Press Release

VIS Reaffirms Entity Ratings of Haleeb Foods Limited

Karachi, June 3, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Haleeb Foods Limited at ‘A/A1’ (Single A /A One). The medium-to long-term rating of ‘A’ indicates good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy. The short-term rating of ‘A1’ indicates strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. Outlook on the assigned rating remains ‘Stable’. Previous rating action was announced on April 17, 2025.

Haleeb Foods Limited (‘HFL’ or ‘the Company’) is an unlisted public limited company established in 1984. The Company operates as a subsidiary of Mega Foods (Pvt) Limited. Sound profile of the parent company provides comfort to the assigned ratings. HFL offers a diverse product portfolio, including packaged milk, tea whitener, fruit juices, a variety of fat-based products, and other related dairy items. Registered office of the Company is located in Lahore, while production facilities are situated at Bhai Peru and Rahim Yar Khan.

The reaffirmation of ratings reflects the Company’s ability to navigate a competitive landscape, marked by pressure from larger formal players, structural challenges from the informal sector, elevated taxation on dairy and juice products, and persistent inflationary headwinds. While these factors, collectively, led to a decline in net sales in FY25, the Company’s profitability remained resilient, supported by a strategic shift toward higher-margin tea whiteners and fat-based products. Management remains focused on enhancing geographic presence, and diversifying the product portfolio. The ratings also take into account the Company’s limited reliance on external borrowings, resulting in negligible gearing, and a comfortable liquidity position. However, dividend payouts have held equity growth in FY25. Going forward, a sustained buildup in the equity base, alongside the materialization of projected improvements in revenue and profitability, will be important for the maintenance of the assigned ratings.

For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk

Applicable Rating Criteria:

Industrial Corporates
https://docs.vis.com.pk/docs/CorporateMethodology.pdf

VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright June 03, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.