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PIAHCLA PIA Holding Company Limited

Latest results: FY2025 · Dec 2025

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Last close · 16 Oct 2026

Rs 23.35 -0.09%

Annual · FY2006 – FY2025

PIA Holding Company Limited (PIAHCLA) balance sheet

At the end of FY2025 (Jan – Dec 2025) PIA Holding Company Limited had total assets of Rs 437.7 bn, up 10.4% on FY2024. Shareholders' equity was -Rs 584.3 bn (Rs -111.62 per share), -133.5% of total assets.

PIAHCLA balance sheet (annual) (Rs bn)
Rs bn FY2025 Jan – Dec 2025 FY2024 * Jan – Dec 2024 FY2022 * Jan – Dec 2022 FY2021 Jan – Dec 2021 FY2020 Jan – Dec 2020
Assets
Cash & short-term investments 17.0 16.4 13.4 14.0 7.6
Investments 15.2 3.4 93.2 79.3 71.5
Loans, leases & receivables 3.5 35.4 35.2 26.9 32.0
Total assets 437.7 396.3 321.3 285.6 266.5
Liabilities
Borrowings 420.1 443.7 379.8 349.3 283.1
Total liabilities 1,014.6 955.2 811.3 700.3 639.9
Equity
Equity attributable to shareholders (584.3) (564.9) (494.8) (418.4) (376.6)
Total equity (576.9) (558.9) (490.0) (414.8) (373.4)
Total liabilities & equity 437.7 396.3 321.3 285.6 266.5
Key figures
Shares outstanding mn 5,235.3 5,235.3 5,236.8 5,235.3 5,235.3
Common equity (584.3) (564.9) (494.8) (418.4) (376.6)
Book value per share (Rs) Rs (111.62) (107.90) (94.49) (79.92) (71.93)
PIAHCLA balance sheet — year-on-year change (Rs mn)
Rs mn FY2025 Jan – Dec 2025 FY2024 * Jan – Dec 2024 FY2022 * Jan – Dec 2022 FY2021 Jan – Dec 2021 FY2020 Jan – Dec 2020
Assets
Cash & short-term investments +4.1% +21.9% -4.4% +85.6% -57.5%
Investments +345.3% -96.3% +17.5% +10.9% +1,002.2%
Loans, leases & receivables -90.2% +0.6% +30.8% -15.8% -4.7%
Total assets +10.4% +23.3% +12.5% +7.2% -10.8%
Liabilities
Borrowings -5.3% +16.8% +8.7% +23.4% -16.6%
Total liabilities +6.2% +17.7% +15.8% +9.4% +1.8%
Equity
Equity attributable to shareholders — — — — —
Total equity — — — — —
Total liabilities & equity +10.4% +23.3% +12.5% +7.2% -10.8%
Key figures
Shares outstanding — — — — —
Common equity — — — — —
Book value per share (Rs) — — — — —

Change against the previous fiscal year; shown when the earlier figure is positive.

PIAHCLA balance sheet — common size (Rs mn)
Rs mn FY2025 Jan – Dec 2025 FY2024 * Jan – Dec 2024 FY2022 * Jan – Dec 2022 FY2021 Jan – Dec 2021 FY2020 Jan – Dec 2020
Assets
Cash & short-term investments 3.9% 4.1% 4.2% 4.9% 2.8%
Investments 3.5% 0.9% 29.0% 27.8% 26.8%
Loans, leases & receivables 0.8% 8.9% 11.0% 9.4% 12.0%
Total assets 100.0% 100.0% 100.0% 100.0% 100.0%
Liabilities
Borrowings 96.0% 112.0% 118.2% 122.3% 106.2%
Total liabilities 231.8% 241.0% 252.5% 245.3% 240.1%
Equity
Equity attributable to shareholders (133.5%) (142.6%) (154.0%) (146.5%) (141.3%)
Total equity (131.8%) (141.0%) (152.5%) (145.3%) (140.1%)
Total liabilities & equity 100.0% 100.0% 100.0% 100.0% 100.0%
Key figures
Common equity (133.5%) (142.6%) (154.0%) (146.5%) (141.3%)

Each line as a percentage of total assets.

Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. * Figures in this period do not fully reconcile in the source data (hover the * for details). Updated 15 Oct 2026.

