New Risk • Apr 23
New major risk - Revenue and earnings growth Earnings have declined by 8.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 8.1% per year over the past 5 years. Market cap is less than US$10m (PK₨2.03b market cap, or US$7.26m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-PK₨47m). Revenue is less than US$5m (PK₨1.4b revenue, or US$4.9m). Reported Earnings • Apr 23
Third quarter 2026 earnings released: PK₨0.72 loss per share (vs PK₨1.01 loss in 3Q 2025) Third quarter 2026 results: PK₨0.72 loss per share (improved from PK₨1.01 loss in 3Q 2025). Revenue: PK₨448.9m (up 32% from 3Q 2025). Net loss: PK₨134.7m (loss narrowed 40% from 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Apr 14
TPL Trakker Limited to Report Q3, 2026 Results on Apr 21, 2026 TPL Trakker Limited announced that they will report Q3, 2026 results on Apr 21, 2026 New Risk • Feb 24
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: PK₨1.3b (US$4.6m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Market cap is less than US$10m (PK₨1.85b market cap, or US$6.62m). Minor Risk Revenue is less than US$5m (PK₨1.3b revenue, or US$4.6m). Announcement • Feb 16
TPL Trakker Limited to Report First Half, 2026 Results on Feb 23, 2026 TPL Trakker Limited announced that they will report first half, 2026 results on Feb 23, 2026 New Risk • Dec 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (PK₨1.72b market cap, or US$6.14m). Minor Risk Share price has been volatile over the past 3 months (7.2% average weekly change). Announcement • Nov 06
TPL Trakker Limited, Annual General Meeting, Nov 27, 2025 TPL Trakker Limited, Annual General Meeting, Nov 27, 2025. Location: psx auditorium, stock exchange building, exchange road, karachi Pakistan Reported Earnings • Oct 24
Full year 2025 earnings released: EPS: PK₨0.07 (vs PK₨0.029 in FY 2024) Full year 2025 results: EPS: PK₨0.07 (up from PK₨0.029 in FY 2024). Revenue: PK₨1.83b (down 43% from FY 2024). Net income: PK₨34.0m (up PK₨28.7m from FY 2024). Profit margin: 1.9% (up from 0.2% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • May 05
Third quarter 2025 earnings released: PK₨1.01 loss per share (vs PK₨0.014 loss in 3Q 2024) Third quarter 2025 results: PK₨1.01 loss per share (further deteriorated from PK₨0.014 loss in 3Q 2024). Revenue: PK₨341.0m (down 57% from 3Q 2024). Net loss: PK₨224.1m (loss widened PK₨221.7m from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 02
Second quarter 2025 earnings released: EPS: PK₨0.05 (vs PK₨0.094 loss in 2Q 2024) Second quarter 2025 results: EPS: PK₨0.05 (up from PK₨0.094 loss in 2Q 2024). Revenue: PK₨765.6m (flat on 2Q 2024). Net income: PK₨9.57m (up PK₨28.7m from 2Q 2024). Profit margin: 1.3% (up from net loss in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. New Risk • Feb 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 9.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (PK₨1.40b market cap, or US$5.02m). Minor Risk Share price has been volatile over the past 3 months (9.1% average weekly change). Announcement • Feb 11
Gargash Group completed the acquisition of 50.10% stake in Trakker Middle East LLC from TPL Trakker Limited (KASE:TPLT). Gargash Group signed a letter of intent to acquire 50.10% stake in Trakker Middle East LLC from TPL Trakker Limited (KASE:TPLT) on March 11, 2024. The proposed transaction shall be contingent upon approval from the relevant regulatory authorities, satisfactory completion of due diligence, obtaining requisite internal approvals and entering into definitive documentation. Earlier in May, TPL Trakker Limited Board of Directors authorized the company to sign a binding agreement with Gargash Group. The proposed transaction is anticipated to be completed within the month of October 2024. On May 25, 2024, Gargash Group signed a definitive agreement with Trakker Middle East LLC. As of September 27, 2024, Gargash Group, has initiated ownership for 50.1% equity stake in Trakker Middle East LLC.
The process, along with the share issuance, is expected to be completed within the month of October.
