L'agence de notation GCR raises the long-term issuer rating of Société Ivoirienne de Tabacs from AA- (WU) to AA+ (WU) on a regional scale, with a stable outlook.

The increase in SITAB's rating reflects an improvement in its financial profile driven by a level of liquidity reinforced by a good control of its pricing policy in 2023 combined with a good commercial organization. SITAB's financial profile is supported by robust profitability and solid financial flexibility. In 2023, the company recorded a 10% growth in its revenue, reaching 393 billion CFA francs ($249,078 million), driven by an increase in volumes sold (2023: +8.6%), a price repositioning and an optimization of the product mix. Net income grew by 27.7% to reach 14.4 billion CFA francs. SITAB's prudent debt policy, focused on self-financing, contributes to solid leverage and cash flow ratios. GCR expects this strategy to continue over the next 12 to 18 months, although

The perspective attached to SITAB's rating is justified by SITAB's dominant position in the Ivorian tobacco market, which will support its revenues and continue to give it an advantage over the rates charged. The company will continue to benefit from a robust financial profile, with income growth and a prudent debt policy that favors self-financing