Press Release
VIS Upgrades Entity Rating of Treet Corporation Limited
Karachi, February 18, 2026: VIS Credit Rating Company Ltd. (VIS) has upgraded the medium to long-term entity rating of Treet Corporation Limited from ‘A-‘ (Single A Minus) to ‘A’ (Single A) while maintaining the short-term rating at ‘A2’ (A Two). The medium to long-term rating of ‘A’ signifies good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy. The short-term rating of ‘A2’ indicates good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on January 20, 2025.
Incorporated in 1977, Treet Corporation Limited (‘Treet’, or ‘the Company’) is a listed public limited company. The principal activity of the Company is manufacturing and sale of razors and razor blades, batteries, corrugated boxes, paper and board, soap and hemodialysis concentrates. The ratings are underpinned by the Company's diversified business risk across various segments. The ratings also reflect notable improvement in its financial profile, driven by better profitability, improving debt service and liquidity metrics, and continuing balance sheet deleveraging.
Treet recorded growth in net sales during FY25. Profitability improved primarily due to sound performance of blades and razors segment and lower financial charges. The disposal of equity interest in Treet Battery Limited (TBL), generated additional liquidity to reduce debt burden. The management continued its overall focus on exports.
Treet plans to drive growth through strategic capacity expansion and product diversification across key segments. This includes launch of new brands in the corrugated blades segment to cater to both men and women, in order to enhance market share in the personal care and grooming category. The management also plans to enhance corrugated packaging production to meet anticipated demand of packaging products. Additionally, TBL plans to introduce Lithium-ion batteries for power backup. This is to address competitive challenges amidst favorable demand outlook in this battery segment. The effective execution of these expansion plans will remain important from ratings perspective. Further, improving profitability and gearing, while strengthening debt coverage profile will remain key rating considerations.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk
Applicable Rating Criteria: Corporates:
https://docs.vis.com.pk/docs/CorporateMethodology.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf