Naivas Supermarket made a profit of Sh. 2.1 billion in the nine month period ended March 31 2023.
This profit has been revealed by the Mauritius firm IBL Group which acquired a 26.3 per cent stake in Naivas.
“Naivas, the leading supermarket chain in Kenya that the Group invested in during the first quarter, generated higher profits compared to last year,” IBL said in a statement.
“The share of profits for Naivas, as an associate, is being reported for the first time this year and represents Mauritanian Rupees 184m (Sh. 553.4 million).”
Previous disclosures showed that the retailer reported sales of Sh. 65.1 billion in the year ended June 2021 when its net profit stood at Sh. 2 billion, representing a net margin of 3.18 per cent.
This was an improvement from the prior year when it made a net income of Sh. 1 billion from sales of Sh. 54 billion, amounting to a net margin of Sh. 1.9 per cent.
Meet billionaire Nakuru brothers who established Naivas Supermarket, Tuskys
Naivas has been expanding its footprint around the country. Last year, for instance, it opened new branches such as Naivas Express Uthiru and Greenwood Mall in Meru, among others, pushing its total nationwide outlets to 91.
“This new development was motivated by the need to offer convenience to our shoppers by offering them a world-class shopping experience at their doorstep. We have not had a presence in all these three places and we are elated to be welcoming more communities into Team Naivas,” Willy Kimani, Naivas Supermarket Chief Commercial Officer, previously said.
The family of Peter Mukuha Kago ( founders of Naivas) in August last year pocketed $32.29 million (Sh. 4.4 billion) from the sale of an 8.5 per cent stake to the IBL consortium in a transaction that valued the retailer at Sh. 45.6 billion.
Th is family joined the International Finance Corporation (IFC), German fund DEG and private equity firms Amethis and MCB Equity Fund to sell a combined 40 per cent stake in the country’s biggest supermarket for a record-setting $151.97 million (Sh. 20.9 billion).
