Karachi: The Pakistan Credit Rating Agency Limited (PACRA) has maintained the entity ratings of Secure Logistics-Trax Group Limited, a recently merged entity, at A+ for long-term and A1 for short-term ratings, with a stable outlook. This announcement, made on October 14, 2025, follows the strategic amalgamation of Secure Logistics Group Limited (SLG) with Trax Online (Private) Limited (Trax), officially sanctioned by the Islamabad High Court on May 5, 2025.
The merger represents a pivotal moment in Pakistan's logistics sector, uniting SLG's asset-intensive operations with Trax's technology-driven platform to create a comprehensive fourth-party logistics service provider. According to information available from the Pakistan Stock Exchange (PSX), this merger has strengthened SLG-Trax's position by integrating logistics infrastructure with advanced e-commerce logistics and warehousing capabilities.
The company has embraced a diversified strategy through four horizontally synergetic business lines, notably enhancing its third-party logistics services. It is currently developing a TIR-certified network to facilitate secure cross-border logistics between Pakistan, Central Asia, and China. Moreover, the company's fintech initiative, LogiServe (Private) Limited, recently acquired a Non-Banking Finance Company (NBFC) license. This move aims to address liquidity issues in the e-commerce sector by providing financial solutions such as invoice financing against cash-on-delivery receivables and short-term capital facilities.
During the first half of the current year, SLG-Trax's revenue increased by approximately 16%, reaching PKR 1.46 billion. This growth was attributed to price inflation and enhanced capacity utilization, resulting in improved profit margins. The company's financial risk profile remains strong, characterized by healthy cash flows and efficient working capital management. The capital structure is conservatively leveraged, a factor that supports the stable ratings assigned by PACRA.
The ratings are contingent on SLG-Trax's enhancement of its business profile and successful implementation of strategic goals. Continuous prudent financial performance, robust liquidity, and strict financial discipline are essential for maintaining these ratings.
SLG-Trax, now a publicly listed entity, offers a wide range of logistics services, including first-to-last mile logistics, warehousing, and digital tracking. The company leverages advanced IT infrastructure to maximize operational efficiency. The board comprises professionals with extensive experience in e-commerce and logistics, and the company's leadership includes Mr. Pervaiz Khan, Executive Director, with four decades of investment banking experience, and Mr. Gulraiz Khan, CEO, who has led operations for over 14 years.