NAIROBI, Kenya, May 23 – Naivas Supermarket posted Sh2.1 billion in the nine months ending March this year.
IBL, a Mauritius firm that acquired 26.3 percent of the retailer last year, revealed
In the period, IBL received Sh553.4 million.
“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.
“The share of profits for Naivas, as an associate, is being reported for the first time this year and represents Rs 184m.”
The retailer, which is one of the biggest in the country, 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,” said Willy Kimani, Naivas Chief Commercial Officer, earlier.
