alexa Stage set for 12th edition of Top 100 SMEs competition - Daily Nation

Stage set for 12th edition of Top 100 SMEs competition

Monday July 22 2019

L-R: Business Daily Managing Editor Ng'ang'a

L-R: Business Daily Managing Editor Ng'ang'a Mbugua, Easy Coach CFO Efraaz Mughal, -Nation Media Group Managing Director, Newspaper Divisions Francis Munywoki, Benson Ndungu, CEO-elect KPMG East Africa, TrueBlaq GM, Commercial Betty Musungu and Nation Media Group Editorial Director Mutuma Mathiu during the 2019 Top 100 Survey Launch at the Nation Centre on July 22, 2019. PHOTO DIANA NGILA | NMG 

JOHN MUTUA
By JOHN MUTUA
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The 12th edition of the annual Business Daily and KPMG Top 100 SMEs survey was launched on Monday, opening submission of entries to the competition that will showcase Kenya's fast growing mid-sized firms.

The survey — a joint initiative between the Nation Media Group and consultancy firm KPMG East Africa — identifies top mid-sized firms that have an annual turnover of between Sh50 million and Sh1 billion.

Nation Media Group chief executive officer Stephen Gitagama said the competition helps small businesses unlock their potential through improved record-keeping and auditing of their books.

In addition to having a maximum annual turnover of Sh1 billion, companies will be required to submit three years of audited financial reports and they should not be listed on any stock exchange.

This year’s edition comes as small firms struggle to access credit in an environment where loan rates have legal caps and delayed payments by the national and county governments.

“It is our responsibility as the private sector to uplift SMEs by doing business with them and establishing avenues such as the Top 100 Survey to promote them,” Mr Gitagama said.

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Participation is open to all companies except commercial banks, law, insurance, accounting and consulting firms.

KPMG East Africa chief executive Benson Ndung’u said the survey has helped promote the SMES, making them attractive to employees and funders as well as easing the sale of their products in a competitive market place.

“Since the start of the survey, we have seen companies grow to attract highly qualified people who are interested to work for them. They also get to attract more customers because of their association with the Top 100,” said Mr Ndung’u.

Mombasa-based logistics firm General Cargo Services Limited was feted as the overall winner of the 11th edition of the annual competition in November last year.