Rating Release

Agusto & Co. hereby affirms the “A” rating assigned to Food Concepts PLC with a stable outlook 

The rating expires on 30 June 2026. 

Agusto & Co. hereby affirms the “A” rating assigned to Food Concepts PLC (“Food Concepts” or “the Company”). The rating reflects the Company’s satisfactory profitability and cash flow metrics and a robust liquidity profile. Additional support for the rating comes from Food Concepts’ prudent leverage levels and its strong brand equity and market positioning within Nigeria’s quick service restaurant sector. However, the rating is constrained by the Company’s working capital structure, which reflects a persistent long-term funding gap, as well as rising inventory levels that continue to exert pressure on cash flows.

Food Concepts PLC is a leading Quick Service Restaurant (QSR) operator in Nigeria, engaged in the retail of food items such as rice, chicken and confectionery products through its three proprietary brands – Chicken Republic, PieXpress, and The Chop Box. The Company operates a total of 165 company-owned Chicken Republic outlets, 98 PieXpress stores, 2 The Chop Box locations and 29 franchised stores across Nigeria and maintains a strong national presence with operations in 27 states, including major commercial hubs such as Lagos, Abuja and Port Harcourt.

The opinions expressed in this rating release do not represent any investment or other advice and should therefore not be construed as such. Visit www.agusto.com for further information.