KARACHI: TRG Pakistan, a non-banking finance company, has reported nearly threefold increase in its profit-after-tax (PAT) in the quarter ended September 30, 2025, in the wake of a significant growth in the share of profit driven from its associate firm The Resource Group International Limited (TRGIL).
TRG Pakistan net profit jumped to Rs6.9 billion in July-September 2025, against Rs2.4 billion recorded in the same period last year, according to the company’s detailed financial accounts for the said quarter available at the Pakistan Stock Exchange’s (PSX) website.
The net profit translated into earnings per share (EPS) at Rs12.59 for the quarter ended September 30, compared to Rs4.41 EPS in the same period last year.
TRG Pakistan swings to profit with Rs3.9bn earnings in FY25
The share of profit in equity accounted investee (booked from TRGIL) climbed almost three times to Rs8.3 billion in the quarter under review, compared to Rs2.9 billion in the said quarter the previous year.
“Our income statement is primarily driven by the changes in value of our share in TRGIL. Our share of the net profit in equity accounted investee (i.e. TRGIL) was Rs8.3 billion, before taxation. This is due to mark-to-market gain booked on each of the Ibex shares held by TRGIL and the shares held by Greentree Holdings Limited,” TRG Pakistan chairman Mohammedulla Khan Khaishgi and the chief executive (CE) Hasnain Aslam was quoted as saying in the quarterly report.
The company recognised interest income of Rs0.3 million and incurred expenses of Rs191.3 million. Tax amounting to Rs1.2 billion was booked during the quarter, mainly on account of deferred taxes, as per the report.
“The most significant item on our balance sheet is the value of the company’s share in TRGIL, our sole operating asset. As of September 30, 2025, the value of our share in TRGIL is Rs54.5 billion, representing an increase of Rs7.8 billion, compared to Rs46.7 billion on June 30, 2025.
“This increase is due to net profit earned by TRGIL during the financial period… In addition to the company’s stake in TRGIL, it also has other assets of Rs0.04 billion and liabilities of Rs10.1 billion (primarily relating to deferred taxes) resulting in net assets of Rs44.4 billion.
“We remain focused on enhancing the value of our portfolio assets and then monetising them in due course to maximise value and liquidity for the benefit of the shareholders of the company,” the officials said while commenting on outlook of the company.
TRG Pakistan is a non-banking finance company. It invests in a portfolio of investments primarily in the technology, IT enabled services, and medicare insurance sectors through its associate TRGIL.
Ibex maintains strong momentum
TRG Pakistan’s portfolio company Ibex Limited (Ibex) achieved outstanding top and strong bottom line results during FY25 allowing it to enter FY26 with momentum, the officials maintained.
“Ibex’s continued strong financial results as well as its healthy balance sheet are enabling strategic investments in its growing AI [artificial intelligence] capabilities and business development resources, as well as further expansion into strategic markets and industries. Importantly, despite the backdrop of a fluid market environment, Ibex has maintained continued confidence in the business to provide guidance on growth in the first quarter and fiscal year 2026.”
In 2025, as per the report, the company’s affiliate TRGIL sold 3,562,341 shares in Ibex via a share repurchase transaction by Ibex, conducted at market price.
“Following this sale, TRGIL continues to maintain a stake of approximately 13% in Ibex, on a fully diluted basis.”
Indirect portfolio firm restructured:
The indirect portfolio company that offers Artificial Intelligence Enterprise Software completed its financial restructuring and recapitalisation transaction with its senior lenders in December 2024, who are now the controlling shareholders of the post-restructuring entity, according to the report.
“The company continues to maintain a significant indirect economic interest in the business through its affiliate TRGIL, which received new common shares in the recapitalised business as well as additional interest in the form of convertible debt that it subscribed to as part of the restructuring.
“With its restructured balance sheet, the business has sharpened its focus on investing in and developing new products, reflecting the evolution of the customer experience industry in recent years towards greater automation and the increasing relevance of artificial intelligence, particularly generative AI,” TRG Pakistan’s chairman Khaishgi and CE Aslam said in the report.
American Dollar Exchange Rate