Karachi: PIA Holding Company Limited has reported significant financial shifts in its annual report for the year ending December 31, 2025. The report, issued on September 24, 2026, highlights considerable changes in asset and liability allocations, despite maintaining a stable revenue stream.
The company's total assets increased from PKR 396.26 billion in 2024 to PKR 437.66 billion in 2025. This change is attributed mainly to the reclassification of assets held for sale, which rose dramatically from PKR 0.53 billion in 2024 to PKR 179.18 billion in 2025. Non-current assets, however, decreased from PKR 331.32 billion to PKR 239.13 billion, indicating a significant shift in the company's asset management strategy.
Equity figures reveal a further deepening of negative equity, with total equity recorded at PKR -576.89 billion in 2025, compared to PKR -558.91 billion the previous year. This deterioration is coupled with adjustments in liabilities, where non-current liabilities slightly increased from PKR 479.25 billion to PKR 488.22 billion, and current liabilities decreased from PKR 472.91 billion to PKR 346.06 billion. Liabilities held for sale saw a substantial increase from PKR 3.00 billion to PKR 180.28 billion.
According to information available from the Pakistan Stock Exchange (PSX), PIA Holding's segment revenue witnessed a minor contraction, falling from PKR 239.65 billion in 2024 to PKR 238.54 billion in 2025. The aviation segment generated PKR 211.66 billion in revenue, up from PKR 204.16 billion, while hotel services revenue decreased from PKR 34.97 billion to PKR 26.17 billion. The 'Others' category noted a slight increase from PKR 652 million to PKR 713 million.
The cost of services rose from PKR 187.92 billion to PKR 195.93 billion, marking a moderate move. This was driven primarily by increased costs in the aviation sector, which jumped from PKR 182.17 billion to PKR 186.61 billion. Hotel services costs also increased from PKR 7.01 billion to PKR 9.23 billion.
Overall, PIA Holding Company Limited's financial report reflects a strategic repositioning of assets and liabilities, set against a backdrop of stable yet contracting revenue streams across its primary segments.