BAKU, Azerbaijan, Nov 4
By Natavan Rzayeva - Trend:
Uzbek Enter Engineering company’s credit rating has been affirmed “B+” by Fitch ratings with a “stable” forecast, Trend reports referring to Fitch.
Over the past year, Enter Engineering has increased the cost of work to be completed from $4.4 billion to $4.9 billion.
The increase in the total scope of works gives Enter Engineering good visibility of revenues and future cash flows, and also produces results that are well comparable to results of larger international companies.
Enter Engineering also has a potential for development of project scope. Fitch notes that this will strengthen Enter Engineering's leading position in Uzbek market and provide some contract diversification.
Fitch expects Enter Engineering to receive working capital inflows in 2022. This will bring the debt burden to a level lower than that of a group of comparable companies.
Fitch predicts Enter Engineering's revenue growth of 12 percent from 2021 to 2024, with an EBITDA margin forecast to remain at around 12 percent by 2024.
Overall, Fitch concluded that Enter Engineering's financial profile can be defined as “strong”.