The General Manager
Pakistan Stock Exchange Limited Stock Exchange Building
Stock Exchange Road
Karachi
FORM - 7
CS/PSX/BM/3QTR-FS-25/26
May 11, 2026
FINANCIAL RESULTS
FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2025
Dear Sir,
We have to inform you that the Board of Directors of PIAHCL in their Meeting held on Friday, May 08, 2026 at 1 l:00 A.M. at Islamabad, recommended the following:
a. CASH DIVIDEND
NH
b. BONUS SHARES
Nil
c. RIGHT SHARES
Nil
d. ANY OTHER ENTITLEMENT /
CORPORATE ACTION
Nil
e. ANY OTHER PRICE-SENSITIVE
INFORMATION
The Financial Results of the Company are attached
The Quarterly Report of the Company for the period ended September 30, 2025 will be
transmitted through PUCARS separately.
Yours truly,
Rao Muhammad Imran
Company Secretary
Encl: As stated above
Registered Address: 4" Floor, PIA Building, 49-AKM Fazal-e•Haq Road, Blue Area, Islamabad Liaison Office Address: Cornpany Secretary, 1st Floor, Executive Corridor, PIA Head Office, Karachi-Airport
PIA HOLDING COMPANY MMITED
STATEMENT OF FINANCIAL POSIWON SE E ER 30 2 25
Note
SEPTEBBER 80, 2025 December 31, 2024
(Un-Audited) (AJdlted)
-- (Rupees in 'OOD) ----
NON-CURRENT AgSEW
Property and eguipnent investment properly Long-term Investments
13,069
A0,600,876
161743#0
10,800.976
56,905,466
67,512,2B0
CuRRENT ASSET | ||||
Loan to subsldlarles | 3,918,167 | 3.878,002 | ||
Trada Debts | 5 | |||
Other receivables | 4.5M,8W | 9,288,060 | ||
Bank balances | g,499,3B2 | 2,238.999 | ||
J7,96e,t46 | 15,405,861 | |||
Acseta held for aale | 52,345,120 | S24,62B | ||
TOTAL ASSETS | e3,442,770 | |||
EQUITY AUD LIABILITIES | ||||
SHARE CAPITAL ANO RESERVES Share capital | sz,aas,1zo | 52,345,120 | ||
Reseryes | (793,494,623) | (698,988,529) | ||
@40,643,409) | ||||
NON CURRENT LIABILITIES | ||||
Long-term financing | 374,516,785 | |||
Deferred liabllltiea | 31,845.356 | |||
441,¥4y,082 | 408,462.141 | |||
CURRENT LIABILIWE6 | ||||
Trade and other payables | 10 | 1S4,72O,46O | 194,817,419 | |
rued interest / mark-up | 11 | 115,4g6,628 | 111,459,187 | |
Advance from subsidiaries | 12 | 11 29B,070 | 11,187,297 | |
Provision far taxation | 241,873 | 24,242 | ||
C:urgent ponion of long term tinanWig | 3,1g2,M0 | 9,132,44g | ||
3Z4.889,488 | 320.620,5e5 | |||
Liabilities related to aasets held for sale | 3,00B,452 | |||
TOTAL EQUITY AND LJABlLnIE9 | 8Z,44f7Y0 | |||
CONTINGENCIES | 13 | |||
The annexed note from 1 to 21 form an integral part of theae special p ose financial statements.
" Ghlef Executive eei•»r o or
PIA HOLDING COMPANY LIMITED STATEMENT OF PROFIT OR LOSS
FOR THE NINE MONTFI9 ENDED SEPTEMBER 30, z025
Nine montha ended
from 21 March
September 30 September 30
2025
2024 to
30 September
2024
Note
(Un-Audited) (Un-Audited) (Un-Audited) (Un-Audked) (Rupeee in '000) •--•- --- (Rupeea In '000) ----
General and administratlve expenses | 14 | (3,178,875) | (1,803,808) | (685,560) | (3,147) | |||
Other income | 1,87S,B27 | 185,821 | 653,582 | 39,101 | ||||
Finance costs | 15 | (36,988.31g) | (7,694,490) | (12,040.960) | (12,757,000) | |||
Loas from contlnued operatlons | (38.301,36t) | (9,312,477) | (12,062,326) | (12,721,047) | ||||
Gain from discountinued operations | 4,667,208 | |||||||
Loss before taxation | (9,312,477) | (12,082,328) | (12.721,047) | |||||
16 | [21T,627) | (9,309) | ||||||
(33,851,785) | (9,312,477) | (12,091,637) | (12,721,048) | |||||
Loss per share | 17 | |||||||
'A' class ordinary shares of Rs. 10/- each | (0.65) | (0.18) | (0.23) | (0J4) | ||||
'B' dass ordinary shares of Rs. 5/- each | (0.09) | (0.12) | (0.12) |
The annexed notes from 1 to 21 form an integral part of these special purpose financial statements.
