SMEs supported by Miarakap have demonstrated strong performance despite a challenging environment. Despite crises and uncertainties marking 2025, companies accompanied by Miarakap have maintained their momentum. Their combined revenue grew by 12%, reflecting the increasing capacity of Malagasy SMEs to adapt during difficult periods.
Successive crises have not derailed the dynamism of the best-structured Malagasy enterprises. Companies in Miarakap's portfolio achieved combined revenue of 55 billion ariary, up 12% compared to the previous year, according to the investment company's report. This performance was achieved in a particularly constraining economic and institutional environment. The year was notably marked by the sudden halt of several USAID-financed activities, persistent inflation effects, and a slowdown in investments. Social tensions that emerged in September evolved into a political crisis and regime transition in October.
Despite these shocks, supported companies continued to produce, invest, and preserve jobs. Miarakap describes this capacity as "antifragility," enabling companies to use difficulties to improve organization, strengthen governance, and adapt their business model. Beyond financing, the investment company also intervenes in strategic decisions, financial management, human resources structuring, and seeking additional funding.
Portfolio diversification played an important role in risk management. Supported enterprises operate in business services, agribusiness, retail trade, and essential services. This variety limits risks from over-concentration in a single sector. Several companies continued their development. Malakass strengthened support for the cassava sector and expanded Vita Malagasy products in the Leclerc network in Réunion. Exa Feed began commercializing insect-based protein products, valorizing organic waste. Dogs & Co and Java Import reorganized their governance to better differentiate their activities.
In total, portfolio companies generated 872 jobs, with over 40% held by women. Beyond financial results, these performances show that formal, well-supported SMEs can become anchors of the economy. In an uncertain context, their adaptive capacity now appears as a major issue for growth and employment in Madagascar.