DataPro, a technology-driven Credit Rating Agency, has in its latest report assigned Zylus Homes and Property Limited a long-term rating of “BBB” with a positive outlook for the year 2023/2024.
According to a statement by the rating agency, considerations for the rating assigned include the company’s financial performance, profitability, capital structure, asset quality, liquidity, corporate governance & risk management as well as its risk factors.
“Zylus demonstrated sustained growth in Earnings with a compound annual growth rate of 22.6%. During the year, 2022, Revenue rose by 12 per cent to N11.5b. Equity provided 44 per cent funding for the Company’s Assets in the year 2021 and 2022. It’s liquidity profile also improved from 202% (Yr.21) to 204% (Yr. 22),” the statement read in part.
It said the positive rating assigned reflected DataPro’s opinion of Zylus’s good revenue, profitability and liquidity profile.
“BBB” indicates slight risk. It shows fair financial strength, operating performance and business profile when compared to the standard established by DataPro.
The statement, signed by DataPro Client Services Manager, Mr Kehinde Rasheed, added, “This company, in our opinion, has an ability to meet its ongoing obligations but is vulnerable to adverse changes in economic conditions. The short-term rating of “A2” indicates Fair Credit Quality and adequate capacity for timely payment of financial commitments.”