Pakistan’s State Companies: NHA Lost Rs 124.7 Billion and OGDCL Earned Rs 73 Billion in July to December 2025
23 Pakistani state companies lost Rs 342.8 billion in July to December 2025, while profit-makers earned Rs 423.3 billion. We read the Finance Division list.
Pakistan's federal state-owned companies lost Rs 342.8 billion across 23 loss-making entities in July to December 2025, while the profit-makers earned Rs 423.3 billion. The National Highway Authority (NHA) lost the most, Rs 124.7 billion. OGDCL earned the most, Rs 73.0 billion. The net profit was Rs 80.5 billion, 30 percent lower than a year earlier.
The Finance Division published the list in its six-monthly report on state-owned enterprises (SOEs). We downloaded and read it on 13 October 2026. This page puts the top names side by side in plain words, so you can see where public money is earned and where it leaks.
Net profit fell 30 percent to Rs 80.5 billion
Aggregate profits fell 7 percent, from Rs 457.2 billion to Rs 423.3 billion. Aggregate losses stayed flat at Rs 342.8 billion. The difference, Rs 80.5 billion, compares with Rs 114.3 billion a year earlier.
The report says the loss-makers together lose about Rs 2.9 billion for every working day, on a 120 working day basis. The profit side is thin: return on equity is 1.26 percent. For the debt and support side of the same report, see what Pakistan’s state companies owe.
Ten companies earned most of the profit
The report says earnings are heavily concentrated in a small group, mostly in oil, gas and banking. If these few weaken, the whole portfolio is hit hard.
| Company | Profit, Rs billion |
|---|---|
| Oil and Gas Development Company (OGDCL) | 73.0 |
| National Bank of Pakistan | 42.9 |
| Pakistan Petroleum Limited | 40.2 |
| Pak Arab Refinery Company | 31.2 |
| Government Holdings (Private) Limited | 22.2 |
| Water and Power Development Authority | 21.2 |
| Multan Electric Power Company (MEPCO) | 20.4 |
| National Power Parks Management Company | 19.3 |
| Faisalabad Electric Supply Company (FESCO) | 16.6 |
| Pakistan State Oil | 16.2 |
The biggest losses sit in highways, railways and electricity distribution
NHA lost Rs 124.7 billion, more than a third of all losses on its own. The report names depreciation and the cost of its debt as the main drivers. Four electricity distribution companies are also in the top ten of loss-makers.
| Company | Loss, Rs billion | Reason given in the report |
|---|---|---|
| National Highway Authority | 124.7 | Depreciation and financing costs on its loans |
| Quetta Electric Supply Company | 35.3 | Technical losses, circular debt, under-recoveries |
| Sukkur Electric Power Company | 34.9 | Technical losses, circular debt, under-recoveries |
| Pakistan Railways | 29.4 | Grant-dependent model, weak long-term planning |
| Peshawar Electric Supply Company | 23.7 | Technical losses, circular debt, under-recoveries |
| PIA Holding Company | 21.5 | High financing costs on parked PIA debt |
| Hyderabad Electric Supply Company | 18.0 | Technical losses, circular debt, under-recoveries |
| Neelum Jhelum Hydro Power Company | 14.5 | High carrying costs |
| Pakistan Steel Mills | 12.9 | No revenue, high carrying costs |
The report says the electricity company losses came from technical losses above NEPRA benchmarks, weak recovery and circular debt. Circular debt is the chain of unpaid power bills that these losses feed.
Railways and the NHA depend on public money
The report says Pakistan Railways needs yearly operating grants close to Rs 60 billion and carries unfunded pension obligations. It also calls PIA Holding, Railways and the NHA among the largest structural drags on the portfolio.
One item stands out for taxpayers: government support to SOEs reached Rs 804 billion in six months, about 11 percent of federal tax receipts in the period used in the report. That is roughly one rupee in every nine collected.
Electricity companies appear on both lists
Distribution companies are split. MEPCO (Rs 20.4 billion) and FESCO (Rs 16.6 billion) are among the top ten profit-makers, and GEPCO earned Rs 11.3 billion. In the same six months QESCO, SEPCO, PESCO and HESCO were among the biggest losers.
The split shows that the sector is not uniform. Some companies recover their running costs and others do not. The report ties this to technical losses, bill recovery and the state of each company's area. We have not tested these reasons ourselves, and we repeat them as the report's own words.
The Finance Division publishes this list twice a year. The next one will cover the full year to June 2026, and it will show whether the net profit of Rs 80.5 billion held, grew or turned into a loss.
How to read the list yourself
- Open the Finance Division Central Monitoring Unit page and download the H1 FY2026 report.
- Read the executive summary on pages 7 to 13 first.
- Check the "Profit making SOEs" and "Loss making SOEs" tables in Part II.
- Note the period: July to December 2025, not the full year.
Common questions
Which state company lost the most money in July to December 2025?
The National Highway Authority lost Rs 124.7 billion, the largest loss in the Finance Division report.
Which state company earned the most?
OGDCL earned Rs 73.0 billion, followed by National Bank of Pakistan at Rs 42.9 billion and Pakistan Petroleum at Rs 40.2 billion.
How many state companies made losses?
The report says 23 state-owned enterprises made losses of Rs 342.8 billion in total.
What is the net profit of all state companies?
It was Rs 80.5 billion, down 30 percent from Rs 114.3 billion in the same months a year earlier.
Are these full-year results?
No. They cover July to December 2025, the first half of FY2026. The report was dated June 2026 and posted in October.
Does this mean taxpayers pay for the losses?
Part of it. The report says the government gave Rs 804 billion in subsidies, equity, loans and grants in the same six months.
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 executive summary and the profit and loss tables. Some company names are shortened in our tables. We did not audit the figures and did not read the one-page company summaries beyond those we mention.
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.
