Naivas, Kenya's largest supermarket chain, has reported a 43.4% leap in net profit to KSh 2.45 billion, on the back of a 21.6% revenue increase to KSh 114.45 billion in FY2025.
- •This growth was achieved despite a complex macroeconomic environment in Kenya, characterized by inflation and fiscal pressures—risks its parent company IBL Ltd explicitly flags in its risk assessment.
- •Naivas countered these headwinds by aggressively expanding its footprint to 108 stores, deepening its penetration in urban centers and mid-sized towns, and it is now in the process of rolling out a new Enterprise Resource Planning (ERP) system across its network.
- •East Africa now contributes 37% of IBL’s total group revenue, with Naivas as its primary engine, while IBL's retail cluster saw its operating profit soar by 79%.
“The performance of our international operations, particularly Naivas, demonstrates that our Beyond Borders strategy is delivering,” IBL's Group CEO, Arnaud Lagesse, stated in the report.
In its Integrated Report, IBL highlighted Naivas's "reinforced leadership position in Kenya," directly linking it to the group's transition from a "Mauritian champion" into a "regional leader."
Ownership Shift
A deeper look into the financial statements reveals a significant corporate restructuring. The "Equity Attributable to Owners" shifted dramatically from negative KSh 0.13 billion to positive KSh 30.77 billion.
This indicates IBL likely consolidated its control, possibly through a transaction that remeasured its existing stake to fair value.
| Metric | FY 2025 (KSh Bn) | FY 2024 (KSh Bn) | YoY |
|---|---|---|---|
| Revenue | 114.45 Bn | 94.07 Bn | ▲ +21.6% |
| Expenses | 112.05 Bn | 92.37 Bn | ▲ +21.3% |
| Profit for the Year | 2.45 Bn | 1.71 Bn | ▲ +43.4% |
| Owners’ Share of Profit | 1.38 Bn | (0.13 Bn) | ● Turned Positive |
| NCI Share of Profit | 1.07 Bn | 1.84 Bn | ▼ -41.8% |
| Other Comprehensive Income | (0.01 Bn) | 0.82 Bn | ▼ |
| Total Comprehensive Income | 2.44 Bn | 2.53 Bn | ▼ -3.6% |
| Current Assets | 15.19 Bn | 14.12 Bn | ▲ +7.6% |
| Non-Current Assets | 44.83 Bn | 36.90 Bn | ▲ +21.5% |
| Total Assets | 60.02 Bn | 51.02 Bn | ▲ +17.7% |
| Current Liabilities | 17.20 Bn | 16.01 Bn | ▲ +7.4% |
| Non-Current Liabilities | 8.98 Bn | 10.45 Bn | ▼ -14.1% |
| Total Liabilities | 26.18 Bn | 26.46 Bn | ▼ -1.1% |
| Equity Attributable to Owners | 30.77 Bn | (4.66 Bn) | ● Capital Position Reversal |
| Non-Controlling Interest Equity | 3.06 Bn | 12.45 Bn | ▼ -75.4% |
