SME News

World of Lights Glows atop MPL Mid-Sized Firms Award

Monitor publicationsJust as the name goes, World of Lights has been able to shine among the top 100 mid sized companies of 2011 during the event held on Friday night.

World of lights is an electronics dealer that emerged best in the annual event that has now seen three winners since its inception in 2009. This survey was conducted by the Uganda branch of Synovate and was sponsored by Monitor Publications Limited (MPL) and KPMG Uganda. This project looks forward to recognizing the efforts being made by the small and mid-sized organizations in Africa that show exemplary performance especially in terms of revenue growth, liquidity and returns on investment.

The electronics dealer out did Farmers Centre and Case Medical Centre who took the second and third positions respectively. Among the top five positions included Prestige Electronics and Computers ranked fourth and Revolution AD and Design who came in as the fifth.

Word from the management of World of Lights was full of praise for the award, citing it as a goal achieved and recognition of their hard work and input since the inception of the firm. He however could not hide his surprise given the current poor economic environment which had had a negative impact on the economy. He furthermore indicated the possibility of extending his business to the vast East African region.

According to the organization, the four companies that appeared in the Top 100 Mid-sized companies last year have joined Club 101 after surpassing the Shs25 billion turnover categories. From last year’s list, we had Verma Co. Ltd, Desbro (U) Ltd, TTB Investment Ltd and Pearl Engineering Ltd.

Been difficult

The survey of the top 100 fastest growing mid-sized firms was established in 2009 by Monitor Publications Ltd and KPMG Uganda. This year however, Synovate Uganda contacted 600 companies from which 188 responded therefore the top 10 survey was made.

Although SMEs are continually developing and increasing the country’s GDP, they still have to bear with a number of challenges. It is said that they contribute up to a total of 60 percent of the country’s gross domestic product.

Just as the case is in other African nations, SMEs face challenges such as, poor infrastructure, high cost of production, power shortage high inflation and limited sources of credit facilitation.

Government representatives in the forum applauded the efforts made by the initiators of the survey and asked SME owners to champion the drive of an SME led private sector. Messages of encouragement flowed, with the Minister of Trade indicating the possibility of the Ministry working together with SMEs towards developing the sector and abolishing the obstacle hindering their growth. He urged the SME managers to work together with the ministry in building their space in the economy.

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