Chief Exeeutlve Officer Dire or Chief Financial Officer '
PIA HOLDING COMPANY LIMITED STATEMENT OF cOMPREHEusivE INcOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025
Nine months ended
For the period
Quarter ended
September 30
2025from 21 March
2024 to
30 September
2024
September TO September 30
2025 2024
Net loss for the period
Items not to be reclassified to profit or loss in subseguent periods
(Un•Audited) (Un-Audited) (Un-Auditedj (Un-Audited)
----••---- (Rupees in '000) ------•--- -•--•--•• (Rupees in '000) •• ••-
(33,851,785) (9,312,477) (12,091,637) (12,721,048)
Remeasurement (loss) / gain on employee benefit oblig‹ | (654,309) | 1, 124,496 | (464.559) | 2,075,048 | |||
Total comprehensive loss for the period | (34,506,094) | (8,188,081) | (12,556,196) | (10,645,999) |
The annexed notes from 1 to 21 form an integral part of these special purpose financial statements.
Chief Executive Officer Director Chief Financial Officer
Share
Reserves
Remeasurernent
Dem erger Accum ulaand gain / tloae) on Total reserve |osa emp|oyee benefit reoerves
odTlgations
Total
equity
--•------•-•----- ------------- --------•- (Rupeea in •000] -----•--••---••--•••--•-••- ------•----•• ----
Ordinary shares onder the Scheme (none 4.3. lssuanoe of ,000 ordina fy shares of Rs. 10/- each
02,3•5,110
10
52,345, 110
10
Reserve under lhe Scheme (note J.3) - (653,5z8,337) - - (603,I220,337) (653,528,337)
52,O46, 420 (653,6z8,337) - - (653,526,337) (601,1B3,217)
Loss for the period
Offier comprehensive income
Total comprehensive (loss) / income for Ihe period Balance as aI December 31, 20Z4
Loss for 1he period
Other comprehensive income
Tolaw comprehensive (toes) income for the period Balance as at September fiO, 2025
(47,535,240)
- - (47,535,240)
52, 445,120 (653,528,3S7) (47,€35,240)
- - (33,B 51,785)
- (33,85J ,788)
52,345,120 (653,52B, 337) (81,367,025}
- (47,535,240) (47,^i35,240)
2,070,048 :2,070,040 2,075,048
2,075,048 (45,460,192) {40,460,t92)
(33,60 J ,78S)
(654,309)
{33,801,7'B'2) (664,309)
-(654,309)
1654,3091 (34,Sf16,0t4) t34,506,094)
1.420,739 (733,494,623) (681,140 503)
The annexed notes from 1 to 21 form an in fegral part of lhese special purpose financial stalements.
