Transmission of quarterly report for the period ended september 30, 2024

The General Manager

Pakistan Stock Exchange Limited Stock Exchange Building

Stock Eachange Road

FORM -8

CS/PSX/3QTR-24/REV/25

b May, 2025

TRANSMISSION OF QUARTERLY REPORT

FOR THE PERIOD ENDED SEPTEMBER 30 2024

Dear Sir,

i. We have to inform you that the Quarterly Report of the Company for the period ended September 30, 2024 has been transmitted through PUCARS and is also available on Company's website.

2. You may please . inform the TRE Certificate Holders of the Exchange accordingly.

Yours truly,

Rao Muhammad Imran

Company Secretary

Registered Address: 4" Floor, PIA Building, 49-AKM Fazal-e-Haq Road, Blue Area, Islamabad Liaison Office Address: Company Secretary, 1st Floor, Executive Corridor, PIA Head Office, Karachi-Airport

PIA Holding Company Ltd.

THiRD

RQUEAPRTOERRLTY

2024

1. V'S'ON' M SS ON

2. CORPORATPEROFILE

03

DIRECTORS' REPORT

(ENGLISH /›>vI)

05

UNCONSOLIDATED FINANCIAL STATEMENTS

21

CONSOLIDATED FINANCIAL STATEMENTS

To manage the entrusted responsibilities efficiently and systematically, with a focus on strong corporate governance. We aim to make informed decisions on financial matters and assets management, in compliance with statutory and regulatory framework, ensuring accountability and excellence.

Integration:

Integrating and managing business segments, subsidiaries, and associates alongside their assets and liabilities.

Organizational Efficiency:

Creating a lean and efficient structure to effectively manage allocated shares, ties, including restructured debt stock, SOE payables and subsidiary

proceeds.

Asset Management:

Maintaining and disposing off properties in line with the established procedures.

Shared-services Provision:

Providing shared and value-added services to third parties.

CORPORATEPROMLE

as at April 24, 2025

Mr Tariq Bajwa Chairman

Lt Gen (Retd) Muhammad Ali HI(M)

Federal Secretary Defence

Mr Imdad Ullah Bosal

Federal Secretary Finance

Mr Shazad Dada Mr Naeem lqbal Mr Yousaf Khosa Mr Javed Kureishi

Syed Zibber Mohiuddin

Mr Asad Rasool

Chief Executive Officer

Mr Hammad Shamimi

Federal Secretary Privatisation

Mr Shazad Dada Chairman

Mr Javed Kureishi Member

Mr Imdad Ullah Bosal Member

Syed Zibber Mohiuddin Member

Mr Yousaf Khosa Chairman

Mr Naeem Iqbal Member

Mr Asad Rasool Member

Chief Executive Officer

Mr Asad Ra9ool

Mr Amos Nadeem

Chief Financial Offcer

Rao Muhammad Imran

Company Secretary

Mr Amos Nadeem

Chief Financial Oficer

Mr Athar Hussain

Chief Human Resource Officer

Syed Qamar Maqbool

General Manager Coordination / Asset Management

General Manager Accounting & Finance

Grant Thornton Anjum Rahman (Chartered Accountants)

Mr Haroon Rasheed Abbasi

The Bank of Punjab National Bank of Pakistan

National Bank of Pakistan (Bahrain)

MCB Islamic Bank Limited

CDC Shares Registrar Services Limited (CDCSRSL)

CDC House, 99-B, Block-B, Sindhi Muslim Cooperative Housing Society Main Shahrah-e-Faisal, Karachi-74400, Pakistan.

