8 percent and 45 percent), so we do not use either. We did not read the NHA's own accounts.
About the author
Global Affairs & Political Economy Writer
Muhammad Hatim is a book lover who started writing because he enjoys it. At Pakistan Era he writes about international relations, geopolitics and the global economy, with a particular interest in South Asia and the forces behind current events.
