Credit agency affirms Tingo Mobile ‘A’ rating
Chief Executive Officer, Tingo Mobile Nigeria, Auwal Maude (left); Country Manager, Luno Nigeria, Owenize Odia; Executive Director, The Next Titan Nigeria, Mide Akinlaja; Head, Corporate Communications, Heritage Bank, Ozena Utulu and her Sifax Group counterpart, Muyiwa Akande. PHOTO: FEMI ADEBESIN-KUTI
Credit Rating Agency (CRA), DataPro, has assigned Tingo Mobile Plc a long-term rating of ‘A’ with a positive outlook for 2023/2024.
The agency, in its latest report, explained that the firm, when assessed on its standards, shows excellent financial strength and operating performance.
The rating agency said the mobile firm, a first-time issuer rating, demonstrated sustained growth in earnings with a compound yearly growth rate of 30 per cent.
According to it, in 2022, its revenue rose by 35 per cent to N463 billion.
It said its equity also provided 47 per cent funding for the company’s assets as against 22 per cent funding recorded in the previous year.
It stated that considerations for the rating assigned included the company’s financial performance, profitability, capital structure, asset quality, liquidity, corporate governance, risk factors and management.
It said the positive rating assigned reflected DataPro’s opinion of Tingo’s good revenue and funding profile, as well as its experienced management team.