All reported line items 208
PIAHCLA balance sheet — all reported line items (Rs bn)
Rs bn FY2025 Jan – Dec 2025 FY2024 Jan – Dec 2024 FY2022 Jan – Dec 2022 FY2021 Jan – Dec 2021 FY2020 Jan – Dec 2020
Cash & Cash Equivalents 7.8 16.4 13.4 14.0 7.5
Cash & Short Term Investments 17.0 16.4 13.4 14.0 7.6
Short-Term Investments - Total 9.2 0.0 0.0 0.0 0.0
Loans & Receivables - Net - Short-Term 2.2 33.3 33.5 25.6 30.8
Loans & Receivables - Total 3.5 35.4 35.2 26.9 32.0
Trade Accounts & Trade Notes Receivable - Net 0.7 13.0 21.0 15.2 10.1
Trade Accounts & Trade Notes Receivable - Gross — — — — —
Provision - Trade Accounts & Trade Notes Receivable — — — — —
Loans - Short-Term 0.4 7.2 5.5 3.1 3.7
Income Tax - Receivables - Short-Term — 5.7 — — —
Receivables - Other - Total 1.1 7.4 7.0 7.3 17.1
Derivative Financial Instruments - Hedging - Total — — 0.2 — —
Accounts & Notes Receivable - Trade - Gross - Total — — — — —
Inventories - Total 0.0 4.3 3.6 2.9 3.0
Inventories - Raw Materials — — — — —
Inventories - Other - Total — — — — —
Prepaid Expenses - Short-Term 0.1 0.6 3.8 5.6 4.7
Investments - Total 15.2 3.4 93.2 79.3 71.5
Assets Held for Sale/Discontinued Operations - Short-Term 179.2 0.5 — — —
Other Current Assets - Total — 9.8 — — —
Property, Plant & Equipment - Net - Total 222.1 309.3 161.6 146.2 139.0
Restricted Accounts - Short-Term — 0.1 — — —
Property, Plant & Equipment - Gross - Total — — — — —
Property, Plant & Equipment - Accumulated Depreciation & Impairment - Total — — — — —
Other Current Assets — 9.7 — — —
Other Assets - Total 0.1 16.6 2.6 4.5 3.2
Investments in Associates, Joint Ventures and Unconsolidated Subsidiaries — — — — —
Intangible Assets - Total - Net 9.6 9.7 7.7 6.0 5.5
Total Current Assets 198.5 64.9 54.3 48.2 46.0
Intangible Assets - excluding Goodwill - Net - Total — 0.2 — — —
Investments - Long-Term 6.0 3.4 93.2 79.3 71.5
Investment Property - Net 5.8 3.3 92.8 78.9 71.2
Investments - Available for Sale/Held to Maturity - Long-Term 0.2 0.1 0.4 0.4 0.3
Intangible Assets - Gross - Total — — 8.2 — —
Intangible Assets - excluding Goodwill - Gross — — — — —
Goodwill/Cost in Excess of Assets Purchased - Net — 9.5 — — —
Receivables & Loans - Long-Term 1.3 2.1 1.7 1.3 1.2
Intangible Assets - Accumulated Amortization & Impairment - Total — — 0.6 — —
Intangible Assets - excluding Goodwill - Accumulated Amortization & Impairment - Total — — — — —
Loans - Long-Term — — 0.0 0.0 0.0
Computer Software - Intangible Assets - Net — 0.2 — — —
Receivables - Other - Net - Long-Term 1.3 2.1 1.7 1.3 1.2
Derivative Financial Instruments - Hedging - Long-Term — — 0.2 — —
Intangible Assets - Other - Net — — — — —
Goodwill/Cost in Excess of Assets Purchased - Gross — — — — —
Property, Plant & Equipment - excluding Assets Leased Out - Net - Total — 309.3 161.6 146.2 139.0
Land & Buildings - Net — — — — —
Land/Improvements - Net — — — — —
Buildings - Net — — — — —
Computer Software - Intangible Assets - Gross — — — — —
Plant, Machinery & Equipment - Net — — — — —
Transportation Equipment - Net — — — — —
Computer Software & Equipment - Net — — — — —
Intangible Assets - Other - Gross - Total — — — — —
Construction in Progress - Net — 0.4 0.4 0.5 2.2
Property, Plant & Equipment - Under Capital Lease - Net — — — — —
Goodwill - Accumulated Amortization & Impairment — — — — —