Phone (Toll-Free) 0800-CDOPL (23275)

Tel. 0092-21-111111500

Fax 0092-21-34326053

Email: info@cdcsrsl.com Website. www cdC5F5I C0fH

Registered Address Company Secretary - PIAHCL

4th Floor, PIA Building, 49-AKM FazaI-e-Haq Road, Blue Area, Islamabad, Pakistan

Liaison OPice Address Company Secretary - PIAHCL

1st Floor, Executive Corridor, PIA Head OFice,

Karachi-Airport, Pakistan

Pakistan International Airlines Corporation Limited (PIACL)

PIA Investments Limited (PIAIL) Skyrooms (Private) Limited (SRL)

Sabre Travel Network Pakistan (Private) Limited

DIRECTORS' REPORT

FOR THE NINTH MONTHS PERIOD ENDED SEPTEMBER 30, 2024

On behalf of the Board of Directors of PIA Holding Company Limited (PIAHCL), we are pleased to present the performance report along with the financial statements for the period May 01, 2024, till September 30,2024

During this Ave-month period, the Company generated revenue of PKR 185 million. Reported expenses stood at PKR 1,804 million, primarily comprising operational costs of the Precision Engineering Complex (PEC) and retirement benefits disbursed to former employees of Pakistan International Airlines Corporation Limited (PIACL). Additionally, the finance cost of PKR 7,694 million represents interest accrued on government loans. As a result, the Company recorded a net loss of PKR 9,312 million for the period. These liabilities, assumed under the approVed Scheme of Arrangement (SOA), are being supported through financial assistance from the Government of Pakistan.

The creation of PIAHCL signifes a forward-looking governance approach, aimed at maximizing long-term value for stakeholders, enhancing financial resilience, and enabling a more agile response to evolving market conditions and customer expectations in a competitive landscape.

For the period ended September 2024, the PIA Investments Limited, a major subsidiary of PIAHCL reported profit before interest and taxation of PKR 11,912 million, while the PIACL has reported a profit before interest and taxation of PKR 6,613 million.

Looking ahead, PIAHCL s management is focused on strengthening revenue generation through leasing its real estate portfolio, earning dividend income, and charging management fees from its subsidiaries. Additionally, efforts are underway to retire outstanding liabilities through proceeds from the priVatization of PIACL and monetization of other assets.

Asad Rasool Chief Executive Officer

Tariq Bajwa

Chairman

2024 30 aa1l>.

UNCONSOLIDATED

STATEMENTS

PIA HOLDING COMPANY LIMITED

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION UN•AUDITED)

AS AT 30 SEPTEMBER 2024

CURRENT ASSETS

Stores and spares Trade debts Advances

Trade deposits and shag-term prepayments

Otner receivables

Bank balanses - current account

TOTAL ASSETS

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Share capital Reserves

NON CURRENT LIABILITIES

Long-term financing

Long-term advance from subsidiaries

CURRENT LIABILITIES

Trade and other payables Accrued interest

Short-term borrowings

TOTAL EQUITY AND LIABILITIES

CONTINGENCIES

1.3

10

1.3

1.3

11

12

13

14

15

16

17

18

70,608,983

11.567,093

82 176 076

52,345,121

(662.840.815) (610.495,694)

377,393,154

11,345 199

388,738,353

303,918.417

82,161,076

Chief FinanciallOfficer

The annexed notes from 1 to 24 form an integral part of these unconsolidated condensed interim financial statements.

Chef Executive Officer Director

Loss par eh•ra - but +c and dTutod Loss anlb u Table to:

'A' Oasz or‹I•riury shdres of RS 1n/ *.ir.'

PIA HOLDING COMPANY LIMITED

UNCONSOMDATED CONDENSED INTERM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)

M 2 2 O SEPTEM R 2 2

Net los$ for the period

Other comprehensive income

Total comprehensive loss for the period

(Rupees In 'OOO)

(9,312,478)

f9 312 478)

The annexed notes from 1 to 24 form an integral pan of these unconsolidated condensed interim financial statements.

