Naivas Supermarket reported KSh2.1 billion in revenue for the nine months ending March 2023.
IBL acquired 26.3 per cent of the retailer last year, revealing that it received KSh553.4 million in the same period. IBL is a diversified group based in Mauritius. It is listed on the Stock Exchange of Mauritius.
IBL stated that “Naivas, the leading supermarket chain in Kenya that the group (IBL) invested in during the first quarter, generated higher profits compared to last year,” and that the share of profits for Naivas, as an associate, is being reported for the first time this year and represents Rs 184 million.
Going forward, IBL says, “The Group continues to perform very well and pursues its “Beyond Borders” strategy to increase its presence in East Africa and in the Indian Ocean.”
“It is working towards completing further investments in the next few quarters, mainly in the commercial, healthcare, and energy sectors, with the aim to significantly enhance the Group’s footprint and profitability in large growth markets and sectors on the continent.”
Naivas is one of the biggest retailers in Kenya and has been expanding its footprint around the country. It had a branch count of 91 as of December 2022. Currently, it has 93 branches.