Right of Use Tangible Assets - Total - Net — 19.2 23.0 — —
Right of Use Tangible Assets - Capital/Finance Lease - Net — 19.2 23.0 — —
Property, Plant & Equipment - Other - Net — 289.7 138.1 145.6 136.8
Computer Software - Intangible Assets - Accumulated Amortization & Impairment — — — — —
Intangible Assets - Other - Accumulated Amortization & Impairment — — — — —
Property, Plant & Equipment - excluding Assets Leased Out - Gross — — — — —
Land & Buildings - Gross — — — — —
Land/Improvements - Gross — — — — —
Buildings - Gross — — — — —
Plant, Machinery & Equipment - Gross — — — — —
Transportation Equipment - Gross — — — — —
Computer Software & Equipment - Gross — — — — —
Construction in Progress - Gross — — — — —
Property, Plant & Equipment - Under Capital Lease - Gross — — — — —
Total Assets 437.7 396.3 321.3 285.6 266.5
Property, Plant & Equipment - Other - Gross — — — — —
Debt - Total 420.1 443.7 379.8 349.3 283.1
Short-Term Debt & Current Portion of Long-Term Debt 7.3 30.8 36.5 36.4 39.6
Property, Plant & Equipment - excluding Assets Leased Out - Accumulated Depreciation & Impairment - Total — — — — —
Land & Buildings - Accumulated Depreciation & Impairment — — — — —
Land/Improvements - Accumulated Depreciation & Impairment — — — — —
Buildings - Accumulated Depreciation & Impairment — — — — —
Current Portion of Long-Term Debt including Capitalized Leases 7.3 30.8 5.8 5.8 9.0
Plant, Machinery & Equipment - Accumulated Depreciation & Impairment — — — — —
Transportation Equipment - Accumulated Depreciation & Impairment — — — — —
Capitalized Leases - Current Portion 7.3 7.6 5.8 5.8 9.0
Computer Software & Equipment - Accumulated Depreciation & Impairment — — — — —
Short-Term Debt & Notes Payable — — 30.7 30.6 30.6
Debt - Long-Term - Total 412.8 412.9 343.3 312.9 243.5
Property, Plant & Equipment - Under Capital Lease - Accumulated Depreciation & Impairment — — — — —
Property, Plant & Equipment - Other - Accumulated Depreciation & Impairment — — — — —
Current Portion of Long-Term Debt excluding Capitalized Leases — 23.2 — — —
Capitalized Lease Obligations - Long-Term 0.1 14.4 16.3 10.3 8.3
Long-Term Debt excluding Capitalized Leases 412.7 398.5 327.0 302.6 235.2
Other Non-Current Assets - Total 0.1 6.8 2.6 4.5 3.2
Debt - Non-Convertible - Long-Term 412.7 398.5 327.0 302.6 235.2
Dividends Payable 0.1 0.1 0.0 0.0 0.0
Deferred Tax & Investment Tax Credits - Long-Term 39.8 6.3 29.9 27.5 25.0
Deferred Tax - Liability - Long-Term 39.8 6.3 29.9 27.5 25.0
Prepaid Expenses - Long-Term 0.1 6.8 2.6 4.5 3.2
Payables & Accrued Expenses 191.8 328.3 147.2 119.8 122.9
Trade Account Payables - Total 191.8 328.3 113.2 82.2 81.5
Other Non-Current Assets — 0.0 0.0 — —
Accrued Expenses — — 34.0 37.6 41.4
Liabilities Held for Sale/Discontinued Operations - Long-term & Short-Term 180.3 3.0 — — —
Derivative Liabilities - Hedging — — 0.0 0.1 0.2
Total Liabilities 1,014.6 955.2 811.3 700.3 639.9
Shareholders' Equity - Attributable to Parent Shareholders - Total (584.3) (564.9) (494.8) (418.4) (376.6)
Total Non-Current Assets 239.1 331.3 267.0 237.4 220.4
Common Equity Attributable to Parent Shareholders (584.3) (564.9) (494.8) (418.4) (376.6)
Common Equity - Contributed 52.3 52.3 52.3 52.3 52.3
Common Stock - Issued & Paid 52.3 52.3 52.3 52.3 52.3