Chief FinanciaI'Offlcer

Ctl ef Executlve Officer

PAL) STAN )NTERNA7 ION AL ATRLINES CORPORATION LIMITED

UNCONS OLTDATED CONDENSE0 INTERIM STATEMEN7 OF CHANGES IN EQUITY (UN-AUDITED)

FOR THE PERIOD FAOM 01 MAY 2024 TO 30 SEPTEM 0 ER 2024

Share c apitaI

Re serve s

Demer ger Ac cumulated reserve Ioss

Total re serves Total equity

. (Rupees in '000) ----- -----•-- ------- -------

Ordinary sha+es under the Scheme i note J 3 j Re&eweundelteSrfie«e noe 1 3) Io+acompehenwveIov(orTepensd

t9 212 476' (662 8<0.815) ‹610 495 694

Balance as at 30 September 2024

02345 6535?832D

g 3 12 478 › T662 840 8 ‹ 6 1 0 495 G94 ›

I he anne xed r oles from 1 to 24 form an inleg ra i part of Ihese unRonsoiidaled condensed inher m f' nancia i statemenIs

h ief Exec ut ive Of facer

Direc I or Chief Financial Of ficer

PIA HOLDING COMPANY LIMITED

UNCONSOLIDATED CONDENSED INTERM STATEMENT OF CASH FLOWS (UN-AUDITED)

FOR THE PERIOD FROM 01 MAY 2024 TO 30 SEPTEMBER 2024

(Rupees In '000)

CASH FLOWS FROM OPERATING ACTIVITIES

Loss before taxation

Adjustments for:

Depreciation Finance costs

Working Capital Changes:

Other receivables

Trade and other payables

Decrease in cash and cash equivalents during the period

Cash and cash equivalents acquired under the Scheme Cash and cash equivalents at end of the period

(9,312,478)

(1,472.005)

1,435,057

(36,948)

41.470

4522

Chief Financlal jeer

The annexed notes from 1 to 24 form an integral part of these unconsolidated condensed interim financial statements.

Chef Executive Officer DlreCto£

PIA HOLDING COMPANY LIMFFED

NOTE9 TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCE STATEMENTS (UN•AUDITED)

FOR THE PERIOD FROM 01 MAY 3024 TO 30 SEPTEMBER 202+

1. LEGAL STATUS MD NATURE OF BUSINESS

   1. PIA Holding Company Limited (the Company) was inarporated in Pakistan under the Company's Act, 2017 (the Act) as a public limited company on 21 March 2024 and listed on Pakistan Stock Exchange on 27 May 2024.The registered office of the Company is situated at PIA Building, 49-AkM FazaI-e-Haq Road, Blue Area, Islamabad. The pñncipal activity of the Company is to act as the holding company of its subsidiaries and associates.

   2. During the period. the Company incuned a net loss of Rs. 9.312.477 million and as of the reporting date. the current liabilities of the Company exceeded its current assets by Rs. 292.366.324 million. However, the management has made an assessment of the Company's ability to continue as e going concern and believes that the sustainability of the future operations of the Company is dependent on the support of the Government of Pakistan (GoP) therefore. no material uncertainly exists and going concern basis of accounting is appropriate. Accordingly. these unconeolidated condensed interim financial statements are prepared on a going concern

   3. In accordance with the Scheme of Anangement (SOA), Pakistan International Aiñines Corporation Limited (PIACL) completed a business resoucturing exercise after obtaining approval from the Privatization Commission (PC). along with legal and regulatory approvals. The effective date of the SOA was 30 April 2024 and with effect from the said date the entire shareholding of PIACL was transfered to the Company and PIACL became the wholly owned subsidiary of the Company. As a result of the restructuring of the PIACL's business, certain assets end liabilities were transferred to the Company. The details of assets and liabilities transferred to the Company and its consequential effect on the reserves of the Company as of 30 Agril 2024 are as folks:

      (Rupaec In '000)

      Property, plant and equipment Investment property

      Long-term investments

      Long-term loan to subsidiaries Stores and spares

      Trade debts

      Advances

      Trade deposa and short-tern preqaymenB Other receivables

      Bank balances

      LIABILITIES

      Long-term financing

      Long•tem advance from subsidiaries Trade ano other payables

      Accrued interest Short-tern bonowings

      NET ASSETS (tranefsrred to reserves under the Scheme)

      7,606,304

      2,332,027

      4,560,744

      3,910,769

      1S4,445

      23.330

      1.679

      1.555.049

      41.470

      20,185,816

      (328,07 '.995)

      (11,345,199)

      (193.634,950)

      (92,935,218)

      (47,722,791)

(673,714.153)

Further, in accordance with SOA, the share capital of PIACL was extinguished and transferred to the Company The same has been Ireaed as investment in PIACL in the books of account of the Company.

