In a rapidly evolving business landscape in 2023, the TPL group of companies demonstrated resilience and unparalleled growth, leading the markets we operate in.
At the forefront of developing innovative businesses underpinned with sustainability and gender diversity, TPL partnered with the International Finance Corporation (IFC) and Pakistan Business Council (PBC) in their first Climate2Equal initiative in Pakistan and an Environment & Social Management System (ESMS) also was initiated across our properties business.
Our companies continue to strive for excellence in an evolving and challenging environment:
TPL Properties’ REIT Fund has achieved the final financial close post drawdown of the final tranche of PKR 3.375 billion from its Anchor Investors. TPL REIT Fund I has over PKR 30 billion in development assets. Noteworthy projects include One Hoshang and The Mangrove. In 2024, the Fund will be listed at the PSX and TPL RMC is expected to launch another REIT Fund next year.
TPL Insurance, Pakistan’s leading Insurtech, with equity stakes from Finnfund, Finland, and DEG KfW, Germany, is spearheading the digital experience in Pakistan’s Insurtech universe, offering all lines of general insurance, conventional and Takaful. The company merged with New Hampshire Insurance Company in 2023 and continues to drive insurance penetration in Pakistan.
TPL Life continues to offer customers and distribution partners innovative life and global health insurance solutions, contributing to securing quality of life and economic well-being. With continuous investment in cutting-edge technology, the company has developed new market segments. The Muavin platform is empowering individuals across Pakistan to sell digitally, and we hope to see TPL Life as a listed company on PSX soon.
TPL Trakker Ltd. achieved remarkable milestones in Pakistan and UAE, solidifying its position as an industry leader, expanding its geographic footprint and establishing a stronger presence in GCC market in 2023. Through relentless innovation, the company introduced cutting-edge technologies in IIOT and SaaS ecosystems that revolutionized asset tracking and management, proving instrumental in curbing operational costs, enhancing efficiency and security for clients.
TPL Maps experienced a notable surge in revenue in 2023 compared to 2022, demonstrating the platform’s critical position in the Location Intelligence SaaS ecosystem as the platform-of-choice for businesses and developers alike. Acquisition and onboarding of ten new clients against highly competitive global players marks a significant achievement for TPL Maps, showcasing the growing confidence of local businesses. In addition, the strategic relaunch of Pakistan’s first and only consumer navigation app marked a prominent achievement as it reclaimed our maps and our identity in Pakistan and the region.
I am pleased to share these positive updates of the TPL Group, but let us not forget the on-going grave humanitarian crisis and its negative impact on millions of lives. Our hearts go out to the affected and their families.
As an organization, we will continue driving initiatives for good health and well-being practices, aligned with UNSDG 3, 5, and 9. People remain at the heart of everything we do as we further diversify in Pakistan and the region.
I am grateful for the trust bestowed upon TPL by our esteemed stakeholders, workforce, and customers.
Wishing you all an inspiring and prosperous 2024.