Announcement • Jul 01
PIA Holding Company Limited Announces Company Secretary Changes, Effective June 30, 2026 PIA Holding Company Limited informed that Mr. Adil Jamal has been appointed as Acting Company Secretary with effect from June 30, 2026 in place of Rao Muhammad Imran. Reported Earnings • May 12
First quarter 2025 earnings released: PK₨1.54 loss per share (vs PK₨0.68 loss in 1Q 2024) First quarter 2025 results: PK₨1.54 loss per share (further deteriorated from PK₨0.68 loss in 1Q 2024). Revenue: PK₨65.0b (up 3.4% from 1Q 2024). Net loss: PK₨8.07b (loss widened 126% from 1Q 2024). Buy Or Sell Opportunity • May 04
Now 22% overvalued Over the last 90 days, the stock has fallen 28% to PK₨20.96. The fair value is estimated to be PK₨17.14, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last year. Earnings per share has grown by 83%. Buy Or Sell Opportunity • Apr 08
Now 20% overvalued Over the last 90 days, the stock has fallen 33% to PK₨20.65. The fair value is estimated to be PK₨17.14, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last year. Earnings per share has grown by 83%. Buy Or Sell Opportunity • Mar 24
Now 21% overvalued Over the last 90 days, the stock has fallen 39% to PK₨20.75. The fair value is estimated to be PK₨17.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last year. Earnings per share has grown by 83%. Board Change • Mar 24
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 1 experienced director. No highly experienced directors. Independent Director Yousaf Khosa is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Jan 03
PIA Holding Company Limited Announces Resignation of Javed Kureishi as Director, Effective January 01, 2026 PIA Holding Company Limited informed that Mr. Javed Kureishi has resigned from his position as Director of the Company, effective January 01, 2026. Reported Earnings • Jul 31
Full year 2024 earnings released Full year 2024 results: Revenue: PK₨239.7b (down 7.7% from FY 2023). Net loss: PK₨15.0b (loss narrowed 83% from FY 2023). New Risk • Jul 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Pakistani stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Large one-off items impacting financial results. Buy Or Sell Opportunity • Jul 25
Now 20% undervalued Over the last 90 days, the stock has risen 25% to PK₨20.99. The fair value is estimated to be PK₨26.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jul 07
Now 24% undervalued Over the last 90 days, the stock has risen 19% to PK₨21.15. The fair value is estimated to be PK₨27.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jun 18
Now 21% undervalued Over the last 90 days, the stock has risen 16% to PK₨22.51. The fair value is estimated to be PK₨28.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Jun 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Pakistani stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to PK₨21.46, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 9x in the Airlines industry in Asia. Total returns to shareholders of 522% over the past three years. New Risk • May 28
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.9x net interest cover). Minor Risk Share price has been volatile over the past 3 months (9.6% average weekly change). Buy Or Sell Opportunity • May 20
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 6.5% to PK₨17.93. The fair value is estimated to be PK₨14.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. New Risk • May 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Negative equity (-PK₨559b). Earnings have declined by 6.2% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.3% average weekly change). New Risk • May 02
New major risk - Negative shareholders equity The company has negative equity. Total equity: -PK₨559b This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-PK₨559b). Earnings have declined by 12% per year over the past 5 years. New Risk • Mar 30
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: PK₨0 (US$0) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2023 fiscal period end). Market cap is less than US$10m (PK₨0 market cap, or US$0). Board Change • Feb 12
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. 1 independent director (6 non-independent directors). Independent Chairman Aslam Khan is the most experienced director on the board, commencing their role in 2020. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Feb 11
PIA Holding Company Limited Announces Change in Board of Directors PIA Holding Company Limited has announced a significant change in its board of directors following the transfer of Mr. Ahsan Ali Mangi, who served as the Ex-Secretary of the Aviation Division. As of February 7, 2025, Mr. Mangi is no longer serving as a director of the company. This change comes as part of a broader reshuffling effectuated by the Government of Pakistan, which has necessitated Mr. Mangi's departure from the board. The departure of Mr. Mangi marks a new chapter for the company as it seeks to appoint a successor who will contribute to its ongoing growth and success. Announcement • Jan 31
PIA Holding Company Limited, Annual General Meeting, Feb 22, 2025 PIA Holding Company Limited, Annual General Meeting, Feb 22, 2025. Location: at pearl continental hotel, rawalpindi Pakistan Announcement • Jan 17
PIA Holding Company Limited Appoints AVM Muhammad Amir Hayat as the Acting Chief Executive Officer PIA Holding Company Limited announced the appointment of AVM Muhammad Amir Hayat as the Acting Chief Executive Officer, effective from January 13, 2025. He replaces Mr. Khurram Mushtaq in this key position. The company has requested that the TRE Certificate Holders of the Exchange be informed of this significant leadership change. The appointment of AVM Muhammad Amir Hayat marks a strategic move aimed at steering the company towards achieving its operational and financial goals. PIA Holding Company Limited, a significant player in the aviation sector, is expected to benefit from AVM Hayat's extensive experience and leadership skills. His tenure is anticipated to bring fresh perspectives and renewed focus on enhancing the company's market performance and service delivery. The aviation market segment has been witnessing dynamic changes, and the appointment of AVM Hayat is seen as a proactive step to navigate these industry evolutions effectively. AVM Muhammad Amir Hayat's previous roles and accomplishments have positioned him as a leader capable of driving transformation and innovation within the organization. His leadership is expected to play a pivotal role in aligning the company's strategic initiatives with the emerging trends in the aviation market. Announcement • Nov 11
