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Precision Air
On this page
Company details
- Legal name
- Precision Air Services Plc
- Incorporated in
- Tanzania
- Listing
- PAL on the Dar es Salaam Stock Exchange, active (observed 2026-10-08)
- Sector
- Not classified (our classification from the stated principal activity)
- Financial year ends
- 31 December
Overview
Year ended 31 December 2024 · annual report, signed / final · source
Read with these figures
- Going-concern warning. The auditor's report for the year ended 31 December 2024 states a material uncertainty about whether the company can continue as a going concern.
Full wording and sources
Auditor's report, year to 2024-12-31: material uncertainty related to going concern
Material Uncertainty Related to Going Concern: We draw attention to Note 3(b) of the financial statements which shows that during the year ended 31 December 2024, the Company reported a loss of TZS 32 billion (2023: loss of TZS 77 billion) and as at that date, the Company's current liabilities exceeded its current assets by TZS 606 billion (2023: TZS 565 billion) and that the Company was in a shareholders' deficit position of TZS 550 billion (2023: TZS 519 billion). In addition, the Company has defaulted on its debt obligations as stipulated in the debt agreements resulting in debts amounting to TZS 430 billion being due on demand. These events or conditions, along with other matters as set forth in Note 3(b), indicate that material uncertainties exist that cast significant doubt on the Company's ability to continue as a going concern. The financial statements do not include any adjustments that may be necessary as a result of these uncertainties. Our audit opinion is not modified in this regard. (PDF p15)
Source: Precision Air Services Plc — Annual Report and Financial Statements for the year ended 31 December 2024, p15 (dated 2025-12-04)
-
Revenue
TZS 162 billion
162,192,596 TZS thousands · p19
+16.0% vs 2023
-
Operating profit / (loss)
−TZS 29.2 billion
(29,248,647) TZS thousands · p19
Change not shown.
-
Profit / (loss) for the year
−TZS 31.8 billion
(31,755,500) TZS thousands · p19
Change not shown.
-
Total assets
TZS 85.0 billion
85,033,666 TZS thousands · p20
+3.9% vs 2023
-
Total equity
−TZS 550 billion
(550,262,095) TZS thousands · p20
Change not shown.
-
Cash from operations
TZS 39.6 billion
39,611,995 TZS thousands · p22
+109.6% vs 2023
Large amounts are rounded for reading (TZS million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.
Not shown: the prior-year figure is zero or negative.
Financial statements
Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in TZS thousands unless the row says otherwise; brackets are negative.
† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table
Column sources
- FY2024 — annual report, signed / final; reported for the year · source
- FY2023 — annual report, signed / final; comparative in the FY2024 filing · source
Income statement
| Line (as printed) | FY2024Annual reportreported for the year | FY2023Annual reportcomparative in FY2024 filing |
|---|---|---|
| Revenue | 162,192,596 | 139,816,663 |
| Cost of sales | (129,554,999) | (120,953,148) |
| Gross profit | 32,637,597 | 18,863,515 |
| Marketing expenses1 | (2,209,030) | (1,768,059) |
| Administrative expenses | (53,010,821) | (39,230,166) |
| Expected credit losses charge on trade receivables | (105,367) | (177,123) |
| Write down of assets2 | (6,561,026) | (607,914) |
| Operating loss | (29,248,647) | (22,919,747) |
| Finance income | 84,230 | –3 |
| Finance costs | (23,108,716) | (18,882,996) |
| Net foreign exchange gain/(loss) | 20,517,633 | (35,591,258) |
| Loss before income tax | (31,755,500) | (77,394,001) |
| Income tax expense | –4 | –4 |
| Loss for the year | (31,755,500) | (77,394,001) |
| Other comprehensive income | –5 | –5 |
| Total comprehensive income | (31,755,500) | (77,394,001) |
- Printed “-”, read as nil: subtotal_arithmetic: is.profit_before_tax.
- Printed “-”, read as nil: subtotal_arithmetic: is.profit_for_year.
- Printed “-”, read as nil: subtotal_arithmetic: is.total_comprehensive_income.
Notes and alternative reported figures (2)
- “Marketing expenses”: mapping to a shared definition is uncertain. Marketing expenses (note 9: advertising and publicity).
- “Write down of assets” is an issuer-specific line, not mapped to a shared definition: Note 15: write-down of property and equipment.