PIA HOLDING COMPANY LIMITED

NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCE STATEMENTS (UN•AUDITED)

FOR THE PERIOD FROM 01 MAY 2024 TO 30 SEPTEMBER 2024

1. STATEMENT OF COMPLIANCE

These unconsolidated condensed interim financial statements have been prepared in accordance with the acoounting and reporting standards as applicable in Pakistan for interim financial reposing. The accounting and reporting standards applicable in Pakisan for interim financial reporting comprise of International Accounting Standard (IAS) - 34 'Interim Financial Reporting', issued by the International Accounting Standards Board (IASB) as notified under the Act and provisions of and directives issued under the Act. Where the provisions of and directives issued under the AM differ with the requirements of IAS 34. the provisions of and directives issued under the Act have been followed.

These unconsolidated condensed interim financial statements do not include all the information and disclosures required in annual financial statements.

The preparalson of unconsolidated condensed interim financial statements in conformity with approved accounting standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgements in the process of applying the Company's accounting policies. Estimates and judgements are continually evaluated end are based on hielorical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognized in the year in which the estimates is revised and in any future years effective. Signiflcanl accounting estimates and judgements are disclosed in the relevant notes to these unconsolidated condensed interim financial statements.

During the period, the Company has adopted the following acoounting policies for the preparation of these financiai statemenu.

Propeñy, plant and equlpmcnt

Land dassified as 'others' are stated at cost, whereas bulldings classified as 'others' are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Leasehold land and buildings thereon are initially recognized at cost and are subsequently measured at revalued amounts less accumulated depreciation and impairment losses, if any. Qher items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses, if any.

Depreciation is charged to the statement of profit or loss, applpng the straight-line method. Depreciation on additions is charged from the month in which the asset is available for use and on disposals up to the month preceding the disposal. The useful lives of buildings at revaluation model are determined by the management based on the appraisal of an independent valuer. The assets' residual values, useful lives and methods of depreciation are reviewed, and adjusted, if appropriate, at the end of each reporting period.

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from iD use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss in the year the asset is derecognized. When revalued assets are sold or mtired from operation, the relevant remaining surplus is transferred to statement of profit or loss and to retained earnings. respectively.

PIA HOLDING COMPANY LIMITED

NOTE9 TO THE UNCONSOLIDATED CONDENSED INTERIM FINMCIAL STATEMENTS (UN-AUDITED)

FOR THE PERIOD FROM 01 MAY 2024 TO 30 SEPTEMBER 2024

Impalrment

The carrying values of property, plant and equipment ere reviewed at each reporting date for impaiment when events or changes in circumstances indicate that the carrying values may not be recoverable. If suoh indication exists and where the carrying values exceed the estimated recoverable amounts, the aseets are written down to their recoverable amounts.

These are stated at cost less accumulated impairment losses, if any.

These are staied at cost less accumulated impairment losses, if any.

5.*

Trade debts and other recelvablee

These are recognised initially at feir value plus directly attributable transaction costa and subsequently measurad al amortised cost less pmvision for impaiment.

5.5 Caeh and caah equivalent These are staled at cost.

s.s Trade and other payables

Liabilities for trade creditors and other amounts payable are recognised initially at fair value plus direcñy attributable transaction costs and subsequently measured at amonised cost.

5.7 Loane and borrowings

These are initially recognised at fair value of the consideration reoeived less directly attributable transaction costs and subsequently measured at amonised cost using the elective interest method.

The Company recognises the borrowing costa as an expense in the year in which these costs are incurred. except the borrowing costs directly attributable to the acquisition. construction or produNion of a qualifying assei (i.e., an asset that necessarily takes a substantial yearof time to gel ready for its intended use or sale) are capitalised as part of the cost of that asset.

