1 December 2010

Tanzania: Top 100 Mid-Size Companies to Be Known Next Year

The first ever medium-sized companies survey in the country will be launched next month.

The survey is the initiative of KPMG and the Nation Media Group and it seeks to identify Tanzania's fastest growing medium sized companies in order to showcase business excellence and highlight some of the country's most successful entrepreneurship stories.

The Marketing manager of Mwananchi Communications Limited, Ms Evelyin Muriithi said companies that qualify in the 'Top 100 Mid-sized Company'survey are those whose annual turnover ranges between Sh1 billion and Sh25 billion.

"We are targeting a minimum of 1,000 participants from across all industry sectors. We are, therefore, currently working to secure support amongst various industry associations in order to drive a high participation rate," she said.

Winning companies would be those which rank ahead of their peers in terms of revenue growth, profit growth, returns to shareholders, and cash generation and liquidity. "The winning companies would essentially be those fastest growing companies in the market," she said.

She added that companies wishing to participate should have audited financial record for the past consecutive three years and should not be listed on a stock exchange. Banks, Saccos, insurance firms, law firms and accounting and financial consulting firms will not be allowed to participate. This is because banks are adequately covered by the banking survey, whilst insurance companies require more rigorous analysis than that envisaged by the survey.

In order to sensitize firms on the survey organisers of the survey would meet with industry organisations and umbrella bodies today, according to Ms Muriithi. The benefits of the survey, in addition to awards given to each company that achieves the list of the Top 100, include being linked with key service providers. The companies would also get opportunities to attract the interest of private equity investors and industry strategic partners.

"The Survey will culminate in a gala dinner for the Top 100 midsized companies in May next year. A conference and exhibition, which will provide networking, marketing and educational opportunities would also be held in the same period," she said. The top 100 firms will also join a prestigious club of 'prosperity creators' where they will enjoy certain privileges including networking with suppliers and policy makers.

"We strongly believe that there is a need to celebrate the entrepreneurs that have contributed to wealth and job creation in this country. Our intention, therefore, is that new role models and national heroes will emerge from the Survey. This is the second survey since the completion of the first successful survey in 2008," Ms Muriithi said.

The other objectives of the survey include creating industry databases and that would enable medium-sized companies to benchmark themselves against their peers as well as highlighting, to policymakers, their contribution to economic growth.

To facilitate identification of the Top 100 companies, survey participants will be required to submit data on seven financial indicators. Surveyors will also seek to capture other characteristics of the companies such as their business confidence outlook, talent management policies and involvement in corporate social responsibility. Other characteristics include their contribution to job creation and the role played by innovation in their operations.

Copyright © 2010 The Citizen. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.