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ISLAMABAD: Secure Logistics Trax Group Limited, a newly formed entity following the merger of Secure Logistics Group Limited and Trax Online, has successfully maintained its entity ratings, according to The Pakistan Credit Rating Agency Limited (PACRA). This development comes after the merger, approved by the Islamabad High Court, which combined the strengths of SLG’s asset-heavy operations with Trax’s technology-driven platform.
The merger has resulted in the formation of a comprehensive tech-enabled fourth-party logistics service provider, operating across four distinct business lines. The company, now known as Secure Logistics-Trax Group Limited, is also expanding its third-party logistics business by developing a TIR-certified network to facilitate cross-border logistics between Pakistan, Central Asia, and China.
In a significant move to address liquidity issues in the e-commerce sector, the group’s fintech arm, LogiServe (Private) Limited, has secured a Non-Banking Finance Company license. This initiative aims to provide embedded financial services, including invoice financing and short-term working capital facilities, to e-commerce and logistics clients.
SLG-Trax’s board of directors comprises experienced professionals with expertise in e-commerce and logistics. The company aims to navigate the fragmented and high-cost logistics industry of Pakistan by leveraging digitization and strategic investments in infrastructure.
Despite challenges, SLG-Trax reported a 16% increase in revenue during the first half of the 2025 fiscal year, reaching PKR 1,457 million. This growth was driven by price inflation and increased capacity utilization, leading to improved profit margins. The company’s financial risk profile remains strong, supported by healthy cash flows and an efficient working capital cycle.
PACRA’s ratings are contingent on the company’s ability to enhance its business profile and execute strategic objectives while maintaining prudent financial performance and robust liquidity management.