africas-valuable-companies

Africa’s Most Valuable Companies in 2023: A Look at the Top 250 Companies

Africa's most valuable companies in 2023: A look at the top 250 companies
Africa’s most valuable companies in 2023: A look at the top 250 companies

African Business has released its annual ranking of Africa’s top 250 listed companies, which indicates that these firms continue to face challenging business conditions. Despite some signs of diversification in the make-up of Africa’s corporate giants, the bounce-back from the first phase of the COVID-19 pandemic has not been sustained.

The combined market capitalisation of the top 250 companies has fallen from $701 billion to $561 billion since last year’s survey, which is below the record $948 billion achieved in 2015. Although the 2022 figure represented a strong recovery from the low of $556 billion recorded in 2020, many companies enjoyed a temporary bounce from the release of pent-up demand.

The lion’s share of this year’s fall is due to big drops in the value of South African stocks, from $488 billion to $375 billion over the past year. The position of South African companies within the pan-African corporate landscape is particularly interesting. Stock values on the Johannesburg Stock Exchange (JSE) have tumbled in dollar terms over the past year through a variety of factors, including the falling value of the rand, the underlying weakness of the South African economy, and the impact of low infrastructural investment on power supplies and transport reliability. This is reflected in the survey, with the number of South African entries in our Top 250 falling from 133 last year to 96 in our 2023 rankings.

Despite continued weak economic growth in South Africa, the country’s 96 corporations listed in the table of the continent’s Top 250 companies completely dominate it, taking 67% of its entire value this year, with a combined market capitalisation of $375bn out of the $556bn total for the Top 250. Nine of the top ten slots in the table are filled by South African companies, with only telecoms company MTN Nigeria intruding into a perfect ten, while 15 out of the top 20 are South African. Of the remaining five, three are Nigerian and two Moroccan, which fairly reflects the balance of power in the overall table.

Internet and multimedia company Naspers retains the top position with a market capitalisation of $81 billion, up from $50 billion last year, although still down from a high point of $104 billion in 2021. Naspers also has the highest net income by a long way, with $12 billion, ahead of Anglo-American Platinum with $2.7 billion. However, analysts have suggested that some of the company’s operations may have little room for growth in its domestic market.

This ranking was compiled with a methodology based on market value at the end of March 2023. The 250th position in the rankings was achieved with $394 million in 2018, but that figure fell this year to the $229 million valuation of Cleopatra Hospital in Egypt.

