Karachi: In a notable financial update, Secure Logistic Group Ltd (SLG) reported exceeding its budgeted forecasts for the third quarter of 2024. The company announced a significant 11% increase in revenue and net profit compared to budgeted figures, highlighting a strong performance across its existing business lines.

For the period ending September 30, 2024, SLG reported a revenue of PKR 1.90 billion, surpassing the budgeted revenue of PKR 1.72 billion. The net profit also saw a positive adjustment, reaching PKR 390.18 million compared to the anticipated PKR 375.19 million. This financial performance comes despite minor delays in new initiatives such as the Tech Pivot and regional transportation projects.

According to information available from the Pakistan Stock Exchange (PSX), the company's financial success has been partly attributed to cost savings from lower interest expenses and the benefits derived from fleet upgrades and refurbishments that have been operational for about five months of the reporting period.

In addition to financial results, SLG announced obtaining the Transports Internationaux Routiers (TIR) License on August 7, 2024, enabling expansion into all designated countries under the TIR system. The company expects to initiate its first shipment under this license by the end of October 2024.

Furthermore, SLG is in the process of a significant merger with Trax Online Pvt Ltd, targeted to be finalized by the end of 2024. This move is expected to further strengthen the company's market position and enhance its operational capacities.

Looking ahead to the full year, SLG is optimistic about its net profit projection for FY 2024, estimating it to reach approximately PKR 618.02 million. This forecast considers the ongoing macroeconomic conditions and the incremental benefits from recent business expansions and other internal initiatives.