Press Release
VIS Maintains Entity Ratings of At-Tahur Limited
Karachi, October 27, 2026: VIS Credit Rating Company Limited (‘VIS’) has maintained the entity ratings of At-Tahur Limited at ‘A-/A2’ (Single A Minus/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’ denotes good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. Outlook on the assigned rating has been revised from ‘Stable’ to ‘Positive’. The previous rating action was announced on July 14, 2025.
Listed on the Pakistan Stock Exchange since 2018, At-Tahur Limited ('PREMA' or 'the Company') has an established presence in Pakistan's dairy industry under the "Premá" brand, supported by an experienced management team, sound corporate governance, and a well-developed distribution network.
The industry dynamics are characterized by intense competition and inflationary pressures, though business risk is supported by relatively stable demand, strong brand name, product diversification, experienced sponsors, alongside sizable livestock. The Company’s net sales recovered in FY26 mainly due to rebound in demand, while gross margin decreased slightly mainly due to higher forage procurement costs. However, net margin improved in FY26 on account of relatively lower increase in overall expenses along with increase in non-operating income. Gearing and leverage ratio, though still low, increased slightly due to higher borrowings.
The rating outlook has been revised, reflecting the Company’s ability to maintain its financial profile through revenue growth in FY26 and maintenance of liquidity profile. Operational efficiency is expected to strengthen further, as pre-bought feed may improve procurement costs and herd productivity. Anticipated improvements in cash flows and debt service coverage remain key ratings considerations. Looking ahead, management anticipates increase in herd size through organic growth. Moreover, positive impact of the planned exports to the Gulf market, further product diversification, timely feed procurement, alongside partial conversion to solar and biomass energy, will be important for 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: Corporates:
https://docs.vis.com.pk/Methodologies-2026/Corporate-Rating-2026.pdf
VIS Issue/Issuer Rating Scale:
https://docs.vis.com.pk/docs/VISRatingScales.pdf