Sundry Foods secures national credit ratings, sees positive outlook

FOODS services company report. in Nigeria, Sundry Foods In arriving at its decision, Limited ( SFL), has been GCR reiterated that the comaccorded the national scale pany has sustained a strong long- term and short- term earnings trajectory over the Issuer ratings of A-( NG) and review period even, as it said A2 ( NG), respectively by that SFL’S revenue almost international rating agency, doubled and outperformed Global Credit Ratings ( GCR). budget.

SFL’S Head, Marketing, ‘’ This was underpinned by Nduka Mokwunye, said in a growing customer patronage statement that the affirmaand higher prices across busition of the company’s ness segments. Despite pernational credit ratings by sistent inflationary pressure GCR was contained in the and the recent surge in enerlatest reportof the credit ratg y cost, efficient cost control ing agency. saw EBITDA margin improve

GCR Ratings (‘ GCR’) has to 18.6 per cent in FY21 and 26 affirmed the national scale per cent during 1Q FY22 long- term and short- term ( FY20: 17.8 per cent),’’ GCR Issuer ratings of A-( NG) and said.

A2( NG), respectively GCR further explained that assigned to Sundr y Foods the Sundry Foods’ competiLimited (“Sundry Foods” or tive position is supported by “the Company”). its well- entrenched brands Concurrently, GCR has within the fast- expanding affirmed the national scale Nigerian quick service restaulong- term Issue rating of Arant sector, noting that the ( NG) accorded to Sundr y company rolled out additionFoods Funding SPV Plc’s al 40 outlets over the last 12 N2.5bn Series 1 Bonds. The months to May 2022, bringOutlook on the ratin g h as ing its total outlets to 145 been revised to Positive,’’ the across 11 States, thus enhanc

statement said quoting GCR ing market share.