PACRA places NIMIR Industrial Chemicals ratings on Rating Watch

PACRA has put Nimir Industrial Chemicals (NICL) under Rating Watch after its majority owners agreed to sell roughly 51% of the company to Cherat Cement (CHCC). In its Nov 11 action, the agency kept NICL’s long-term rating at A+ and its short-term rating at A1, while retaining a stable outlook. Completion depends on specified conditions and regulatory clearances, and PACRA says the consequences for ratings remain uncertain until the ownership change is completed.

Mettis Global reported that NICL’s FY26 revenue increased 6.7% to Rs48.29 billion, while its gross margin rose to 15.7% from 14.8%. PACRA cited stronger oleochemicals demand and cost discipline, although chlor-alkali volumes fell and longer receivable collection periods have extended working capital needs. The agency also noted that the Hub site is at optimum operating capacity and major projects have entered commercial service. Future rating considerations include profitability, working-capital control, capacity use and the incoming sponsor’s support.