2023 Rank
2022 Rank
NameSector
Stock Exchange
Market Value 31/03/2022 ($m)
Market Value 31/03/2023 ($m)
Revenue latest ($m)
Net Income latest ($m)
11NaspersConsumer Non-CyclicalsSouth Africa49,61980,8657,94012
23FirstRandFinanceSouth Africa29,73919,0906,1782
35Standard Bank GroupFinanceSouth Africa20,91516,3477,1832
46Vodacom GroupTelecommunicationsSouth Africa20,10214,2926,3341
52Anglo American PlatinumNon-Energy MaterialsSouth Africa36,42914,2659,0563
64MTN GroupTelecommunicationsSouth Africa24,50013,53711,3811
710Gold FieldsNon-Energy MaterialsSouth Africa13,90911,9364,287711
87Capitec Bank HoldingsFinanceSouth Africa18,60411,0441,861587
918MTN NigeriaTelecommunicationsNigeria10,47110,6024,370779
1020AngloGold AshantiNon-Energy MaterialsSouth Africa10,03210,1964,501297
1115Dangote CementNon-Energy MaterialsNigeria11,2039,9863,512830
1216Absa GroupFinanceSouth Africa11,0488,6865,4381
138SasolNon-Energy MaterialsSouth Africa15,3548,63817,9202
1419Attijariwafa BankFinanceMorocco10,2508,3352,528582
159Kumba Iron OreNon-Energy MaterialsSouth Africa14,4468,1634,058988
1611Impala Platinum HoldingsNon-Energy MaterialsSouth Africa13,0627,8746,8422
1724Bid CorpConsumer ServicesSouth Africa7,3007,5338,686289
1821Shoprite HoldingsConsumer Non-CyclicalsSouth Africa9,5777,40810,658331
1913Maroc TelecomTelecommunicationsMorocco11,7827,3073,454266
2031BUA CementNon-Energy MaterialsNigeria5,7597,192620217
2117SanlamFinanceSouth Africa11,0037,0755,257584
2223Nedbank GroupFinanceSouth Africa8,1536,2523,496785
2314Sibanye StillwaterNon-Energy MaterialsSouth Africa11,5815,8447,5341
2426InvestecFinanceSouth Africa6,7165,503n/an/a
2512SafaricomTelecommunicationsKenya11,8985,4732,567581
2622DiscoveryFinanceSouth Africa8,3935,3333,390316
2737Commercial International BankFinanceEgypt5,0094,9671,078528
2825Airtel AfricaTelecommunicationsNigeria6,9034,9493,820511
2935Bidvest GroupConsumer CyclicalsSouth Africa5,2094,8605,813311
3027Aspen Pharmacare HoldingsHealthcareSouth Africa6,1864,6072,265381
3132Banque Centrale PopulaireFinanceMorocco5,6224,5131,986235
3230RemgroFinanceSouth Africa5,8264,3064,238362
3338B2gold CorpNon-Energy MaterialsNamibia4,8564,2402,347388
3459BUA FoodsConsumer Non-CyclicalsNigeria2,5753,985n/an/a
3534Exxaro ResourcesEnergySouth Africa5,2963,6732,526756
3643Woolworths HoldingsConsumer Non-CyclicalsSouth Africa4,1603,6404,698218
3729PepkorConsumer CyclicalsSouth Africa5,8863,5684,715354
3836Clicks GroupConsumer Non-CyclicalsSouth Africa5,1603,5362,180126
3946Afreximbank (DRs)FinanceMauritius4,0383,510n/an/a
4042Bank of Africa (formerly BMCE)FinanceMorocco4,2383,3181,520225
4140Old MutualFinanceSouth Africa4,4373,2684,711403
4228Northam PlatinumNon-Energy MaterialsSouth Africa5,9193,2362,029586
4339LafargeHolcim MarocNon-Energy MaterialsMorocco4,6233,167n/an/a
4444MultichoiceTelecommunicationsSouth Africa3,9893,0773,55265
4533OUTsurance Group (formerly Rand Merchant Investment)FinanceSouth Africa5,4713,016n/a149
4641African Rainbow MineralsNon-Energy MaterialsSouth Africa4,4002,921984723
4753African Rainbow Capital InvestmentsFinanceSouth Africa2,9772,758n/an/a
4855SonatelTelecommunicationsCôte d’Ivoire2,6802,6172,328444
4951Harmony Gold MiningNon-Energy MaterialsSouth Africa3,1172,5492,51462
5048Growthpoint PropertiesFinanceSouth Africa3,4562,525422299
5171ManagemNon-Energy MaterialsMorocco2,0402,462938157
5263Vivo EnergyConsumer CyclicalsSouth Africa2,2792,455n/an/a
