Following an improvement in financial performance, global data analytics and credit rating agency, DataPro has assigned Smart Residences Limited (SRL) 'A-' rating within a year of being assigned a 'Bbb-' rating from another rating company, Agusto & Co.
Following an improvement in financial performance, global data analytics and credit rating agency, DataPro has assigned Smart Residences Limited "A-" rating within a year of being assigned a "Bbb-" rating from another rating company, Agusto & Co.
It added that the rating considers various factors such as SRL’s capitalisation, earnings profile, liquidity, corporate governance, regulatory compliance, and sustainability in evaluating its current sound position in the medium to long term. DataPro’s report emphasised SRL’s strong profitability and cash flow levels, which have been buoyed by the company’s sustained growth since it commenced operations in 2020, noting that the performance underscores SRL’s commitment to delivering exceptional hospitality services and solidifying its position as a leading player in the real estate and hospitality industry.
The company’s pre-tax profits witnessed an impressive growth of 214 per cent, from N145m in 2021 to N457m in 2022. The margins also improved from 31 per cent to 37 per cent within the same period. The company’s total assets deployed to operations surged to N7.2b in 2022 from N0.6b in 2021, majorly due to the significant increase in current and non-current assets. Notably, a majority of these assets are long-term in nature, indicating the company’s strong future growth prospects.
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