By Adewale Sanyaolu, Lagos
Eunisell Limited, a speciality chemical and engineering solutions firm in Africa, has maintained its national scale long and short-term ratings of BBB(NG) and A3(NG) respectively with a stable outlook for the year 2021/2022.
The firm’s sound credit rating is contained in a fresh report by Global Credit Ratings (GCR), an international agency that assigned similar credit status to Eunisell for the year 2021.
The company has sustained its good standing despite the impact of COVID-19, global logistics disruptions and other challenges in the operating business environment during the year.
According to the GCR Report, the ratings indicated slight risk, showing good financial strength, operating performance and business profile when compared to the standards established by the rating agency.
It added that Eunisell rating ‘balances a strong niche market position, sound revenue trajectory and the substantial liquidity coverage while it reported firmer operating profit in recent years, underpinned by a shift in product mix.’
Speaking on the development, Eunisell Group Managing Director Chika Ikenga said ‘the rating represents a positive milestone for Eunisell and a further confirmation of capacity. Our continued growth and business expansion despite the challenges of a pandemic year is proof of a resilient business model. We will continue to strengthen our operations in order to remain competitive across all key market operating segments whilst delivering value to stakeholders.
‘Our good standing has also earned us supports from Development Financial Institutions (DFIs) and multi-lateral organisations including; Bank of Industry (BoI) and AFREXIM,’ he noted.
GCR further stated that the latest rating followed an assessment of the companies’ financial performance, capital adequacy, asset quality, liquidity, profitability, risk factors and future outlooks in the medium to long-term period.
‘Eunisell maintains well-established positions in all its key operating segments. This is underpinned by its long operational track record, the ongoing expansion of its chemical blending capacity, and good brand recognition, which has facilitated long term relationships with industry-leading clientele and global vendors.
‘Earnings performance is positive to the ratings, underpinned by the steady revenue progression on the back of continuous product innovation and demand-led volume growth,’ it stated.
Eunisell is Nigeria’s foremost speciality chemicals, fluids and energy productions solutions company which has operated for over 25 years in West Africa.