Balance sheet
| Line (as printed) | FY2024Annual reportreported for the year | FY2023Annual reportcomparative in FY2024 filing |
|---|---|---|
| Property and equipment | 54,646,890 | 45,753,337 |
| Intangibleassets | 842,410 | 256,219 |
| Right-of-use-assets | 852,299 | 2,583,372 |
| Non-current assets (unlabelled subtotal) | 56,341,599 | 48,592,928 |
| Inventory | 9,134,243 | 12,359,091 |
| Trade and other receivables | 7,791,854 | 7,723,664 |
| Prepayments1 | 3,497,898 | 1,765,917 |
| Other deposits2 | 3,434,864 | 2,828,664 |
| Cash and cash equivalents | 4,833,208 | 8,566,625 |
| Current assets (unlabelled subtotal) | 28,692,067 | 33,243,961 |
| TOTAL ASSETS | 85,033,666 | 81,836,889 |
| Share capital | 3,209,454 | 3,209,454 |
| Share premium | 10,490,987 | 10,490,987 |
| Accumulated losses | (563,962,536) | (532,207,035) |
| Equity (unlabelled subtotal) | (550,262,095) | (518,506,594) |
| Lease Liability | 693,664 | 2,341,268 |
| Borrowings | 429,995,854 | 435,307,593 |
| Trade and other payables | 178,394,143 | 139,248,363 |
| Lease Liability (current) | 271,102 | 966,332 |
| Sales in advance of carriage3 | 22,706,898 | 19,269,598 |
| Corporate tax payable | 1,112,019 | 1,112,019 |
| Other tax payables4 | 2,122,081 | 2,098,310 |
| Current liabilities (unlabelled subtotal) | 634,602,097 | 598,002,215 |
| TOTAL LIABILITIES | 635,295,761 | 600,343,483 |
| TOTAL EQUITY AND LIABILITIES | 85,033,666 | 81,836,889 |
Notes and alternative reported figures (4)
- “Prepayments” is an issuer-specific line, not mapped to a shared definition: Note 22.
- “Other deposits” is an issuer-specific line, not mapped to a shared definition: Note 19 (current).
- “Sales in advance of carriage” is an issuer-specific line, not mapped to a shared definition: Note 7(b): tickets sold not yet flown (current).
- “Other tax payables” is an issuer-specific line, not mapped to a shared definition: Note 24(b).
Cash flow
| Line (as printed) | FY2024Annual reportreported for the year | FY2023Annual reportcomparative in FY2024 filing |
|---|---|---|
| Loss before income tax1 | (31,755,500) | (77,394,001) |
| Disposal and Write-off of Assets2 | 6,561,026 | 607,914 |
| Net unrealised foreign exchange (gain)/loss3 | (20,249,635) | 34,006,889 |
| Depreciation of property and equipment4 | 17,228,046 | 18,304,621 |
| Depreciation of right of use assets (RoU)5 | 729,563 | 559,992 |
| Amortisation of intangible assets6 | 54,626 | 21,669 |
| Provision for expected credit loss on trade receivables7 | 105,367 | 177,123 |
| Interest on borrowings8 | 23,014,124 | 18,584,053 |
| Interest expense on lease9 | 94,592 | 244,355 |
| Remeasurement of lease liability10 | –11 | 218,691 |
| Net cash before working capital changes12 | (4,217,791) | (4,668,694) |
| · Inventories13 | 3,224,848 | (2,051,571) |
| · Trade and other receivables *14 | (398,663) | (451,488) |
| · Prepayments15 | (1,731,981) | (795,346) |
| · Other deposits*16 | (1,003,550) | (1,298,157) |
| · Sales in advance of carriage17 | 3,437,300 | 4,292,337 |
| · Trade and other payables*18 | 40,301,832 | 23,871,807 |
| Cash generated from operations | 39,611,995 | 18,898,888 |
| Income tax paid | –19 | –19 |
| Net cash from operating activities | 39,611,995 | 18,898,888 |
| Purchase of property and equipment | (32,682,625) | (13,274,328) |
| Acquisition of computer software | (640,817) | (15,839) |
| Net cash used in investing activities | (33,323,442) | (13,290,167) |
| · Principal and interest20 | (8,143,529) | (4,433,571) |
| Repayment of lease liabilities | (802,762) | (901,068) |
| Net cash used in financing activities | (8,946,291) | (5,334,639) |
| Net (decrease) / increase in cash and cash equivalents | (2,657,738) | 274,082 |
| Cash and cash equivalents at the start of the year | 8,566,625 | 7,815,539 |
| Effects of movements in exchange rates on cash held | (1,075,679) | 477,004 |
| Cash and cash equivalents at end of year | 4,833,208 | 8,566,625 |
- Printed “-”, read as nil: subtotal_arithmetic: cf.native.co_q5tyxfq7jk4j.cf_before_working_capital.
