Top 100 medium size firms named

A Thika-based light industry firm has been named the top medium-sized company in Kenya.

Jungle Macs EPZ Ltd, which adds value to macadamia and cashew nuts, took the honours during the unveiling of the 2011 Top 100 medium-sized companies.

During a gala night held at the Carnivore Restaurant on Friday, the company was recognised for its contribution to increasing the country’s wealth and employment creation.

Retail pharmacy company Pentapharm Ltd came second and while the third position was taken by Kema East Africa Ltd which deals in shoes and other personal protective equipment.

The Top 100 Survey, an initiative of KPMG Kenya and Nation Media Group, aims to recognise the contribution of medium-sized companies to the country’s economic growth.

Guest speaker

Transport minister Amos Kimunya, the guest speaker during the function, underscored the need to identify, recognise, nurture and encourage medium-sized companies as a platform to create more jobs for the economy.

“By participating, the companies set standards and the best business practices to be emulated by others,” he explained.

Chief executive officer and senior partner at KPMG East Africa Josphat Mwaura reiterated that the competition was a platform to bring together the companies which play a key role in creating wealth in the country.

“The competition enables participants share and learn from each other on the challenges they face and how to overcome them,” said Mr Mwaura.

NMG chief executive Linus Gitahi said the competition’s aim was to improve the companies’ performance to become tomorrow’s multinationals, thereby creating more wealth and jobs.

“Any country without a multinational is a poor one,” he noted.

With Kenya’s unemployment rates standing at about 35 per cent, Mr Gitahi said that encouraging expansion of companies would create more employment opportunities besides enhancing their competitiveness.

“These companies represent a major part of the economy that play a critical role in job creation and tax generation to fund development projects hence the need to be recognised,” said Mr Gitahi.

The survey seeks to identify Kenya’s fastest growing medium-sized companies to showcase business excellence and highlight some of the country’s most successful entrepreneurship stories.

The criteria

A company that leads in the Top 100 survey is ahead of its peers in terms of revenue growth, profit growth, returns to shareholders and cash generation or liquidity.

The survey, first launched in 2008 is conducted annually and is for fast growing mid-sized firms with a turnover of between Sh70 million and Sh1 billion.

The sector employs over 75 per cent of the workforce and contributes over 18 per cent of the national wealth, measured in Gross Domestic Product.

The survey, in its fourth year, seeks to recognise the fastest growing and financially stable companies in the country.

The participating firms had a combined annual turnover of nearly Sh100 billion or 10 per cent of the country’s budget.