Islamabad: The PIA Holding Company Limited (PIAHCL) has announced its Second Annual General Meeting, set to take place on September 28, 2026, at Hotel Ramada, Islamabad, and via video link. The meeting will address the adoption of audited financial statements for the year ending December 31, 2025, the appointment of external auditors for 2026, and other business matters.
PIAHCL, in its directors' report, highlighted the first full year of operations following a significant restructuring. The company's total assets were recorded at PKR 437.66 billion, while total liabilities reached PKR 1,014.56 billion, resulting in net negative equity of PKR 576.89 billion. The company reported a revenue of PKR 25.71 billion for 2025 and an operating profit of PKR 17.36 billion. However, a loss from continuing operations of PKR 36.62 billion, due to finance costs, led to a loss before tax of PKR 18.17 billion and a loss after tax of PKR 25.39 billion. According to information available from the Pakistan Stock Exchange (PSX), PIAHCL's pattern of shareholding shows that the Government of Pakistan holds a significant majority stake of 95.99%.
The auditors' report for the year ended December 31, 2025, expressed a qualified opinion related to the transfer of assets and liabilities of the Precision Engineering Complex. Despite the transfer being government-approved, certain claims remain unacknowledged by the company, and the Government of Pakistan has confirmed ongoing financial support to maintain PIAHCL's operational status.
The performance review of PIAHCL's subsidiaries and investments revealed mixed results. The Pakistan International Airlines Corporation Limited (PIACL) reported a 3.7% increase in revenue to PKR 211.66 billion and a significant improvement in profit from operations by 43.2%, reaching PKR 13.40 billion. However, its net profit for the year dropped by 78.7% due to the absence of a one-off deferred tax credit available in 2024.
PIA Investments Limited saw a 30.1% decline in revenue, primarily due to decreased income from the Roosevelt Hotel in New York. Despite this, the subsidiary remained profitable with a net profit of US$7.26 million and a substantial increase in total comprehensive income due to revaluation surpluses.
Skyrooms (Private) Limited recorded a revenue increase of 23.9% in 2025, with improvements in its loss before taxation, while Sabre Travel Network (Private) Limited experienced a slight revenue decrease of 1.9%, maintaining a stable core operating performance.
The board of PIAHCL, comprising 11 male directors, highlighted the ongoing governance and strategic oversight contributions of its specialized committees. However, the appointment of a female director, requested in August 2024, remained pending throughout the year.
PIAHCL's financial challenges, including legacy liabilities and restructuring matters, underscore the company's dependence on government support. The board, recognizing the importance of robust internal controls, appointed an internal audit firm in 2026 to enhance risk management practices.
In light of its financial position, the board has not recommended a dividend for the year ended December 31, 2025. The company's loss per share stood at PKR 6.27 for 'A' Class shares and PKR 3.13 for 'B' Class shares.
As PIAHCL prepares for its upcoming meeting, the focus remains on addressing financial uncertainties and restructuring efforts to stabilize and improve the company's overall performance.