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Home Human Genomics BUSINESS REPORTS

Equity Bank, KPMG, and Daily Monitor Reveal 2024 Top 100 Mid-sized Company Survey Results

Gilbert Akampa Kakurugu by Gilbert Akampa Kakurugu
November 29, 2024
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Clare G Tumwesigye, Head, Marketing and Corporate Communications · Equity Bank Uganda (second from left) interacts with a customer as Nathan Atuhaire (second from right) Marketing Supervisor (Digital & Channels) Equity Bank Uganda chats with Priscilla Regina Nalwoga, NTV Uganda News Anchor and TV Host.

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BY Leonard Kamugisha Akida,

Equity Bank Uganda Limited, the official bank partner of this year’s Top 100 Mid-sized Companies Survey, in partnership with KPMG and the Daily Monitor, has today announced the results of the Top 100 SME Survey, following four months of data collection and high-level interactions with SME owners and stakeholders. This year’s survey theme is “Empowering SMEs for a Monetized Uganda: Catalyzing Growth through Innovation, Sustainability, and Market Access”.

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Attendees ask questions to the panellists at the release of the Top 100 Mid-Sized Survey Report at Four Points Sheraton, Kampala.

The survey, which began in July, captured insights from 180 SME participants about their perspectives on the economy, business operations, opportunities, challenges, and innovations.

Given the significant presence and impact of SMEs in Uganda, the survey aimed to identify Uganda’s fastest-growing and medium-sized enterprises, celebrating business excellence and showcasing some of the nation’s most inspiring entrepreneurship stories.

“Equity Bank is proud to stand alongside some of the country’s most vibrant and resilient entrepreneurs who form the backbone of our nation’s economy,” said Gift Shoko, Executive Director, Equity Bank Uganda Limited.

Mr. Sam Barata, General Manager Commercial at Nation Media Group – Uganda – looks on.

Equity Bank’s involvement in the Top 100 SME Survey campaign underscores the Africa Recovery and Resilience Plan, which aims to achieve the social and economic transformation of Africa.

Gift Shoko went on, “We reinforced this commitment to the SME sector in 2022 with the launch of the Africa Recovery and Resilience Plan, which has become our landmark strategy to support business recovery from the post-Covid pandemic challenges through available financing to the tune of 65 billion US dollars.”

The survey highlighted a 16-year commitment to celebrating the innovation and resilience of small and medium enterprises in Uganda.

“The SME survey today marks another milestone in a journey that has spanned 16 inspiring years, celebrating the innovation, resilience, and impact of Uganda’s small and medium-sized enterprises,” remarked Sam Barata, the General Manager, Commercial of Nation Media Group.

Attendees ask questions to the panellists at the release of the Top 100 Mid-Sized Survey Report at Four Points Sheraton, Kampala.

“The results we share today celebrate remarkable achievements while offering insights into the challenges and opportunities ahead,” he continued.

Companies with an annual turnover between UGX 360 million and UGX 25 billion were eligible to participate in the survey, provided they submitted audited financial statements for the past three years, certified by a registered auditor. Benson Mwesigwa from KPMG noted the exclusion of banks, insurance firms, and stock exchange member companies.

The survey campaign will culminate in a gala dinner and award ceremony, recognizing and honouring SMEs that have demonstrated excellence, resilience, and innovation in the sector, significantly contributing to economic growth and exemplifying the transformative potential of SMEs within the economy.

Mr. Peter Kyambadde, Partner, Tax & Regulatory Services at KPMG in Uganda, listens keenly to the proceedings

Key Highlights From The Survey

Ownership and Management:

Business Establishment: 70% of businesses have been operational for 6–25 years, while 9% are newly established.

Ownership: Fully Ugandan-owned businesses increased to 70% (+7% from 2023), while foreign-owned businesses declined by 2%.

Active Management: 81% of owners actively manage day-to-day activities, up from 76% in 2023. Family-run businesses involve an average of three family members, with two in management roles.

Governance: 63% of companies have boards (4-5 members on average), and 87% of boards take on executive roles, showing improved governance.

Source of Financing: Start-Up Capital: 72% of businesses used founders’ savings, though this is down from 77% in 2023.

Expansion Funding: Bank loans (56%) and founders’ savings (35%) remain top funding sources.

Attendees engage and interact at the release of the Top 100 Mid-Sized Survey Report at Four Points Sheraton, Kampala

Challenges:

Inflation and global economic challenges led to a 4% decline in annual sales, while sectors such as construction (+20%), manufacturing (+12%), and agriculture (+9%) experienced growth.

Key challenges include high taxes, competition, delayed customer payments (75%), stringent supplier credit terms (43%), and lack of funding for asset investments (43%).

Risk Management and Support:

94% of businesses are risk-aware, with 82% managing risks through transference.

77% sought professional advice, focusing on financial management (59%), funding sources (47%), marketing (29%), and e-commerce/technology (28%).

Technology and Certification:

Adoption of new technology stands at 58%, down from 65% in 2023.

Certification levels remain low at 14%, a slight decrease from 17% in 2023.

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Future Outlook:

Stock Exchange: 21% of businesses are considering listing, with most planning this in 2–3 years.

Expansion: 34% aspire to form partnerships within East Africa, with Kenya and Rwanda being key destinations.

Hiring: Due to business expansion and new contracts, 71% anticipate hiring more staff in the next year.

Competitiveness and Customer Insights:

Competitive advantages stem from high-quality products, competitive pricing, and customer care.

73% of businesses adapt products based on customer preferences, emphasizing demand for quality.

Equity Bank Uganda Executive Director (Commercial), Mr. Gift Shoko, at the release of the Top 100 Mid-Sized Survey Report.

Environmental, Social, and Governance (ESG):

43% of businesses are aware of ESG factors, focusing on waste management, tree planting, recycling, solar energy, and eco-friendly materials.

Tags: Daily MonitorEquity BankKMPGSMEs

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