AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Islamabad, Secure Logistics Group Limited (“SLG”), an unlisted public limited company, has presented its audited consolidated and standalone financial statements for the year ended December 31, 2023. According to information available from the Pakistan Stock Exchange (PSX), the Board of Directors, consisting of seven directors including two females, has overseen the company through significant economic and operational challenges throughout the year.
The company’s revenue increased to PKR 2,044,844,978, up from PKR 1,669,040,381 the previous year. Gross profit followed suit, climbing to PKR 835,968,554, or 41% of revenue, compared to 35% in 2022. The company’s operations, stretched across its subsidiaries—LogiServe (Pvt) Ltd and Fist Security (Pvt) Ltd—encompass logistics, asset tracking, and security services, each responding dynamically to the shifting economic landscape.
Significant financial maneuvers included an increase in the benchmark borrowing rate and a depreciation in the PKR against the USD, which necessitated adjustments in non-fuel freight rates and the implementation of a fleet rationalization plan. The operational adjustments across business lines helped stabilize operations amid high inflation and economic volatility.
SLG completed the year with a successful Initial Public Offering (IPO) on April 18, 2024, raising PKR 600 million through public offering, following a PKR 585 million pre-IPO placement. This capital raise has enabled the company to significantly reduce its liabilities, with 82.8% of the IPO proceeds used to settle different debt facilities.
The company confirmed the retention of its single A credit rating from Pakistan Credit Rating Agency (“PACRA”), reflecting a robust financial stance despite the economic adversities faced during the fiscal year. The Board of Directors remains committed to adhering to the highest standards of corporate governance and financial transparency as they continue to navigate the evolving business environment.