Rating agency, Agusto & Co has again assigned a “Bbb-“ rating to Smart Residences Limited (SRL), reaffirming the company’s satisfactory financial condition and capacity to meet obligations as and when due.
In 2022, Agusto assigned Bbb-rating to Smart Residences Ltd, noting that the young hospitality and real estate firm presented commendable profitability and cash flow levels.
Augusto said the firm’s healthy financials were supported by the steady growth in the company’s operating capacity since its inception in 2020.
It commended the favourable terms with the company’s customers and creditors, saying the rating takes into consideration the sensibility of SRL’s operations to other factors such as the rising energy and other costs worsened by inflationary and exchange rate pressures and the potential adverse impact on margins.
Daily Trust reports that Smart Residences Limited is a strong player in the hospitality and real estate sector with operations in the Federal Capital Territory, Abuja.
The company started operation at the peak of the COVID-19 pandemic in 2020 as a provider of serviced short-let apartments (including The Glass Residence and The Residence), to corporate and individual clients, generating revenue and cash flows from rental income.
The company owns and operates under the GIDANKA and HOMEAWAY Trademarks.
It stated that it has expanded with the launching of The Destination, an over 110 upscale serviced-apartment edifice in the heart of Wuse 2, Abuja and another upscale 40-serviced apartment in the Jabi District of the FCT called HomeAway.