Uchumi Super market to open 2 stores in Rwanda
Uchumi Supermarket is to open 2 new outlets in Kigali city, the capital of Rwanda in addition to its 30 outlets in East African Countries of Uganda, Kenya and Tanzania. This is expected by the end of this year 2014.
This comes after the regional chain store, with its base in Kenya, signed construction contracts with a Rwanda-based property firm that will build the store premises this year!
According to the Uchumi’s chief executive Jonathan Ciano, the move is also expected to reduce its reliance on Kenya, Tanzania and Uganda, while the East African Community (EAC) regional economy is growing at a high speed, especially in Rwanda among other countries.
He further added that the Rwandan retail sector is so vibrant and has a growing middle class with disposable income such as in Kenya and Uganda. Rwanda tourism is also growing very fast! Tourists will definitely need to shop around Uchumi supermarkets.
In his words he said that “We hope to sign 2 more contracts of the same kind this year 2014 as a way of expanding Uchumi outlets across other towns in Rwanda”
Uchumi is the 3rd Kenyan company to float shares on the Rwanda Stock Exchange. Others include: Kenya Commercial Bank (KCB) and Nation Media Group (NMG), that have been part of the four firms listed on the stock market, including Bank of Kigali and Bralirwa.
After covering Rwanda, Uchumi also aims at penetrating to Burundi as way of expanding its coverage in East Africa! Rwanda coverage is a bridge to connect to Burundi.
Uchumi’s profit before tax increased to Ksh486.000.000.00 in June 2013 from Ksh406.000.000.00 in June last year 2013. It’s earnings per share, rose by 31%, from Ksh1.03 per share last year to Ksh1.35 for the year ending June 2013.
Uchumi is expected to set competition with Nakumatt- another Kenyan chain store that has already established it footprint with two stores in the Kigali market.
