![]() The positive sovereign environment has helped ACC to start to recover from pandemic-related restrictions, which included government enforced shuts of shopping malls for six weeks. The economic recovery, which coincides with the end of pandemic-related restrictions and higher vaccinations (more than 70% of the population has received a second booster), helped to reduce unemployment to 11% in 4Q21 (2Q20: 15.4%) and to boost consumer confidence. Positive Operating Environment: Fitch expects KSA's real GDP growth to exceed 8% in 2022 (2021: 3.2%). ACC maintains conservative financial metrics, with net debt to EBITDA of 6.7x (FY21: 6.6x) at the end of the financial year that ends 31 March 2022 (FYE22). ![]() The ratings reflect ACC's position as the largest retail real estate company in KSA with a portfolio of 21 shopping centres in the country's biggest cities.
0 Comments
Leave a Reply. |