Equity - Non-Contributed - Reserves & Retained Earnings (636.7) (617.3) (547.2) (470.7) (428.9)
Retained Earnings - Total (787.0) (759.9) (653.5) (561.1) (509.4)
Trade Accounts Payable & Accruals - Short-Term 191.8 328.3 147.2 119.8 122.9
Comprehensive Income - Accumulated - Total 150.3 142.6 106.4 90.3 80.5
Trade Accounts & Trade Notes Payable - Short-Term 191.8 328.3 113.2 82.2 81.5
Investments - Unrealized Gain/Loss — — 0.3 0.3 0.2
Accrued Expenses - Short-Term — — 34.0 37.6 41.4
Hedging Reserves — — 0.1 (0.1) (0.0)
Foreign Currency Translation Adjustment - Accumulated — — 12.2 9.2 8.4
Other Reserves/Equity - Total — — — — —
Liabilities Held for Sale/Discontinued Operations - Short-Term 180.3 3.0 — — —
Income Taxes - Payable - Short-Term 0.4 5.9 4.7 2.9 2.2
Dividends/Distributions Payable 0.1 0.1 0.0 0.0 0.0
Other Current Liabilities - Total 146.5 107.9 198.6 157.1 164.9
Common Equity - Total (584.3) (564.9) (494.8) (418.4) (376.6)
Deferred Income - Short-Term — — 19.6 11.3 6.2
Security Deposits — — 0.5 0.5 0.8
Minority Interest - Equity 7.4 6.0 4.8 3.6 3.2
Customer Advances - Short-Term — — 1.5 2.2 1.6
Total Shareholders' Equity - including Minority Interest & Hybrid Debt (576.9) (558.9) (490.0) (414.8) (373.4)
Total Liabilities & Equity 437.7 396.3 321.3 285.6 266.5
Other Current Liabilities 146.5 107.9 177.0 143.1 156.3
Revaluation Reserves 150.3 142.6 93.8 81.0 72.0
Total Current Liabilities 526.3 475.9 386.9 316.2 329.5
Derivative Liabilities - Hedging - Long-Term — — 0.0 0.1 0.2
Other Non-Current Liabilities - Total 35.6 60.0 51.2 43.6 41.7
Provisions - Long-Term — — — — —
Post Employment Benefits - Pension & Other - Long-Term — — — — —
Other Non-Current Liabilities 35.6 60.0 51.2 43.6 41.7
Total Non-Current Liabilities 488.2 479.3 424.3 384.1 310.4
Common Shares - Issued - Total mn 5,235.3 5,235.3 5,236.8 5,235.3 5,235.3
Common Shares - Outstanding - Total mn 5,235.3 5,235.3 5,236.8 5,235.3 5,235.3
Common Shares - Treasury - Total mn 0.0 0.0 0.0 0.0 0.0
Common Shares - Authorized - Issue Specific mn 5,349.3 5,349.3 5,349.3 5,349.3 5,349.3
Common Shares - Issued - Issue Specific mn 5,233.8 5,233.8 5,235.3 5,233.8 5,233.8
Common Shares - Outstanding - Issue Specific mn 5,233.8 5,233.8 5,235.3 5,233.8 5,233.8
Common Shares - Treasury - Issue Specific mn 0.0 0.0 0.0 0.0 0.0
Asset Allocation Factor - Issue Specific 1.00× 1.00× 1.00× 1.00× 1.00×
Right of Use Tangible Assets - Total - Net - Supplemental — 19.2 23.0 — —
Right of Use Tangible Assets - Capital/Finance Lease - Net - Supplemental — 19.2 23.0 — —
Property, Plant & Equipment - excluding Right of Use Tangible Assets & Capital Leases - Net - Supplemental — 290.1 138.5 — —
Property, Plant & Equipment - excluding Right of Use Tangible Assets & Capital Leases - Gross - Supplemental — — — — —
Finance and Operating Lease Liabilities - Total - Supplemental 7.4 22.0 22.2 16.2 17.3
Debt including Finance and Operating Lease Liabilities - Supplemental 420.1 443.7 379.8 349.3 283.1
Net Debt 403.1 427.3 366.4 335.3 275.6
Islamic Debt - Long-Term & Short-Term — — — — —
Debt - Long-Term - Maturities - Total — — — — —
Debt - Long-Term - Maturities - within 1 Year — — — — —
Debt - Long-Term - Maturities - Year 5 — — — — —
Debt - Long-Term - Maturities - Remaining — — — — —
Capital Lease Maturities - Total 18.1 22.0 — — —
Debt - Long-Term - Maturities - 4-5 Years — — — — —
