Top 100 survey: SMEs register economic recovery

A new survey conducted by KPMG and Monitor Publications Limited on Uganda’s Top 100 mid-sized companies has revealed that the later have registered some growth despite economic constraints sprouting from the Covid control measures and the Ukraine war.
The Top 100 mid-sized survey is the brain child of Monitor Publications Limited and KPMG, an audit firm.

Unveiling the survey findings conducted between August and November 2022 to about 75 SMEs and partners at a conference in Kampala yesterday, the associate director at KPMG, Mr Benson Mwesigwa, observed that 17 percent of the 163 participating companies opened up more branches.
“This indicates economic recovery is picking up, as well as opening up to the region,” said Mr Mwesigwa.

“Of the 163 participants, 77 percent were already existing businesses of between six and 25 years in operation, which is a milestone, whereas only five percent of these were newly established businesses,” he added.
KPMG and Monitor Publications Limited came up with the initiative to recognise the contribution of SMEs to the economy and to celebrate the entrepreneurs that have contributed to wealth and job creation in Uganda.
The project, which is funded by dfcu Bank and Uganda Investment Authority, seeks to identify Uganda’s fastest growing medium-sized companies to showcase business excellence.
This year’s survey findings further show that 72 percent of the participating businesses are fully owned by Ugandans, an increase of three percent compared to 2019.

“We had about 163 participants in this survey from across the country, which largely attracted business owners in the central region. Thirty five percent were from outside Kampala, with more companies in manufacturing, construction, hospitality, and agriculture,” Mr Mwesigwa said.
Ms Elizabeth Namaganda, the head of marketing at NMG-Uganda, applauded the partners for making the initiative a success.
“This report clearly shows that regardless of the struggles in businesses, all is not gone as other business holders have expanded or gone into other businesses after learning from the shortcomings,” she said.
The data collected indicated savings as the most common source of start-up capital followed by bank loans and a rising challenge in less working capital and high taxes.

To curb challenges of increased taxes, the petroleum commissioner at Uganda Revenue Authority, Ms Sandra Kaitare, called for tax compliance. “In order to reduce the tax burden, all taxpayers should be compliant in registering for tax licences, filing returns in time and making accurate declarations in their reports, as well as using credible tax agents which in return enables one to get bank loans and tax holidays,” she said.
In celebration of the Top 100 enterprises, a gala dinner will be held tonight to recognise entrepreneurial role models that will emerge from the 2022 survey.