Gargash Group completed the acquisition of 50.10% stake in Trakker Middle East LLC from TPL Trakker Limited (KASE:TPLT) on February 10, 2025. Reported Earnings • Nov 01
First quarter 2025 earnings released: PK₨0.18 loss per share (vs PK₨0.16 profit in 1Q 2024) First quarter 2025 results: PK₨0.18 loss per share (down from PK₨0.16 profit in 1Q 2024). Revenue: PK₨709.8m (down 17% from 1Q 2024). Net loss: PK₨34.1m (down 216% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • Sep 27
TPL Trakker Limited, Annual General Meeting, Oct 28, 2024 TPL Trakker Limited, Annual General Meeting, Oct 28, 2024. Reported Earnings • Sep 26
Full year 2024 earnings released: EPS: PK₨0.03 (vs PK₨0.86 loss in FY 2023) Full year 2024 results: EPS: PK₨0.03 (up from PK₨0.86 loss in FY 2023). Revenue: PK₨3.21b (up 15% from FY 2023). Net income: PK₨5.35m (up PK₨166.2m from FY 2023). Profit margin: 0.2% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 19% per year. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to PK₨10.15, the stock trades at a trailing P/E ratio of 79.7x. Average trailing P/E is 17x in the Commercial Services industry in Asia. Total loss to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨6.80, the stock trades at a trailing P/E ratio of 53.4x. Average trailing P/E is 17x in the Commercial Services industry in Asia. Total loss to shareholders of 63% over the past three years. Announcement • Jun 28
TPL Trakker Limited Announces Chief Executive Officer Changes TPL Trakker Limited has announced a change in its leadership. Mr. Rao Salman has stepped down as the Chief Executive Officer of the company, effective June 2024, and Mr. Amjad Waciar has been appointed as the new CEO. The company communicated the leadership transition in a notice sent to the Pakistan Stock Exchange, which also instructed to inform the TRE Certificate Holders of the Exchange about this significant change. This corporate reshuffle comes as part of the company's strategic efforts to steer TPL Trakker towards new opportunities and challenges in the industry. Mr. Amjad Waciar, the newly appointed CEO, is expected to bring a fresh perspective and leadership strategy to the company, although details about his previous roles or the strategic direction he will take the company were not disclosed in the announcement. New Risk • Jun 07
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.8% Last year net profit margin: 6.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Market cap is less than US$10m (PK₨1.12b market cap, or US$4.04m). Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Profit margins are more than 30% lower than last year (0.8% net profit margin). Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to PK₨7.42, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 18x in the Commercial Services industry in Asia. Total loss to shareholders of 38% over the past three years. Announcement • Mar 13
An undisclosed buyer signed a Non-Binding Indicative Term Sheet to acquire an unknown stake in Trakker Middle East LLC from TPL Trakker Limited (KASE:TPLT). An undisclosed buyer signed a Non-Binding Indicative Term Sheet to acquire an unknown stake in Trakker Middle East LLC from TPL Trakker Limited (KASE:TPLT) on March 11, 2024. TPLT said that the proposed transaction shall be contingent upon approval from the relevant regulatory authorities, satisfactory completion of due diligence, obtaining requisite internal approvals, and entering into definitive documentation. 'The proposed transaction is anticipated to be completed by May 31, 2024 Reported Earnings • Mar 01
Second quarter 2024 earnings released: PK₨0.10 loss per share (vs PK₨0.10 profit in 2Q 2023) Second quarter 2024 results: PK₨0.10 loss per share (down from PK₨0.10 profit in 2Q 2023). Revenue: PK₨759.8m (up 8.9% from 2Q 2023). Net loss: PK₨19.2m (down 201% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 06
Full year 2023 earnings released: PK₨0.86 loss per share (vs PK₨0.61 profit in FY 2022) Full year 2023 results: PK₨0.86 loss per share (down from PK₨0.61 profit in FY 2022). Revenue: PK₨2.78b (up 19% from FY 2022). Net loss: PK₨160.9m (down 242% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨7.94, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 31x in the Communications industry in Asia. Total loss to shareholders of 21% over the past three years. New Risk • Jul 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Pakistani stocks, typically moving 8.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.3x net interest cover). Share price has been highly volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$10m (PK₨1.66b market cap, or US$5.78m). Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to PK₨7.18, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 33x in the Communications industry in Asia. Total loss to shareholders of 18% over the past year. Reported Earnings • Apr 29
