Emzor Pharmaceutical Industries Limited (Jan 2025)

Emzor’s liquidity assessment remains a positive rating factor, mainly supported by Emzor’s demonstrated access to diverse funding sources. The liquidity uses versus sources coverage is estimated at 1.4x over the 14-month period to December 2025, underpinned by sound operating cash flows of NGN9.9Bn forecasted in line with our earnings projection for 2025. This is considered sufficient to cover the near-maturing debt repayments. Further, we expect the group's anticipated funding support of about USD6M from the European Investment Bank to cover the high capital investment required for the ongoing capacity expansion in 2025.

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