Salesflo crossed Rs1 billion in revenue, and Systems Limited has written down most of its Rs468 million

Salesflo, the Karachi company that sells field sales and distribution software to consumer goods makers, reported revenue of Rs1.008 billion for 2025 and a profit of Rs61.3 million. Add its Singapore affiliate, in which the same investor holds a stake, and revenue is Rs1.22 billion. The numbers are unaudited and appear in the 2025 annual report of Systems Limited, which paid Rs468 million in 2021 for 20 percent of the business and has since written most of that off.

What the software does

A biscuit maker sells to distributors, and the distributors sell to shops. The first step, primary sales, is visible to the maker. The second, secondary sales, usually is not. Salesflo puts handheld software in the hands of sales staff, records orders and shop visits, and ties them to distributor stock and the claims distributors make against the maker. Its release on the August 2026 Ismail Industries deal describes the aim as real time visibility into secondary sales, distributor performance and field execution, replacing manual and delayed reporting.

Salesflo was incorporated on 28 January 2015 and is based in DHA Phase 6, Karachi. It was founded as Retailistan by four engineers, and its chief executive today is Sharoon Saleem. The company lists products called Core, Engage, Pulse, Sight, PromoPro, Go and AgentFlo, runs on Amazon Web Services and says it has more than 40 enterprise customers across Pakistan and the Middle East and a retail universe of more than 300,000 outlets. Its recent announcements name Ismail Industries, the maker of Bisconni and CandyLand, South Air, and a January 2026 partnership with Unilever Ethiopia and the retail services firm Smollan. Customers quoted on its site include Beiersdorf Pakistan, Shell Pakistan, Mondelez, HBL and National Foods.

Salesflo does not publish results, but its cloud provider describes the design. Amazon Web Services says Engage is built on serverless services including API Gateway, Fargate, Lambda and Step Functions, so that each order is an event the system processes as it arrives, and says the product has helped customers improve field force performance by 30 percent. The page does not say how that was measured.

The company has not disclosed how it charges. A software licence per field user, plus implementation and support, is the usual model for this kind of product, but the filings give only a single revenue line.

The Retailistan years

In May 2021 Systems Limited told the stock exchange it would buy 20 percent of Retailistan for Rs468 million, through its subsidiary Systems Ventures. The purchase completed on 19 July 2021. It implied a value of Rs2.34 billion for the whole company, which at that point also owned Jugnu, a B2B app for supplying small shops. Systems took one of five board seats.

The next two years were rough. The accounts Systems reports show a total loss of Rs1.21 billion for 2022 on revenue of Rs646.7 million. In 2023 the picture split in two. Continuing operations earned Rs29.6 million after tax on revenue of Rs843.7 million, while discontinued operations, which the filing does not name, produced a profit of Rs1.72 billion after tax. Systems recorded an impairment of Rs434.5 million on its stake that year, citing weaker economic performance and the disposal of discontinued operations.

Reading the Rs1 billion

Revenue went from Rs646.7 million in 2022 to Rs843.7 million in 2023, a rise of 30.5 percent, then to Rs975.3 million in 2024 (up 15.6 percent) and Rs1,008.0 million in 2025 (up 3.4 percent). The last figure looks like a slowdown, but part of it is an accounting effect. The Singapore company, Salesflo Pte, was a subsidiary of the Karachi company until the end of 2024, and Systems reports that its results were consolidated into the Karachi figures until 31 December 2024. In 2025 it is reported separately, with revenue of Rs211.6 million and a profit of Rs12.0 million.

Putting the two together gives Rs1,219.6 million for 2025, which is 25.0 percent more than the Rs975.3 million for 2024, when the Singapore results were still inside the total. Combined profit was about Rs73.3 million, or 6.0 percent of revenue. This sum assumes the two companies did not sell to each other, and both sets of figures are unaudited.

Spread over the stated count of more than 40 enterprise customers, Rs1.0 billion is at most Rs25 million per customer, about $90,000 at Rs280 to the dollar, which is the rate implied by Systems' own loan notice for OneLoad. Salesflo does not say how many of the 300,000 outlets in its retail universe use its handheld software on a given day, so revenue per outlet cannot be worked out.

The benchmark is the other business Systems holds. OneLoad's holding company, E Processing Systems B.V., booked Rs339.6 million of revenue in 2025 and a loss of Rs414.9 million. Salesflo earns about three times the revenue and makes a profit, with net assets of Rs742.2 million, current assets of Rs867.5 million and current liabilities of Rs262.5 million, a current ratio of about 3.3.

What Systems has earned

Systems' 19.69 percent share of Salesflo's 2025 profit was Rs12.1 million. Against the Rs468 million it paid, that is 2.6 percent, and at that rate the cost would take about 39 years to earn back. Its share of Salesflo's net assets is Rs146.1 million, about 31 percent of the price. The filings show an excess of purchase price over net assets of Rs375.0 million, and the Rs434.5 million impairment has removed more than all of it. The stake is carried at Rs86.6 million.

Per share the picture is starker. Systems holds 146,820 shares, so its Rs468 million cost works out at about Rs3,188 a share. The impairment note puts the write down at Rs2,960 a share; with Systems' share of profits since, the stake is now carried at about Rs590 a share. Salesflo's net assets of Rs742.2 million, divided across the roughly 745,600 shares implied by a 19.69 percent holding, come to about Rs995 a share. The only cash Systems has received back from Salesflo is Rs5.0 million of dividends, about 1.1 percent of what it paid. Those sums use the filings' own share counts and carrying values, and a carrying value is an accounting figure, not a valuation.

Measured against today's figures, Systems paid about 3.2 times its share of Salesflo's net assets, and the 2021 price valued the whole company at about 2.3 times its 2025 revenue. The Singapore affiliate, in which Systems also holds 19.69 percent, reports revenue of Rs211.6 million but negative net assets of Rs66.9 million, so it adds growth without adding balance sheet strength. The Karachi company, by contrast, has current assets more than three times its current liabilities.

What is unproven

The 2025 figures are unaudited. The filings do not split revenue between recurring licence fees and one off work, name the discontinued operations, or show how concentrated revenue is among the largest customers. The 30 percent field force gain comes from the cloud provider and has not been independently checked.

The gainers so far are the consumer goods makers, which get cleaner data. Systems Limited is the loser on price and a possible winner if growth holds. Systems' annual report for 2026, which on past timing appears in April 2027, will replace the unaudited 2025 figures with audited ones and show whether 2026 revenue passes Rs1.2 billion.