Chief Exocuti ve Officer , Direx
PIA HOLDING COMPANY LIMITED STATEMENT OF CASH FLOWS
FOR THE NINE MONKS ENDED SEPTEMBER 50, 20Z5
CASH FLOWS FROM OPERATING ACTIVITIES
Nlne months ended
For ltte penod
from 21 March
2024 to
30 September
2024
-•----• (Rupees in '000) -----
Loss for the period | (33,634,15B) | (9,312,477) | |
Adjustments for: | |||
Depreciation | 354 | 145,982 | |
Finance costs | 36,998,319 | ||
Exchange loss/(gain) Provision for retirement Benefits | 230,640 | ||
87,229,312 | 78404y2 | ||
Working capital changes: | |||
Olher receivables Trade and other payables and deffered liabilities | 1,752,591 | (f85,821) 1,620,878 | |
5,546,299 | 1,435,057 | ||
Net cash generated from operations | 9,141,453 | (36,916) | |
Finance cost paid | (32,422,144) | ||
Net cash used in operating activltleo | (23,280£92) | tfi,47Z,005) | |
cosH FLOWS FROM INVENTING ACTIVITIES | |||
Purchase or Assets | |||
Cashflows generated used in Investing Activities | (7.574) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Long term financing - net | 33,54%872 | ||
Repayment of loan Cashflows generated from Financing Activities | (3,003,2€4) 30,WJ,619 | ||
Cash and cash equivalents at beginning of the period | |||
Cash and cash equivalents at the start of the period | 2,234,99d | 41,470 | |
Cash and cash equivalents at end of the period | 9,485,362 | 4,522 | |
The annexed notes from 1 to 21 form an integral part of these special purpose financial statements |
PIA HOLDING COMPANY L]MITED
CONDENSED INTERIM CONS OLIDATED STATEMENT OF FINANCIAL POSITION
S T PTEM E 0
ASSETS
NON•C URR ENT ASSETS
NOt8
SEPTEMBER 30. 2o25 December 31, 2024
tljn-Audited) (Audited)
- --- (Rupees in '000) --•••••-•
Property, plant and equipment Investment property
Long-term investments
Recelvable in respect of Centre Hotel Long-term deposits and prepayments
CURRENT ASSETS
Stores and sparer Trade debts Advances
Trade deposits and short-term prepaymenls Other receivables
Qash and bank balances
314.258,4643,34 1.721
9,706,157
6 144.633
5,476,343 | 4,304,040 |
12,593,251 | 13,005.3 J6 |
13,451,243 | 7,198,823 |
6,420,642 | 10,453,625 |
16,929,783 | 13,104,938 |
17.422,443 | 16.354 .527 |
y,308,034 33.4,729,gY 0
72,2g0,704
30g,304,91B
3,271,453
9,686,667
144,634
2, 04,225
6,807,309
331,319, 229
64,44 8,972
Assets held for sale TOTAL ASSETS
fi24,629
896.262,131
EQUITY AND LiABlLlTiEO
SHARE CAPITAL AND RESERVES
Authorized share capital
Issued, subscñbed and paid-up share cap tal
Reserves
Surplus on revaluation of propeny, planl and equipment - ml Attribtnable to the I-folding Coaipsn/'s shareholders
$3,$OO,OOO S?,z4&,IzO
fl45,2fi 7,870
{883,964,206)
63,500, 000
52,345,120
(763,604.338)
141,976.251
(569,3B2,967)
Non-eonlrolling intereel
5,999.176
NON-CURRENT LIA BILITIES
Long•lerm financing Lease liabilities
Long-term advances and deposits Deferred taxation - net
Deferred liabilities
CURRENT LIADlLlTfES
Trade and other payables
Unclaimed dividend - preference snares Accrued merest
Taxation - net
3 hon-term borrowings
Current maturities of non currenI liabilities
(s76,878,412)
410,988,482 | 398,4'i9.94' |
9,116,857 | 14,426,525 |
119,4 13 | 118.1B6 |
6,325,295 | |
65,158,936 | 59,922.259 |
314,701,333 | 332, 685, 244 |
66,634 | 65,634 |
111,475,960 | 107,911,7g8 |
7,355,423 7,110,773 | 5.859.17d |
49,938,673 | 30,768,4 4 |
493,'} 90,229
490,707,740
(563,283,791)
479,252,200
<77, 290,y6y
956,542.470
Liabilities related to eesels held for sale 3,003,452
TOIALEOU!GAwDLABLWEN
407.0y2.?4396,262,131
G Ie a
PIA HOLDIN G COMPANY LIMITED
CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR NINE MONTHS ENDED GEPTEMBER 30, 2025
Note
September 2025 September 2024
--•--- (Rupees In '000) -----
{In-Audlted) (Un-Audited)
Revenue - net
Cost of services Aircraft fuel Others
Gross profit
Oistribution costs Administrative expenses
Other provisions and adjustments - net Other income - net
Profit from operations Exchange loss - net
Profit / (loss) before interest and taxation Finance costs
Loss from continued operations Loss from discountinued operations Loss before levy and income tax levy - minimum tax
Loss before income tax Taxation
Loss for the year AttribtJtable to:
