Secure Logistic Group Ltd Reports Strong First Half of 2024 Financials and Operational Progress

Karachi: Secure Logistic Group Ltd (SLG) announced its half-yearly financial results for the period ending June 30, 2024, showcasing a notable performance across its operations. The report, which was reviewed by the company’s auditor, highlights a series of successful milestones following its listing on April 22, 2024, according to information available from the Pakistan Stock Exchange (PSX).

Since its Initial Public Offering (IPO), SLG has actively updated investors and the market on its progress. Key developments include confirmation of pre-IPO investments and IPO-related debt prepayments, both detailed in communications to the PSX in April 2024. The company also achieved an upgrade in its credit rating from A to A+ by the Pakistan Credit Rating Agency (PACRA) in May 2024.

Additional advancements reported for May and June 2024 include the complete upgrading and refurbishment of SLG’s commercial vehicle fleet, enhancing its operational capabilities for domestic and regional activities. This move has utilized 96% of the pre-IPO and IPO proceeds as of June 30, 2024.

For the second half of 2024, SLG is focused on launching upgraded asset tracking software and initiating regional transportation services, pending the issuance of a Transports Internationaux Routiers (TIR) license. This will enable cargo services to and from locations like Tashkent and Kashghar.

Financially, SLG surpassed its forecasted first-half results by approximately 8%. The company recorded a revenue of Rs 1,208.35 million and a net profit of Rs 206.69 million against the budgeted figures of Rs 1,130.41 million and Rs 190.35 million respectively.

The implementation status of projects under Clause 16 of Public Offering Regulations 2017 shows significant progress with the majority of the commitments being met or ongoing, setting a strong foundation for continued growth and operational enhancement in the upcoming months.

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