Al-Nihang Group proposed to acquire PIA Holding Company Limited (KASE:PIAHCLA) for PKR 100 billion. Al-Nihang Group proposed to acquire PIA Holding Company Limited (KASE:PIAHCLA) for PKR 100 billion on November 3, 2024. A cash consideration of PKR 100 million will be paid by Al-Nihang Group. As part of consideration, PKR 100 million is paid towards common equity of PIA Holding Company Limited and PKR 250 billion towards debt. The transaction is subject to approval by regulatory board / committee. Announcement • Nov 09
Overseas Pakistani Group Al Nihang Reportedly Offers to Acquire Pakistan International Airlines Al-Nihang, an overseas Pakistani group has offered to acquire PIA Holding Company Limited (KASE:PIAA) for the cost of PKR 100 billion amid a set of terms and conditions, Ary News reported. The bid for privatisation by Al-Nihaang comes days after both the Khyber Pakhtunkhwa and Pakistan's Punjab state governments had offered to acquire the airlines. According to Ary News, the group wrote an offer letter to Pakistan's Ministers of Privatisation, Aviation and Defence amongst other authorities and outlined its proposal to acquire complete ownership of the PIA. The key points of Al-Nihang's offer are described below. As per Ary News, Al-Nihang Group said that it will acquire the full shareholding of PIA in accordance with the terms outlined in the tender proposal, assuming comprehensive ownership. Al Nihang has also offered to pay off PIA's PKR 250 billion debt. The Express Tribune had previously reported that PIA has been under a massive debt burden of approximately USD 2.9 billion. Despite multiple bailout packages being provided to it by the government in recent years, PIA is struggling to stay afloat. Al Nihang's offer amid this background comes as a breather to the airlines. The group has also said that there will be no employee layoffs and instead offered a 100% increase in salaries over 30 months. As per Ary News, the Business Plan the introduction of modern aircraft to PIA's fleet and the group has proposed establishing PIA as an engineering and maintenance hub for other airlines. These developments came days after the Khyber Pakhtunkhwa government expressed interest in participating in the PIA privatization bidding. According to details, the KP Investment Board wrote to Federal Minister for Privatization Abdul Aleem Khan, expressing its intention to submit a bid. Earlier, Pakistan Muslim League-Nawaz (PML-N) President Nawaz Sharif said that Punjab Chief Minister Maryam Nawaz advised him to buy Pakistan International Airlines (PIA) and rebrand it 'Air Punjab.'According to Ary News, in a statement, Nawaz Sharif said, "Maryam sought advice from me, asking if we should take over the PIA and make it a brand new airline."Meanwhile, the final bidding process for the PIA privatization saw just one bid of PKR 10 billion ($36 million) for a 60% stake in the national flag carrier. According to sources, the Pakistan government had pre-qualified six groups in June, but only real-estate development company Blue World City participated in the bidding process, placing a bid that was below the government-set minimum price of PKR 85 billion. The government is aiming to privatize the airlines with six bidders pre-qualified for the sale. This privatisation effort is in line with the recommendations given by the International Monetary Fund (IMF) to the Government of Pakistan to sell off all loss-making state-owned enterprises so as to stabilise the economy. The recent accidents make it tough for the company to gain trust during a time when it is causing heavy burdens to the national exchequer. Buy Or Sell Opportunity • Oct 17
Now 23% undervalued The stock has been flat over the last 90 days, currently trading at PK₨18.68. The fair value is estimated to be PK₨24.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 73% over the last year. Earnings per share has declined by 67%. Buy Or Sell Opportunity • Sep 27
Now 22% undervalued Over the last 90 days, the stock has risen 44% to PK₨18.82. The fair value is estimated to be PK₨24.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 73% over the last year. Earnings per share has declined by 67%. Announcement • Sep 12
PIA Holding Company Announces Withdrawal of Director Nominee Ayesha Khan PIA Holding Company Limited announced that Dr. Ayesha Khan has formally declined to join the Board of Directors. According to information available from the Pakistan Stock Exchange (PSX), the announcement, made on August 13, 2024, cites her existing work commitments as the reason for her inability to take on the role. This development will be communicated to the TRE Certificate Holders of the Exchange, as part of the regulatory requirements and corporate governance transparency. The Board of PIAHCL is expected to consider alternative candidates to fill the vacancy left by Dr. Khan's withdrawal. This change in board composition comes at a time when corporate boards across the region are experiencing shifts in leadership dynamics, reflecting broader economic and professional trends. Announcement • Jul 27
PIA Holding Company Limited Appoints Ahsan Ali Mangi as Director on Its Board PIA Holding Company Limited has officially appointed Mr. Ahsan Ali Mangi, Secretary of the Aviation Division as a director on its board, effective July 24, 2024. This strategic move aims to enhance governance and oversight within the airline's operational framework. Mr. Mangi's appointment was confirmed through a formal communication intended for the certificate holders of the exchange, emphasizing the importance of transparency and stakeholder engagement in the company's administrative processes. Announcement • Jul 24
Pia Holding Company Announces Resignation of Mr. Saif Anjum as Director PIA Holding Company Limited announced that Mr. Saif Anjum, previously serving as Secretary of the Aviation Division, has stepped down from his position as Director of the company, following his transfer by the Government of Pakistan. According to information available from the Pakistan Stock Exchange (PSX), this change underscores the ongoing adjustments within major public enterprises in the country. Effective from July 20, 2024. Buy Or Sell Opportunity • Jul 09
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at PK₨23.86. The fair value is estimated to be PK₨19.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 73% over the last year. Earnings per share has declined by 67%. Buy Or Sell Opportunity • Jun 06
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at PK₨15.64. The fair value is estimated to be PK₨19.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Board Change • Jun 03
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 9 new directors. 2 experienced directors. No highly experienced directors. 2 independent directors (9 non-independent directors). Independent Chairman Aslam Khan is the most experienced director on the board, commencing their role in 2020. Independent Director Zahid Ebrahim was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. 
