Veritasi Homes & Properties PLC, one of Nigeria’s foremost real estate development companies, has received upgraded investment grade ratings from two prominent rating agencies. These ratings highlight the company’s strong financial position and positive outlook.
DataPro Limited, a leading compliance and rating agency in Nigeria, has upgraded Veritasi Homes’ short-term rating to A1 and long-term rating to A-.
This marks a significant improvement from their previous rating of BBB+, which was awarded in 2023. It reflects Veritasi Homes’ strong financial management, continued growth, and commitment to delivering exceptional value in the real estate market.
In addition, GCR Ratings (Global Credit Ratings), the leading rating agency in Africa and the source of most of all ratings accorded on the African continent, has assigned investment ratings to the company. Veritasi Homes have been assigned BBB- (NG) for long-term obligations and A3 (NG) for short-term commitments, both with a stable outlook. These ratings are based on the company’s good franchise, sound operating performance, and ability to navigate Nigeria’s dynamic real estate environment.
Regarding the rating rationale, the GCR agency said, “Veritasi is one of Nigeria’s fastest-growing real estate and property development companies.
The company’s competitive position is supported by its strong operating performance relative to peers, characterized by varied product offerings and low cash conversion cycle.”
They also stated, “The company’s earnings profile is a positive rating factor, underpinned by good revenue progression and strong earnings margins…While we expect macroeconomic pressures to continue to impact future revenue growth, we anticipate earnings to remain solid over the forecast period as delivery of all remaining projects nears completion, new projects ramp up, and land sales progress.”
In response to the international rating from GCR Ratings, Nola Adetola, CEO of Veritasi Homes and Properties PLC, acknowledged that the company’s first-time BBB- (NG) / A3 (NG) issuer rating illustrates that the dynamic approach to delivering exceptional value in the Nigerian real estate market by the company, amidst the economic uncertainties of the county, has proven effective. “Our upgraded investment grade ratings from DataPro Limited and the newly issued ratings from GCR are also a testament to the hard work, strategic planning, and financial discipline that have driven Veritasi Homes to this point. We are excited about the opportunities these new ratings will bring as we continue to expand and make a meaningful impact on the Nigerian real estate market.”
Tobi Yusuff, Partner, Veritasi Homes, said, “We are pleased to receive these positive ratings from both DataPro and GCR Ratings. The upgraded ratings from DataPro are encouraging, highlighting the significant strides we’ve made in enhancing our creditworthiness and financial stability over the past year. GCR’s initial investment ratings also provide a solid baseline for our continued growth and development. We view these ratings not just as recognition of our past performance but as a challenge to further strengthen our financial position and operational efficiency.”
About Veritasi Homes:
Veritasi Homes & Properties PLC is Nigeria’s leading real estate development company, focused on providing innovative and luxurious housing solutions. With a track record of delivering over 3000 homes and creating lasting value for clients and investors, Veritasi Homes is a trusted name in the industry, driving growth and improving living standards.
For more information, please visit www.veritasihomes.com
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