Press Release
VIS Upgrades Entity Rating of Agro Processors and Atmospheric Gases Limited
Karachi, July 15, 2026: VIS Credit Rating Company Limited (‘VIS’) has upgraded the medium to long-term entity rating of Agro Processors and Atmospheric Gases Limited (‘APAG’ or ‘the Company’) from ‘A-’ (Single A Minus) to ‘A’ (Single A) while maintaining the short-term rating at ‘A2’ (A Two). The medium to long-term rating of ‘A’ signifies good credit quality. Protection factors are adequate. Risk factors may vary with possible changes in the economy. The short-term rating of ‘A2’ indicates good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. The outlook on the rating is ‘Stable’. Previous rating action was announced on October 20, 2025.
Agro Processors & Atmospheric Gases Limited (“APAG” or “the Company”) was Established in 1980. The Company's registered office and production plant are located in the Site Area, Karachi. APAG operates in both B2B and B2C markets. The Company manufactures and markets of high-quality branded edible oils, banaspati, margarine, industrial fats, and sauces under leading brands including Soya Supreme, Malta, Champion, Taqat, and Smart.
The ratings reflect the Company’s established market position in Pakistan's edible oil and fats industry, supported by a portfolio of well-recognized brands. The Company's experienced sponsor group, strengthened governance framework, and seasoned management team provide stability and support strategic execution, with continued enhancements to its governance and institutional practices aligned with its long-term objective of pursuing a public listing. Operational performance has strengthened, as reflected in improved capacity utilization and sustained growth in both domestic and export sales. Profitability recovered during FY25 and remained healthy in 9MFY26, supported by higher sales volumes, improved pricing, and better operating performance. The financial risk profile remains adequate, underpinned by comfortable debt servicing capacity, improving cash flow generation, and adequate capitalization. While the Company remains exposed to international commodity price fluctuations and exchange rate volatility, which may affect earnings, the assigned ratings are underpinned on successful execution of projected business plans, encompassing growth in revenues, profitability, and cash flows while maintaining prudent capitalization, liquidity, and debt coverage metrics.
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