Karachi: The Pakistan Credit Rating Agency Limited (PACRA) has maintained the long-term rating of TPL Trakker Limited's Sukuk at A+, with a stable outlook, citing the company's robust market position in the asset tracking and information solutions sector.

According to a statement by The Pakistan Credit Rating Agency Limited, TPL Trakker Limited continues to demonstrate a strong foothold in the industry, supported by its diversified product offerings and advanced technological infrastructure. The company leverages its expertise in digital mapping and IoT integration to target high-growth segments through innovative solutions and strategic partnerships.

TPL Trakker has diversified its revenue streams across various sectors, including fuel management solutions, smart energy management, and AI-based vehicle video surveillance, among others. In fiscal year 2024, the company launched Pakistan's first native navigation app, covering over 380 cities, and introduced the "Network Planning" platform to optimize business network infrastructure.

The company reported a ~13% increase in topline revenue for FY24, reaching approximately PKR 2.543 billion, with 58% of this revenue derived from the rental of tracking devices. The company's profit rose to approximately PKR 135 million in FY24, a significant improvement from a loss of PKR 42 million in the previous fiscal year. As of the first quarter of FY25, TPL Trakker's profit stood at PKR 23 million.

Despite its leveraged capital structure, with a mix of short-term and long-term borrowings, the company's equity remains stable, standing at PKR 2.53 billion as of September 2024. The ratings depend on the Sukuk's tiered security structure and a pre-default mechanism, including a facility payment and reserve account holding one installment.