Over 170 firms recover from Covid shocks - Top 100 survey
The Top 100 mid-sized companies survey indicates that more businesses - about 97 percent-- adapted technology to promote sales, establish online presence through websites, adopted e-invoicing and other tech solutions. Photo | File
What you need to know:
- The survey by the Nation Media Group (NMG) and KMPG, indicates that 28 percent of the companies surveyed, reported an improvement in the economic conditions in the country, compared to 13 percent last year and 33 percent in 2019 before the outbreak of the Covid-19 pandemic.
The 2021 Top 100 survey released yesterday shows that many companies improved their revenue despite the harsh economic environment occasioned by Covid-19.
The survey by the Nation Media Group (NMG) and KMPG, indicates that 28 percent of the companies surveyed, reported an improvement in the economic conditions in the country, compared to 13 percent last year and 33 percent in 2019 before the outbreak of the Covid-19 pandemic.
“There is optimism about the future performance of their own industries. Sixty four percent are expecting it to be substantially or moderately better in next six months,” Mr Peter Kyambadde, the director of Tax and Corporate services at KPMG, said while presenting the results of the survey that was conducted between October and November this year.
Most chief executive officers of SMEs look at 2022 as a year of opportunity. One hundred and seventy three participating companies in the survey indicated that the economy has registered some progress in the last six months and is projected to improve from 2022 once the economy fully reopens.
According to Kyambadde, 54 percent of the companies reported that they expect better performance in the next six months compared to 43 percent last year, 47 percent in 2019 and 40 percent in 2018. About 16 percent of the participating firms were in hospitality and entertainment, 14 percent professional services 11 percent in IT, with agriculture and manufacturing each tying at 8 percent.
The Top 100 mid-sized companies survey indicates that more businesses - about 97 percent-- adapted technology to promote sales, establish online presence through websites, adopted e-invoicing and other tech solutions.
Mr Tony Glencross, the Managing Director Nation Media Group Uganda, encouraged all companies to have their employees vaccinated to enable the full reopening of the economy saying NMG decided to have all the staff vaccinated because in South Africa, majority of the new Covid-19 infections are those of people who have not been vaccinated at all.
“With the current number of people vaccinated, we are moving in the right direction. In South Africa, most of the people hospitalised are those who are not vaccinated. Talk to people to get vaccinated. At our premises, we started vaccinating staff yesterday (Tuesday),” he said.
Asked why they think that the next six months will present a rosy picture of the economy and yet the Finance minister Matia Kasaija this week asked the country to pray for economic recovery, Mr Kyambadde said if the vaccination targets are met, the oil and gas sector will spur growth because most of the Final Investment Decisions have been concluded. This is expected to attract between $15 million and $20 million for small and medium enterprises.
Dr Paul Kyalimpa, the deputy executive director of Uganda Investment Authority, said during a recent tour to United Arab Emirates, they managed to get investors to start production in commercial agriculture. He added that when bars, restaurants and schools reopen in January, they will spur consumption of agricultural products.
“Schools employ teachers, financial institutions depend on them for school fees, the printers, are clients for schools, farmers provide schools food and reopening the economy is giving confidence to the world, which will attract investors to the country,” he said.
Unlike the previous years when the survey results were followed with a gala dinner, to recognise the top performing companies, just like last year, there will be no gala night due to the Covid-19 restrictions and the pandemic’s adverse effects.
Top 100 Mid-sized survey
The Top 100 Mid-sized company survey now in its 13th year, is an annual initiative by Daily Monitor and KPMG to identify Uganda’s fastest growing medium-sized companies to showcase business excellence and highlight some of the country’s most successful entrepreneurship stories. The survey to identify the fastest growing medium sized companies
this year attracted 173 firms that had a turnover of Shs50m to Shs25b. Participation is voluntary with the exception of banks, insurance companies, accounting and financial consulting firms. The company must have an annual turnover ranging between Shs360m and Shs25 billion and it should not be listed in any stock exchange. The Top 100 Mid-sized company surveys for 2020 and 2021 were affected by the global outbreak of Covid-19.
