Eat N' Go Limited

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Eat ‘N’ Go Limited (2022-04)
  • Eat N' Go Limited
  • Year : Apr 2022
3 Tokens
USD 300.00
Summary

The earnings profile is considered as a positive rating factor. ENG has reported robust revenue progression, with a 5-year CAGR of 21% underpinned by rapid store expansion and a growing customer base. Revenue has also been enhanced by the Group’s implementation of value-added services, adoption of technology and partnership with third party delivery companies to boost sales. Strong revenue growth is expected over the outlook period given the gradual pick up of economic activities (as evidenced by the 1H FY21 results) to be supported by economies of scale from newly built stores.

Additional Information

The Group’s well-entrenched international brands include Domino’s Pizza, Cold Stone Creamery Ice Cream (“CSC”) and Pinkberry Frozen Yoghurt which has aided ENG’s rapid growth in terms of market penetration and store expansion with footprint across 15 states in Nigeria as well as major cities in Kenya, resulting in a combined 156 outlets in the two countries. ENG plans to close FY21 with 178 stores and further to 329 by 2026. The Stable Outlook reflects GCR’s opinion that ENG will continue to generate robust earnings and cash flow, which should see credit protection metrics and liquidity profile improve in the coming years.

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