PIAHCLA CY25 کارپوریٹ بریفنگ: ~PKR 25.4B کا نیٹ لاس اور منفی ایکویٹی رپورٹ PIAHCLA CY25 Briefing: ~PKR 25.4B Net Loss & Negative Equity of ~PKR 576.9B

PIAHCLA CY25 Corporate Briefing Takeaways

Taurus Securities Limited Flashnote — September 28, 2026

Report Overview

Taurus Securities Limited (TSL) has released a flashnote detailing the corporate briefing takeaways for PIA Holding Company Limited (PIAHCLA) for CY25, highlighting severe balance sheet risks and financial performance metrics.

Key Financial & Performance Highlights

• Group Revenue: Declined by ~89% YoY to ~PKR 25.7Bn (vs ~PKR 239.7Bn in CY24).
• Group Net Loss: Reported at ~PKR 25.4Bn (vs ~PKR 14.4Bn in CY24).
• Class A Share LPS: ~PKR 4.85 (Group level) and ~PKR 6.27 (Unconsolidated level).
• Class B Share LPS: ~PKR 2.43 (Group level) and ~PKR 3.13 (Unconsolidated level).
• Unconsolidated Total Income: Increased ~9.65x YoY to ~PKR 18.8Bn, primarily from liability write-backs of ~PKR 16.5Bn.
• Unconsolidated Expenses: Increased by ~12% YoY to ~PKR 55.7Bn.

Balance Sheet & Risks

• Total Liabilities vs Assets: Total liabilities stand at ~PKR 1,014.6Bn against total assets of ~PKR 437.7Bn.
• Negative Equity: Substantial legacy liabilities resulted in negative equity of ~PKR 576.9Bn.
• Long-Term Financing: ~PKR 411.4Bn, representing ~53% of total liabilities.
• PAA Claims: Faces Pakistan Airport Authority claims of ~PKR 280.5Bn (~PKR 131.9Bn unacknowledged).

Investor Takeaway

Management noted that PIAHCLA remains exposed to massive balance sheet risks, and its going-concern status depends entirely on continued GoP support. Investors should exercise extreme caution.