53NEWOrange Côte d’IvoireTelecommunicationsCôte d’IvoireNEW2,371n/an/a
5450Royal Bafokeng PlatinumNon-Energy MaterialsSouth Africa3,1942,346858179
5557Distell GroupConsumer Non-CyclicalsSouth Africa2,6412,2661,939130
5658TAQA MoroccoUtilitiesMorocco2,6142,2151,323127
5745Mr Price GroupConsumer Non-CyclicalsSouth Africa3,9062,1421,629202
5852Ninety One (previously part of Investec)FinanceSouth Africa3,0952,108n/a257
5970Tiger BrandsConsumer Non-CyclicalsSouth Africa2,0662,0381,942161
6056Nestle NigeriaConsumer Non-CyclicalsNigeria2,6581,859970106
6164SantamFinanceSouth Africa2,2771,8491,498110
6278Abou Kir Fertilizers & ChemicalsNon-Energy MaterialsEgypt1,7171,795852434
6381Zenith BankFinanceNigeria1,6911,7612,052486
64NEWGeregu PowerEnergyNigeriaNEW1,75311525
6549The Foschini GroupConsumer CyclicalsSouth Africa3,3391,6972,742184
6654Ciments du MarocNon-Energy MaterialsMorocco2,7661,680n/an/a
6777MCB GroupFinanceMauritius1,7231,664526213
6888Guaranty Trust Holding CompanyFinanceNigeria1,5851,629974396
6979Thungela ResourcesEnergySouth Africa1,7151,6012,773995
7062Life HealthcareHealthcareSouth Africa2,3401,5951,61988
7161COSUMARConsumer Non-CyclicalsMorocco2,3781,5891,03481
7272Marsa MarocIndustrialsMorocco2,0141,536381n/a
7366Spar GroupConsumer Non-CyclicalsSouth Africa2,2371,5297,877129
7467SappiNon-Energy MaterialsSouth Africa2,2081,4777,296536
7596Egypt Kuwait HoldingFinanceEgypt1,4331,4561,053241
7674Momentum MetropolitanFinanceSouth Africa1,7741,4430210
7798Tanzania BreweriesConsumer Non-CyclicalsTanzania1,3861,374n/an/a
7885Telecom EgyptTelecommunicationsEgypt1,6331,3691,436298
7983AVIConsumer Non-CyclicalsSouth Africa1,6581,332806102
8076Scancom (MTN Ghana)TelecommunicationsGhana1,7261,330772222
8180Afriquia GazEnergyMorocco1,7091,311n/an/a
8293Eastern CompanyConsumer Non-CyclicalsEgypt1,4781,307887187
8384Equity Group HoldingsFinanceKenya1,6571,296758366
8475Wafa AssuranceFinanceMorocco1,7401,284n/an/a
8565Dis-Chem PharmaciesConsumer Non-CyclicalsSouth Africa2,2441,2571,90353
8697Label VieConsumer Non-CyclicalsMorocco1,4321,2311,33957
8782Truworths InternationalConsumer CyclicalsSouth Africa1,6791,2281,039172
8869Qatar National Bank AlAhliFinanceEgypt2,1221,203855332
8987NetcareHealthcareSouth Africa1,5861,2011,24963
90101Misr Fertilizers ProductionNon-Energy MaterialsEgypt1,2521,183585228
9173Pick N Pay StoresConsumer Non-CyclicalsSouth Africa1,8151,1766,13482
9268Delta CorporationConsumer Non-CyclicalsZimbabwe2,2061,165499113
9389Total MarocConsumer CyclicalsMorocco1,5681,1391,86252
94134Banque Internationale Arabe de Tunisie (BIAT)FinanceTunisia7871,083433120
9595Société de Fabrication des Boissons de Tunisie (SFBT)Consumer Non-CyclicalsTunisia1,4411,06942089
96109Stanbic IBTC HoldingsFinanceNigeria1,0641,057584170
97114El Sewedy ElectricIndustrialsEgypt9871,0573,009177
9891e-finance for Digital and Financial Investments S.A.E.FinanceEgypt1,5501,035n/an/a
9947Econet WirelessTelecommunicationsZimbabwe3,4791,03125961
10090TelkomTelecommunicationsSouth Africa1,5561,0292,660164
101110East African BreweriesConsumer Non-CyclicalsKenya1,0311,015921100
102105MTN UgandaTelecommunicationsUganda1,1241,008617110
10399Motus HoldingsConsumer CyclicalsSouth Africa1,3439745,396193
104144Hosken Consolidated InvestmentsConsumer ServicesSouth Africa691969n/an/a
10586BarloworldIndustrialsSouth Africa1,5969552,274123