Third quarter 2023 earnings released: PK₨0.65 loss per share (vs PK₨0.09 loss in 3Q 2022) Third quarter 2023 results: PK₨0.65 loss per share (further deteriorated from PK₨0.09 loss in 3Q 2022). Revenue: PK₨706.3m (up 20% from 3Q 2022). Net loss: PK₨121.8m (loss widened PK₨106.1m from 3Q 2022). Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to PK₨8.00, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 24x in the Communications industry in Asia. Total loss to shareholders of 39% over the past year. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment deteriorated over the past week After last week's 15% share price decline to PK₨8.70, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 23x in the Communications industry in Asia. Total loss to shareholders of 38% over the past year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Director Omar Askari was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 02
TPL Trakker Limited Announces Appointment of Muhammad Harris Jamali as Chief Executive Officer, Effect from November 01, 2022 TPL Trakker Limited announced that Mr. Muhammad Harris Jamali has been appointed as Chief Executive Officer with effect from November 01, 2022 in place of Mr. Sarwar Ali Khan. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to PK₨7.44, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 25x in the Communications industry in Asia. Total loss to shareholders of 55% over the past year. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to PK₨7.97, the stock trades at a trailing P/E ratio of 63.4x. Average trailing P/E is 26x in the Communications industry in Asia. Total loss to shareholders of 56% over the past year. Valuation Update With 7 Day Price Move • May 23
Investor sentiment deteriorated over the past week After last week's 21% share price decline to PK₨9.50, the stock trades at a trailing P/E ratio of 75.5x. Average trailing P/E is 25x in the Communications industry in Asia. Total loss to shareholders of 14% over the past year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 7 non-independent directors. Director Omar Askari was the last director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 01
First quarter 2022 earnings released: PK₨0.14 loss per share (vs PK₨0.66 loss in 1Q 2021) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2022 results: Revenue: PK₨526.8m (up 15% from 1Q 2021). Net loss: PK₨26.6m (loss narrowed 76% from 1Q 2021). Reported Earnings • Sep 21
Full year 2021 earnings released: PK₨0.31 loss per share (vs PK₨3.81 loss in FY 2020) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2021 results: Revenue: PK₨2.11b (up 32% from FY 2020). Net loss: PK₨108.9m (loss narrowed 76% from FY 2020). Executive Departure • Apr 29
Executive Director has left the company On the 26th of April, Sabiha Ahmed's tenure in the role of Executive Director ended. As of December 2020, Sabiha personally held only 1.00 share (PK₨10.0 worth at the time). A total of 2 executives have left over the last 12 months. Reported Earnings • Apr 29
Third quarter 2021 earnings released: EPS PK₨0.01 (vs PK₨1.11 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: PK₨525.3m (up 53% from 3Q 2020). Net income: PK₨2.43m (up PK₨133.2m from 3Q 2020). Profit margin: 0.5% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Reported Earnings • Mar 03
Second quarter 2021 earnings released: PK₨0.48 loss per share (vs PK₨1.11 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: PK₨548.1m (up 60% from 2Q 2020). Net loss: PK₨84.6m (loss narrowed 35% from 2Q 2020). Executive Departure • Feb 26
Non-Executive Director has left the company On the 24th of February, Adnan Shahid's tenure in the role of Non-Executive Director ended. We don't have any record of a personal shareholding under Adnan's name. Adnan is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Jan 01
New 90-day high: PK₨10.15 The company is up 1.0% from its price of PK₨10.07 on 02 October 2020. The Pakistani market is up 6.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Communications industry, which is down 2.0% over the same period. Is New 90 Day High Low • Nov 20
New 90-day low: PK₨9.51 The company is down 4.0% from its price of PK₨9.92 on 21 August 2020. The Pakistani market is up 1.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Communications industry, which is down 6.0% over the same period. Reported Earnings • Oct 26
First quarter earnings released Over the last 12 months the company has reported total losses of PK₨416.1m, with losses widening by 364% from the prior year. Total revenue was PK₨1.62b over the last 12 months, down 6.2% from the prior year. Reported Earnings • Oct 07
Full year earnings released - PK₨3.81 loss per share Over the last 12 months the company has reported total losses of PK₨458.5m, with earnings decreasing by PK₨493.0m from the prior year. Total revenue was PK₨1.61b over the last 12 months, down 9.4% from the prior year. Reported Earnings • Sep 19
Full year earnings released Over the last 12 months the company has reported total losses of PK₨458.5m, with earnings decreasing by PK₨493.0m from the prior year. Total revenue was PK₨1.61b over the last 12 months, down 9.4% from the prior year. 
