Rating Release

Agusto & Co. affirms the “A-“ rating assigned to Saro Lifecare Limited, with a stable outlook.

The rating expires on 30 June 2026.

Agusto & Co. hereby affirms the “A-” (long-term) and “A1” (short-term) ratings assigned to Saro Lifecare Limited (“Saro Lifecare”, “SLC” or “the Company”). The rating affirmation reflects the relative stability of the Company’s profitability, supported by its agile product pricing that has partly mitigated the impact of rising input costs. The rating also considers SLC’s adequate working capital position and the Company’s expanding aerosol manufacturing capacity which is expected to reinforce its market leadership in Nigeria’s in-home pest control segment. In addition, the increased local production and raw material sourcing should provide added resilience against the price and supply chain risks associated with imports. However, the rating remains constrained by the Company’s high inventory investments, which continue to pressure working capital, and its concentrated ownership structure.

Saro Lifecare Limited (SLC) is an indigenous consumer goods company in Nigeria engaged in the manufacture and marketing of in-home pest control and personal care products under six brands: Sniper, Nopest, Purit, Carat, Safecut and Diva’s Secret. The Company is part of Saroafrica International Limited (“Saro Group” or “the Group”), a diversified enterprise with operations in crop protection, agro-processing, ethanol and personal care. SLC distributes its products through an extensive network of wholesalers and retailers, including hypermarkets, supermarkets and grocery stores, while also leveraging Saro Group’s crop protection supply channels to reach rural farming communities. Following the recent launch of its aerosol manufacturing facility, the Company now procures over 90% of the inputs for its in-home pest control products from domestic sources, limiting dependence on imported inputs.