Equity folders of the Holding Company Non-controlling interest
'A' class Ordinary shares of Rs.10 each
'B* class Ordinary shares of Rs. 5 each
(2.34
(0.73)
The ann '" n
1 to 13 form an integral part of t
e ns
v
ted irlancial statements
Ref Executive Officer
Direator
Chief FinaneiaT Officer
Loss per share - basic and diluted Loss attributable to:
18.211,90 '(51,g56,762)
(103,185,405)
(155,142,163)
(6,732,697) | (6.835,283) |
(9,122,104) | (17,648,204) |
(2,064,771) | 469,B93 |
5,440,068 | 3,349,104 |
ZB,069, "•4d
(4 2,479,504)
13,5g0, 240
1,3te,3W6
14,906,616 (41,003,86t )
4,867,208 (Z¥,43O,037)
(1,825,461)
(22,755,498)
(1,645,077)
(24,400,876)
(24,498,869)
98,294
/z4,400,576)
183,499,8B9
(1<<,gz‹.eesj
(144,921,B85)
38,577,904
(20,664,490)
17,913,414
(1,7 7,806)
16,195,608
(21,360,991)
(5,165,383)
(5,165,383)
(5,165,383)
(2,309.888)
(7,475,371)
(7,669,275)
193,902
/,475,373)
PIA HOLDING COMPANY LIMITED CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR NINE MONTHS ENDED SEPTEMBER 30, 2025
September 2025 September 2024
------- (Rupees in '000) -----
Loss for the year
Ottier comprehensive income
Items that will be reclassified subsequently to
consolidated statement of profit or loss
(24,400,576)(7,475,371)
Loss on re-measurement of derivative - net of tax | 2,044 | (302) | |
Exchange differences on translation of foreign operations | 5,940,120 | 2,347,661 | |
5,942,164 | 2,347,359 | ||
Items that will not be reclassified subsequently to consoIi'dated | |||
statement of profit or loss | |||
Unrealised gain on re-measurement of investments at FVOCI - net of ta | |||
Revaluation reserve realized - net of tax | (1,302,127) | ||
Surplus on revaluation of property, plant and equipment - net of tax | 8,734,679 | (30,540) | |
Actuarial gain/(loss) on defined benefit obI'9ation Related deferred tax | (2,506,970) | (554,067) | |
4,925,581 | (584,616) | ||
Total other comprehensive income for the year | 10,867,745 | 1,762,743 | |
Total comprehensive loss for the year | (13,532,830) | (5,712,628) | |
Attributable to: | |||
Equity holders of the Holding Company Non-controlling interest
(14,622,549) 1,089,718(13,532,830)
(5,766,769)
54,139
(5,71 2,630)
The annexed notes from 1 to 13 form an integral part of these consolidated financial statements.
Director
PIA HOLDING COh/lPANY LIMITED
'ONDENSEO INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
FOR NINE MONTHS ENDED SEPTEMBER 30, 2025
September 2025 September 2024
Note
--------- (Rupees in '000) ----
CASH PLOWS FROM OPERATING ACTIVITIES Cash generated from operations | 10 | 17,682,225 | 21,040,211 |
Profit on bank deposits received | 214,285 | 58,755 | |
Finance costs paid | (36,203,089) | (5,092,460) | |
Taxes paid | (1,331,649) | (66,438) | |
Staff retirement benefits paid | (33Z,791) | (1,454,056) | |
Long-term deposits and prepayments - net | (658,234) | (772,660) | |
Net cash generated from operating activities | (20,629,252) | 13,714,352 | |
Net cash generated from / (used in) Diacountinue0 operations | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of property, plant and equipment | |||
Investments made | |||
Restricted cash | |||
Purchase of intangibles | |||
Proceeds from sale of property, plan1 and equipment | |||
Net cash used in investing activities | (1,913,819) | 5,124,630 | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Long-term financing - net | |||
Dividend paid | |||
Proceeds from long-term financing | |||
Repayments of lease liabilities |
(1,939,180) | (250,263) |
(100,118) | 2,288,097 |
116,021 | 3,083,258 |
(8,203) | |
17,861 | 3,546 |
33,546,872 | (10,736,325) |
7,000,000 | |
(3,384,662) | |
(6,599,469) | (6,056,910) |
23,562,842 | (9,793,235) |
1,019,771 | 9,045, 756 |
16,351,527 | 6,918,724 |
51,145 | (9,878) |
17422443 | 15,954,602 |
Net cash used in financing activities
Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the year
Effects of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at end of the year
Cash and cash equivalents Cash and bsnk balances
17,422,443
15,954,602
The annexed notes from 1 to 13 form an integral part of these consolidated financial statements,
WChief Executive Officer
Chief Financial Officer