Pakistan’s loss-making federal state-owned enterprises recorded Rs342.8 billion in combined losses during July–December 2025, according to a government review of public-sector companies.
The Finance Division’s Central Monitoring Unit presented the figures to the Cabinet Committee on State-Owned Enterprises, chaired by Finance Minister Muhammad Aurangzeb.
Profitable federal enterprises earned Rs423.3 billion during the same period.
The two figures represent different groups of companies. The Rs342.8 billion is not a net loss for the entire state-owned enterprise sector.
The government reported providing Rs804 billion in support to SOEs while receiving Rs839 billion in contributions from them. Under the review’s fiscal-flow measure, that left a positive difference of Rs35 billion in the government’s favour.
The positive fiscal-flow figure does not remove the financial problems at companies that continue to make losses.
State-owned enterprises operate in important sectors, including energy, transport and infrastructure. Poor financial performance can increase demands on public funds and create additional debt-related risks.
The committee reviewed business plans, governance, financial reporting and progress towards performance targets.
Among the continuing concerns were circular debt, operational weaknesses and gaps in corporate oversight.
Circular debt refers to unpaid bills and obligations building up across the energy supply chain. It can affect the finances of several companies at once.
The government has been pursuing reforms to improve management and reduce reliance on financial support.
The latest figures show a mixed picture: profitable companies are generating substantial earnings, while weaker enterprises remain a burden.
The central question is whether reforms can reduce recurring losses without disrupting essential public services.