Capital Lease Maturities - Due within 1 Year 7.3 7.6 — — —
Debt - Long-Term - Maturities - Year 6 & Beyond — — — — —
Capital Lease Maturities - Due in Year 5 9.6 14.4 — — —
Capital Lease Maturities - Remaining Maturities 1.2 — — — —
Capital Lease Maturities - Interest Costs — — — — —
Capital Lease Maturities - Due in 4-5 Years 9.6 14.4 — — —
Capital Lease Maturities - Due in Year 6 & Beyond 1.2 — — — —
Minority Interest - Total 7.4 6.0 4.8 3.6 3.2
Asset Accruals 428.5 368.3 306.1 270.2 257.7
Cash & Cash Equivalents - Total 7.8 16.4 13.4 14.0 7.5
Cash & Short Term Investments - Total 17.0 16.4 13.4 14.0 7.6
Debt - including Preferred Equity & Minority Interest - Total 427.5 449.7 384.6 353.0 286.3
Investments - Permanent 6.0 3.4 93.2 79.3 71.5
Net Book Capital (173.8) (131.6) (123.6) (79.5) (97.9)
Net Operating Assets (173.8) (131.6) (123.6) (79.5) (97.9)
Provisions - Total 39.8 6.3 29.9 27.5 25.0
Shareholders Equity - Common (584.3) (564.9) (494.8) (418.4) (376.6)
Property, Plant & Equipment - excluding Right of Use Tangible Assets & Capital Leases - Accumulated Depreciation - Supplemental — — — — —
Tangible Total Equity (586.5) (568.6) (497.7) (420.8) (379.0)
Tangible Book Value (593.9) (574.6) (502.5) (424.4) (382.1)
Total Book Capital (164.2) (121.3) (115.0) (69.0) (93.5)
Total Capital (156.8) (115.3) (110.2) (65.4) (90.3)
Total Long Term Capital (88.7) (79.7) (65.7) (30.6) (63.0)
Unearned Revenue - Total — — 21.1 13.5 7.9
Book Value excluding Other Equity (584.3) (564.9) (494.8) (418.4) (376.6)
Assets Held for Sale/Discontinued Operations - Long-Term & Short-Term 179.2 0.5 — — —
Income Taxes - Payable - Long-Term & Short-Term 0.4 5.9 4.7 2.9 2.2
Accruals - Short-Term (335.6) (427.3) (346.1) (282.0) (291.0)
Cash & Short Term Investments - Net of Debt (403.1) (427.3) (366.4) (335.3) (275.6)
Current Portion of Long-Term Debt including Capitalized Leases & Hybrid Financial Instruments 7.3 30.8 5.8 5.8 9.0
Total Fixed Assets - Net 237.8 319.7 265.3 236.0 219.2
Working Capital (327.8) (411.0) (332.7) (268.0) (283.5)
Interest Bearing Liabilities - Total 420.1 443.7 379.8 349.3 283.1
Working Capital - Non-Cash (344.8) (427.3) (346.1) (282.0) (291.0)
Working Capital excluding Other Current Assets & Liabilities (181.3) (312.9) (134.1) (110.9) (118.6)
Net Debt Including Preferred Equity & Minority Interest 410.5 433.3 371.2 338.9 278.7
Other Short-Term & Long-Term Assets - Total 0.1 16.5 2.6 4.5 3.2
Other Short-Term & Long-Term Liabilities - Total 182.1 168.0 249.8 200.7 206.6
Total Current Assets excluding Total Inventories 198.5 60.6 50.7 45.2 43.1
Tangible Book Value excluding Other Equity (593.9) (574.6) (502.5) (424.4) (382.1)
Total Debt Excluding Islamic 420.1 443.7 379.8 349.3 283.1
Trade Accounts & Trade Notes Receivable - Net - Total 0.7 13.0 21.0 15.2 10.1
Provision for Doubtful Accounts & Notes Receivable - Total — — — — —
Current Liabilities excluding Current Debt - Total 519.0 445.1 350.4 279.8 289.9
Cash in Hand & with Banks - Total 7.8 16.4 13.4 14.0 7.5
Current Assets excluding Cash & Short Term Investments - Total 181.5 48.6 40.8 34.2 38.5
Cash, Short Term Investments & Accounts Receivable - Total 17.7 29.4 34.4 29.2 17.6

Every line the company reported, in the original order and wording, without regrouping or signs changed.