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_operations.
Notes and alternative reported figures (18)
- “Loss before income tax” is an issuer-specific line, not mapped to a shared definition: Starting line of the operating cash flows.
- “Disposal and Write-off of Assets” is an issuer-specific line, not mapped to a shared definition: Operating adjustment.
- “Net unrealised foreign exchange (gain)/loss” is an issuer-specific line, not mapped to a shared definition: Operating adjustment.
- “Depreciation of property and equipment” is an issuer-specific line, not mapped to a shared definition: Operating adjustment.
- “Depreciation of right of use assets (RoU)” is an issuer-specific line, not mapped to a shared definition: Operating adjustment.
- “Amortisation of intangible assets” is an issuer-specific line, not mapped to a shared definition: Operating adjustment.
- “Provision for expected credit loss on trade receivables” is an issuer-specific line, not mapped to a shared definition: Operating adjustment.
- “Interest on borrowings” is an issuer-specific line, not mapped to a shared definition: Operating adjustment (interest expense added back).
- “Interest expense on lease” is an issuer-specific line, not mapped to a shared definition: Operating adjustment.
- “Remeasurement of lease liability” is an issuer-specific line, not mapped to a shared definition: Operating adjustment (2023 only).
- “Net cash before working capital changes” is an issuer-specific line, not mapped to a shared definition: Operating cash flow before working-capital changes.
- “· Inventories” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
- “· Trade and other receivables *” is an issuer-specific line, not mapped to a shared definition: Working-capital change (excluding unrealised exchange differences).
- “· Prepayments” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
- “· Other deposits*” is an issuer-specific line, not mapped to a shared definition: Working-capital change (excluding unrealised exchange differences).
- “· Sales in advance of carriage” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
- “· Trade and other payables*” is an issuer-specific line, not mapped to a shared definition: Working-capital change (excluding unrealised exchange differences).
- “· Principal and interest”: mapping to a shared definition is uncertain. Printed under 'Repayment relating to borrowings:' as principal and interest together.
Segments
Segment data not yet collected for this company in the pilot.
Dividends
Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.
No dividend statement or amount collected.
Sources
Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.
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Precision Air Services Plc — Annual Report and Financial Statements for the year ended 31 December 2024
Year ended 31 December 2024 · Annual report · signed / final
Audit: PricewaterhouseCoopers (Certified Public Accountants), Dar es Salaam, unmodified opinion · signed · includes a material-uncertainty paragraph
Auditor's sign-off: Patrick Kiambi, TACPA PP 2576, for and on behalf of PricewaterhouseCoopers
Final status: Independent auditor's report (PDF pp15-18): unmodified opinion with a material uncertainty related to going concern, signed electronically by Patrick Kiambi (TACPA, PP 2576) for and on behalf of PricewaterhouseCoopers, Dar es Salaam, dated 04-12-2025 (p18, page image). Statements approved by the board and authorised for issue on 28 November 2025, signed by Harry Kitillya (Chairperson) and Avelyne Msaki (Director) (p20, page image).
- Document date
- 4 Dec 2025
- Auditor's report
- 4 Dec 2025
- Board approval
- 28 Nov 2025
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY2024, FY2023
- Basis
- company statements · TZS thousands (printed “TZS '000”)
- The statement of financial position (p20) is a scanned image page and prints a third column (31 December 2022, restated), not transcribed. Non-current assets, current assets, equity and current liabilities subtotals are printed unlabelled. Income tax is printed as '-' in both years. The contents page (p2) carries the word 'DRAFT' in the text layer only; it is not visible on the render, and the statements are signed and the auditor's report dated.
- The 2023 comparatives (and the 2022 opening statement of financial position) are headed 'Restated (Note 39)' on pp19-22; all comparative figures are marked restated.
Technical details
- File
- 60 pages, with a text layer
- SHA-256
5adac8cb6eb1f6801450b98f0c2585372d73d1c897600ba3881a1c0e7ef49661- Entity as printed
- PRECISION AIR SERVICES PLC (the Company)
- Exchange copy
- retrieved 2026-10-08T18:16:30Z
Data notes
No figure-level notes beyond those in the tables.
Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text; matched to OCR text of the page image; matched to OCR text and compared cell by cell with the page image; read from the page image) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.