Pakistan International Airlines (PIA) is poised to report its first annual profit in more than two decades, marking a significant turnaround for the national carrier as it moves forward with plans to sell the airline, according to documents seen by Bloomberg.

PIA recorded earnings per share of Rs5.01 for the year ending in December, its first profitable year since 2003, based on audited financial statements.

The results are expected to be submitted to the airline’s board for approval before being released publicly. PIA did not respond to a request for comment.

The results mark a dramatic recovery for an airline that, in recent years, has faced mounting financial losses, including aircraft being impounded at foreign airports, canceled flights, and close calls with default.

Regular bailouts from the government were the main lifeline for the airline, though these funds have now been exhausted.

Pakistan’s efforts to sell the airline last year failed, as the initial bid fell short of the minimum price of about $306 million. However, the government is making another attempt to privatize PIA, with initial bids expected later this month.

To make the sale more attractive, the government has removed about 75% of the airline’s debt from its books. The move has led to renewed interest from potential buyers, with companies that previously participated in the bidding process now expressing greater confidence, according to Usman Bajwa, secretary at Pakistan’s privatization commission, in February.

Operational gains in recent years have been offset by the significant burden of debt servicing.

However, PIA has been working to achieve operational profitability by implementing reforms, including reducing its workforce by nearly 30%, shutting down unprofitable routes, and improving fleet utilization.