Rating firm, DataPro Limited, has assigned an ‘A’ rating to Smart Residences Limited (SRL), a foremost real estate company.
The “A-” rating from DataPro, a prominent global data analytics and credit rating agency, came within a year of the “Bbb-” rating.
DataPro’s report emphasized SRL’s strong profitability and cash flow levels, which have been buoyed by the company’s sustained growth since its founding in 2020.
This is just as the real estate firm disclosed that it recorded N1.2 billion in revenue, representing 162% increase compared to the previous year’s revenue of N485.1 million.
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The rental of serviced apartments contributed significantly to SRL’s earnings, accounting for 79% of the total revenue in 2022.
In the statement, the firm said, “This exceptional performance underscores SRL’s commitment to delivering exceptional hospitality services and solidifies its position as a leading player in the real estate and hospitality industry.
“DataPro’s “A-” rating for Smart Residences Limited (SRL) not only highlights the company’s robust profitability and cash flow levels, but also recognizes its comprehensive approach to risk management.
“The rating takes into account various factors such as SRL’s capitalization, earnings profile, liquidity, corporate governance, regulatory compliance, and sustainability in evaluating its current sound position in the medium to long term.”
The firm said since its inception in 2020, it has quickly emerged as a leading and reputable player in Nigeria’s burgeoning real-estate and hospitality industry.
The company presently operates from three prime locations in the Federal Capital Territory, Abuja – The Residence, Glass Residence, and The Destination. The Residence, comprising 30 premium apartments and commenced operations in January 2020, while Glass Residence, with upscale 30 units of apartments and occupying 4,000 SQM, opened its doors to customers in May 2021.