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Home Companies Corporate Updates

Agusto & Co affirms Sundry Foods A-Rating, Outlook Stable

NM Partners by NM Partners
July 26, 2022
in Corporate Updates
Agusto & Co affirms Sundry Foods A-Rating, Outlook Stable

Ebele Enunwa, MD, Sundry Foods

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Leading Rating Agency, Augusto & Co on Friday, 8th July 2022 affirmed A- rating to food services giant in Nigeria, Sundry Foods Limited (SFL) with stable outlook.

This comes nearly three weeks after an international rating agency, Global Credit Ratings (GCR) accorded SFL the national scale long term and short term issuer ratings of A-(NG) and A2 (NG) with revised outlook to positive.

‘’Agusto & Co. upgrades the rating assigned to Sundry Foods Limited (“Sundry Foods”, “SFL” or “the Company”) to “A-,”  Mr Nduka Mokwunye, Head Marketing, SFL, announced in a statement quoting the credit agency’s latest report.

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In the report, Agusto & Co noted that the rating upgrade reflects SFL good profitability, moderate leverage, adequate working capital as well as good and sustainable cash flow position which it said is supported by the company’s favourable trade terms with its customers and creditors.

The rating agency said that other factors that influenced the latest SFL rating include aggressive expansion drive as well as the company’s good market position in the capacity of a leading player in the Quick Service Restaurant (QSR) industry with a stable and experienced management team.

Similarly, SFL cumulative Operating CashFlow over the recent three-year period (2019 – 2021) was enough to meet dividends and interest payments; therefore, in the rating agency’s opinion the company’s cash flow position is good and sustainable given its business model.

To buttress its point the rating agency said, SFL recorded a 75% increase in revenue performance in the first quarter of 2022 from a similar period in the previous year, adding that SFL recorded an improved operating profit margin and profit before tax margins to 13.5% and 11.2% respectively (FYE 2020: 9.7%, 7.5%).

‘’As at the reporting date, SFL posted a pre-tax pre-interest return on assets (ROA) and pre-tax return on equity (ROE) of 23% and 51% respectively.

‘’This is reflective of the company’s continued expansion evidenced by the opening of eight additional outlets as at the end of the first quarter of 2022. Thus, SLF posted an annualized ROA and ROE of 33% and 66% which are good in our opinion,’’ the rating agency said.

Other key rating drivers the agency highlighted in the report include a short-term and long-term financing surpluses of ₦1.2 billion and ₦935 million respectively as at 31 December 2021 which SFL recorded resulted in an overall working capital surplus of ₦2.1 billion which agency consider adequate.

On SFL’s stable outlook, Agusto & Co said that it reflects its expectations that financial performance and credit metrics will continue to support SFL A- rating despite economic and industry headwinds.

Speaking on the new feat, SFL Managing Director, Mr Ebele Enunwa remarked that the latest rating by a renowned rating agency has reinforced the fact that ‘’we are a credit-worthy company in the country with a very good investment potential for many local and international investors and financiers.”

He reiterated SFL commitment to delivering exceptional performance in all its brand offering with intense focus on excellence and best practices.


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Tags: Ebele EnunwaSFLSundry Foods Limited
NM Partners

NM Partners

"NM Partners" encompasses a diverse range of articles and content published on behalf of various organizations, including corporate entities, government and non-governmental institutions, academic bodies, and key stakeholders in the economic sphere. This content spectrum covers press releases, formal announcements, specialized content, product promotions, and a variety of corporate communications tailored to engage our readership. Notably, a portion of these articles are sponsored content. At Nairametrics, while we provide a platform for these diverse voices, it is important to clarify that our relationship with the content under "NM Partners" does not imply endorsement or affiliation. The responsibility for the content accuracy and viewpoints expressed rests solely with the respective contributors. Nairametrics maintains a firm commitment to editorial independence and integrity. Consequently, we do not assume responsibility for any of the content published under "NM Partners." For any inquiries, comments, or feedback regarding the content featured in this section, we encourage open communication and can be reached at info@nairametrics.com. Additionally, we invite our readers and contributors to familiarize themselves with our Paid Post Guidelines, which outline the standards and processes governing paid content on our platform.

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