Rating Release

Agusto & Co. assigns a ‘Bbb+’ rating to Johnvents Industries Limited, with a stable outlook 

The rating expires on 30 June 2026.

Agusto & Co. hereby hereby affirms the “Bbb+” rating assigned to Johnvents Industries Limited (“Johnvents Industries Limited” or “the Company”). The rating affirmation reflects the relative stability in the Company’s profitability supported by higher global cocoa prices and greater operating scale in line with its expansion strategy. The rating also considers Johnvents’ leading position in the Nigerian cocoa processing Industry, as well as the sustained domestic and foreign demand for processed cocoa products, which is expected to continue to positively impact its performance over the near to medium term. However, the rating is constrained by the Company’s substantial investments in inventory and advance supply deposits, which have continued to weigh on its cash flows and working capital management, as well as the susceptibility of its future earnings to global commodities market shocks and adverse weather conditions.

Johnvents Industries Limited was incorporated in 2014 as a limited liability Company and operates as a fully integrated indigenous agro-industrial business. Initially established as a trading enterprise, the Company shifted its focus to agro-processing in 2022 following the acquisition of the Coop Cocoa Factory from Olam Group in 2021. Johnvents processes and supplies cocoa products such as cocoa butter and cocoa cake, and exports them primarily to Europe, Asia and South Africa. In addition to cocoa, the Company is engaged in the sourcing, cleaning and trading of other agricultural commodities, including sesame seeds and soybeans.