PACRA maintains entity ratings of Secure Logistics Trax Group at A+

October 14, 2025 (MLN): Pakistan Credit Rating Agency Limited (PACRA) has maintained the entity ratings of Secure Logistics Trax Group Limited (PSX: SLGL) at ‘A+’ for the long term and ‘A1’ for the short term, with a Stable Outlook, according to the latest rating action issued by the agency.

Following its Initial Public Offering (IPO) in April 2024, Secure Logistics Group Limited  successfully completed its strategic amalgamation with Trax Online (Private) Limited in May 2025, after receiving approval from the Islamabad High Court. The merged entity now operates as Secure Logistics Trax Group Limited.

The merger marks a major milestone in Pakistan’s logistics sector, combining SLG’s asset-heavy operations comprising a company-owned fleet, nationwide logistics infrastructure, and asset tracking and security services with Trax’s asset-light, technology-driven model specializing in e-commerce logistics and warehousing.

The integration has positioned SLG-Trax as a tech-enabled fourth-party logistics (4PL) service provider, operating across four synergistic business lines, including first-to-last mile logistics, warehousing, digital tracking solutions, and security services.

Additionally, its third-party logistics business line is developing a TIR-certified network to facilitate cross-border trade between Pakistan, Central Asia, and China.

As part of its diversification strategy, LogiServe (Private) Limited, a fintech subsidiary of the Group, has obtained a Non-Banking Finance Company (NBFC) license to address liquidity constraints within the e-commerce segment.

Leveraging SLGL’s logistics and transactional data, LogiServe aims to offer embedded financial services, including invoice financing against COD receivables and short-term working capital facilities.

PACRA noted that these initiatives are expected to enhance operational efficiency and contribute positively to both the top and bottom lines through digital integration and financial inclusion within the logistics ecosystem.

During the first half of CY25, SLGL’s topline grew by approximately 16%, reaching Rs1.46bn, driven by price inflation and improved capacity utilization, resulting in stronger margins across all levels.

The company’s financial risk profile remains sound, supported by healthy cash flows, comfortable coverage ratios, and a conservatively leveraged capital structure.

PACRA added that the assigned ratings reflect the company’s strengthened market position post-merger, its diversified business model, and a prudent governance framework.

However, the ratings remain contingent upon successful execution of strategic objectives, sustained operational performance, robust liquidity management, and adherence to financial discipline.

SLGL is a publicly listed company offering integrated logistics, warehousing, digital tracking, and security services under a unified structure.

Its leadership team comprises seasoned professionals with expertise spanning logistics, e-commerce, fintech, and financial management.

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