TRG Pakistan limited reported loss per share of PKR 2.45 in FY24 against a loss per share of PKR 56.26 in FY23. Furthermore, in 3QFY25 the company reported loss per share of PKR 0.55 against loss per share of PKR 11.24 in SPLY. For 9MFY25, TRG International reported a profit of PKR 5.259 million, primarily driven by a significant increase in IBEX’s share price during the period. In FY24, TRG recognized a loss of PKR 35.907 million from its associate, TRG International.
This loss was mainly attributable to a revaluation of Affinity’s book value, stemming from debt restructuring, and a sharp 24% decline in IBEX’s market price. The recent ruling by the Sindh High Court (June 2025) regarding Green Tree Holdings’ tender offer is under review. TRG has stated that the ruling contains “several irregularities and infirmities” and is evaluating legal options, including a potential appeal to the Supreme Court. As a holding company, TRG Pakistan’s expenses are largely overhead in nature, with a significant portion related to rising litigation and personnel costs.
TRG International made an incremental investment of several million dollars in Affinity as part of a restructuring effort to protect its interests. Affinity is now controlled by Vista and, as a private company, will no longer disclose financials (such as revenue or profitability) to the public. The new board has pivoted Affinity’s strategy toward generative AI-based products to diversify beyond its traditional offering.
Following the restructuring, a substantial write-down of Affinity’s valuation was recorded on TRG International’s books, resulting in a higher-than-normal loss for FY24. This was a non-cash accounting event and did not involve any share sale. In response to pressure from IBEX management—who believed TRG’s controlling stake (above 25%) was weighing down IBEX’s stock due to litigation overhang—TRG International reduced its stake. The divestment was aimed at unlocking value for all IBEX shareholders.
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