TRG Pakistan Limited has reported a consolidated profit after tax of Rs 6.87 billion for the quarter ended September 30, 2025, continuing the company’s strong financial performance into the new fiscal year. The results follow a profit after tax of Rs 3.92 billion recorded for FY2025.
According to financial statements filed with the Pakistan Stock Exchange, TRG’s pre-tax profit increased to Rs 8.11 billion, supported by Rs 8.30 billion in profit from equity-accounted investees. After accounting for a Rs 356 million translation loss on foreign investments, total comprehensive income was Rs 6.51 billion. Earnings per share rose to Rs 12.59 for the quarter.
Rahat Lateef, Chief Financial Officer of TRG Pakistan, said the company had “delivered its fifth straight quarter of profitability and value enhancement.” He added that the value of the company’s investment in associates had increased nearly 35% since June 2024. “We hope this momentum will continue so that there is further value creation for our shareholders,” he said.
The quarter’s results reflect consistent returns from TRG’s international portfolio, which spans technology, outsourcing, and customer engagement services. Management attributed the performance to tighter capital allocation, operating efficiency, and stable returns from its overseas holdings.
Steady Portfolio Performance
TRG Pakistan’s business model centers on strategic investment in technology and tech-enabled businesses across multiple markets. The company’s international associates continue to make significant contributions to profitability, reflecting a resilient business mix even during a difficult market environment that has seen peers decline in value substantially.
Co-founder and Chief Executive Officer, Hasnain Aslam, said “Our strong financial results demonstrate the benefits of disciplined execution and a focus on long-term value. It is encouraging to see efforts of our talented team translate into record profitability and shareholder returns.”
The other co-founder and Chairman Mohammed Khaishgi said TRG’s overseas portfolio companies remain among Pakistan’s largest exporters of technology-enabled services, generating substantial foreign exchange inflows.
“Our international operations continue to support Pakistan’s export sector by creating skilled employment and bringing in foreign currency through technology and business services,” he said.
The company’s leadership emphasized that its disciplined investment strategy and execution provided resilience amid a volatile global environment. Portfolio strength, they said, has allowed TRG to navigate fluctuations in the rupee and sustain profitability even during periods of market uncertainty.
Investor Confidence and Market Outlook
Analysts have taken note of the company’s financial turnaround since FY2024, when market conditions posed challenges for the broader technology sector and the unsustainable debt burden left by the former CEO on one of the portfolio companies led to its financial restructuring, which was successfully completed by the current management in FY2025.
The steady recovery over the past five quarters has strengthened investor sentiment, with TRG’s stock drawing renewed interest from both institutional and retail investors. However, it should be noted that the ongoing litigation with the former CEO and his allies from a known bank continues to pose significant risk to the company’s future.
Market observers attribute the company’s recent performance to its improved governance and tighter execution under the current management team. The firm’s sustained profitability and global exposure, they say, provide insulation against domestic economic headwinds and currency volatility. TRG’s management reiterated its focus on prudent financial management and selective reinvestment.
The balance sheet of the company’s associate and investee, TRG International, remains strong, providing flexibility for future growth initiatives within its international portfolio.
Outlook for FY2026
Management described FY2026 as a year of consolidation and renewed focus on long-term growth. The company plans to continue investing in technology-driven services, expand its global partnerships, and explore opportunities in emerging outsourcing markets.
“Our objective is to sustain profitability and enhance value creation through disciplined investment and operational focus,” Aslam said. “We remain cautiously optimistic about maintaining this trajectory.”
The company also reaffirmed its commitment to governance and transparency following the resignation of the former CEO at the end of 2021. “We have worked hard to ensure profitability following some challenging periods for the company,” Aslam added. “It’s heartening to see those efforts reflected in tangible results and profitability for our shareholders.”
He further added that TRG’s continued progress highlights the potential of Pakistan’s technology sector. “The results demonstrate that disciplined management and global competitiveness can produce sustainable success stories for Pakistan’s listed companies,” he said.
A Platform for Sustainable Growth
For TRG Pakistan, the past year and the first quarter of FY2026 mark a period of consolidation and renewed stability. With a profit after tax of Rs 6.9 billion and total comprehensive income of Rs 6.5 billion, the company continues to build on its strong foundation.
As TRG looks ahead, its performance underscores how Pakistan-based investment firms can leverage global operations to deliver consistent earnings and long-term shareholder value.
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