PIA HOLDING COMPMY LIMITED

NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FIMANCM STATEMENTS (UN•AUDITED)

FOR THE PERIOD FROM 01 MAY 202+ TO 30 SEPTEMBER 2024

5.6 Financial Inetrumenta

Financial aeaeta and financlal IIabIIftIec

The particular recognition methods adopted for significant financial assets and financial IiabilGes are disclosed in the individual pole statements associated with them. Financial assets are de-recognized when the contractual righl to future cash flows from the asset expires or is transfered along with the risk and reward of the asset. Financial liabilities are de-recognized when obligation specified in the contract is discharged, cancelled or expired. Any gain or loss on de-recognftic›n of the financial assets and liabilities is included in the statement profit or loss of the current peñod.

Oft•a•ttlng of financial aeacta •nd financial liablIItI••

A financial asset and a financial liability is offset aod the net amount is reported in the financial statements if the Company has a legalh/ enforceable ñght to set-off the bansaction and also intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.

5.9 Taxation Current

The charge for current taxation is based on tenable income aT the current rates In accordance with Income Tax Ordinance, 2001. Since the Company has not earned any revenue during the period. no tax charge is required in thesa financial statement.

Deferred tax is provided in full using the balance sheet liability method on all temporary differences ansing at the reposing date. between be tax bases of the assets and the liabilities and their carrying amounts. Deferred tax liabilities are recognized for all taxable temporary differences and deferred lax assets are recognized for all deductible temporary differences. unused tax losses and unused tax crediD to the extent that a is probable that future taxable profits will be available against which these can be uâlized. Defened tax is calculated at the rates that are expected to apply to the period when differences reverse, based on tax rates Ihat have been enacted or substantively enacted by the repo@ng period.

5.IO

Provlelone

Provisions are recognized when the Company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate cBn be made of the amount of oblklation. Provisions are reviewed at each reporting date and adjusted to reflect current best estimate.

Foreign currency tranaactlona

Foreign currency transactions are recorded at the exchange rates approximating those ruling on the date of the bansactions. Monetary assets and liabilities in foreign currencies are translated at the rates using the average spot rate on the reporting dale. Gains and losses on tmnslation are taken o the statement of profit or loss. Non-monetary items that are rneasuW in tems of historical cost in a foreign currency are translated using the exchange rates as at the dales of the initial transactions. Non-monetary items, measured al fair value in a foreign cuwncy, are translated using the exchange rates at the date when the fair value was determined.

PIA HOLDING COMPANY LIMITED

NOTES TO THE UNC ONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS {UN-AUDITED)

FOR THE PERIOD FROM 01 MAY 2024 TO 30 SEPTEMBER 2024

30 September

2024

1. PROPERTY. PLANT D EQUIPMENT

   Operating fixed assets

   CapitaI wo'k in prog"ess ci'v ii words

   NOt6 6 1

   (Rupss s In '000)

   35.223

   74.4 19

   1. Operat ing fixed assets

Transferred

COST ACCUMULATED DEPRECIATO N

Transferred

NET BOOK

VALUE

Descriplio n

from PIACL (note 1.Z)

to invesI ment As a t 30 Charge for As at 30 As at 30 date of property September 2024 the period September 2024 September 2024 depreciation

------------------------------Rs.ln'000'-------------------- --------

Leasehold land Other iand

6uildinqs on lcoscholc' lnnd

5,589,900

9,67 e

1,760.780

(1,760,780)

9,678

9,578

PIA HOLDING COMPANY LIMITED

NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINMCM STATEMENTS (UN-AUDITED)

FOR THE PERIOD FROM 01 MAY 3034 TO 30 SEPTEMBER 202J

INVESTMENT PROPERTY

3,910,769

PIA HOLDING COMPANY LIMITED

NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)

FOR THE PERIOD FROM 01 MAY 2024 TO 30 SEPTEMBER 2024

10 TRAOE DEBTS

Considered doubtful

Note

30 September

(Rupees in '000)

6,167.182