The 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. The reaffirmation reflects the company’s strengthened operational and financial position following its merger with Trax Online and its strategic expansion into fintech and digital logistics solutions.
Secure Logistics Group completed its Initial Public Offering (IPO) in April 2024 and finalized its strategic amalgamation with Trax Online (Private) Limited in May 2025 after receiving approval from the Islamabad High Court. The merger marked a significant milestone in the evolution of Pakistan’s logistics industry, resulting in the formation of Secure Logistics Trax Group Limited. By combining SLG’s asset-heavy model with Trax’s technology-driven, asset-light operations, the merged entity has emerged as a major player in the logistics and supply chain ecosystem.
The integration has positioned SLGL as a tech-enabled fourth-party logistics (4PL) service provider, offering a comprehensive suite of services across four business lines: first-to-last mile logistics, warehousing, digital tracking solutions, and security services. These capabilities are further enhanced by the company’s third-party logistics business, which is currently developing a TIR-certified network to facilitate cross-border trade with Central Asia and China, expanding its geographical reach and trade capacity.
As part of its diversification strategy, LogiServe (Private) Limited, the fintech arm of the group, has obtained a Non-Banking Finance Company (NBFC) license. LogiServe aims to address liquidity gaps within the e-commerce sector by providing embedded financial services. Leveraging SLGL’s logistics and transactional data, the fintech subsidiary will offer products such as invoice financing against COD receivables and short-term working capital facilities. This integration of logistics and fintech represents a key shift toward building a more connected and financially inclusive logistics ecosystem.
PACRA’s latest report highlighted that these initiatives are expected to boost operational efficiency, drive digital integration, and support financial inclusion within the sector. The company recorded a 16% year-on-year topline growth in the first half of CY25, reaching Rs1.46 billion. This growth was fueled by pricing adjustments and improved capacity utilization, which contributed to stronger profit margins across its operational segments.
The company’s financial profile remains solid, with strong cash flows, stable coverage ratios, and a conservative capital structure that limits financial risk. PACRA noted that SLGL’s A+ rating reflects its expanded market presence, diversified business model, and robust governance practices. The stable outlook signals confidence in the company’s ability to sustain performance and navigate the competitive logistics environment effectively.
However, PACRA also emphasized that the company’s credit profile remains dependent on its ability to achieve strategic goals, maintain strong liquidity, execute operational plans efficiently, and adhere to prudent financial management. Continued growth in fintech offerings and successful expansion of its logistics network will be key to sustaining its current rating.
Secure Logistics Trax Group operates as a publicly listed company providing integrated logistics, warehousing, digital tracking, and security services under a unified structure. Its leadership team brings extensive experience across logistics, fintech, and financial management, enabling the group to pursue its growth strategy with a strong operational foundation.
The reaffirmation of its credit rating by PACRA underscores the company’s strong fundamentals, strategic adaptability, and growing role in Pakistan’s logistics and financial landscape.
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