106112Credit Immobilier et HotelierFinanceMorocco1,00993433864
10792ItaltileConsumer CyclicalsSouth Africa1,508925536110
108124Alexandria Containers & GoodsIndustrialsEgypt848924148106
109119Lafarge AfricaNon-Energy MaterialsNigeria918909810116
110104PSG KonsultFinanceSouth Africa1,194882n/an/a
11194PSG GroupFinanceSouth Africa1,46487131651
112108FBN HoldingsFinanceNigeria1,0708651,166249
113106SothemaHealthcareMorocco1,115864n/an/a
114127Golden Pyramids PlazaFinanceEgypt833863n/an/a
115102KCB GroupFinanceKenya1,231861693411
116131DRDGOLDNon-Energy MaterialsSouth Africa81783130266
117135Nigerian BreweriesConsumer Non-CyclicalsNigeria7858251,18236
118164Airtel MalawiTelecommunicationsMalawi566807n/an/a
119167National Bank of MalawiFinanceMalawi542806n/an/a
120113MAS P.L.C.FinanceSouth Africa1,0017874618
121118Karooooo (previously Cartrack)TechnologySouth Africa918777n/an/a
122158NMB BankFinanceTanzania582748n/an/a
123139Vodacom TanzaniaTelecommunicationsTanzania743737n/an/a
124133AtlantaFinanceMorocco788728n/an/a
125140Tanzania Cigarette Co.Consumer Non-CyclicalsTanzania733726n/an/a
126122Tsogo SunConsumer ServicesSouth Africa865717n/an/a
127146Société Gén´´rale de Banques en Côte d’IvoireFinanceCôte d’Ivoire686714n/an/a
128128Access HoldingsFinanceNigeria8336941,575388
129160First National Bank BotswanaFinanceBOTSWANA577690n/an/a
130141Crédit du MarocFinanceMorocco70267624948
131147Crytel MauritiusIndustrialsMauritius683671n/an/a
132181Lesieur CristalConsumer Non-CyclicalsMorocco49067166636
133129IBLFinanceMauritius831662n/an/a
134138Super GroupIndustrialsSouth Africa7476362,72681
135168Sun InternationalConsumer ServicesSouth Africa54163562142
136116EFG HermesFinanceEgypt94263535560
137163ReunertIndustrialsSouth Africa56963065049
138130Société des Brasseries du MarocConsumer Non-CyclicalsMorocco82162828840
139175Faisal Islamic Bank of EgyptFinanceEgypt518623n/an/a
140152United Bank for AfricaFinanceNigeria633620875370
141201Ezz SteelNon-Energy MaterialsEgypt4286142,718215
142136RCL FoodsConsumer Non-CyclicalsSouth Africa7676022,03160
143132Banque Marocaine pour le Commerce et l’IndustrieFinanceMorocco81259729919
144107Coronation Fund ManagersFinanceSouth Africa1,110596n/an/a
145150Co-operative Bank of KenyaFinanceKenya656582356164
146115Talaat Moustafa GroupFinanceEgypt95458164974
147117Fawry For Banking Technology And Electronic PaymentFinanceEgypt926569749
148111Tullow OilEnergyGhana1,016564n/an/a
149148ADvTECHConsumer Non-CyclicalsSouth Africa68056038344
150126AECINon-Energy MaterialsSouth Africa8415581,95975
151169FirstRand NamibiaFinanceNamibia540558n/a68
15260Transaction CapitalFinanceSouth Africa2,440545n/a97
153121Omnia HoldingsNon-Energy MaterialsSouth Africa8705351,33784
154197CRDB BankFinanceTanzania433530n/an/a
155103Innscor Africa*Consumer Non-CyclicalsZimbabwe1,23022840034
156157Absa Bank KenyaFinanceKenya588525246104
157NEWIllovo Sugar (Malawi)Consumer Non-CyclicalsMalawi267523n/an/a
158177Oceana GroupConsumer Non-CyclicalsSouth Africa50951047843
159243Sidi Kerir PetrochemicalsNon-Energy MaterialsEgypt30050628340
160207Standard Bank MalawiFinanceMalawi402505n/an/a
161195Banque Attijari de TunisieFinanceTunisia43450521260
162153Adcock Ingram HoldingsHealthcareSouth Africa63049051948
163178Aluminium Company of EgyptNon-Energy MaterialsEgypt50048575488
164182Standard Chartered Bank KenyaFinanceKenya47248516580
165149JSEFinanceSouth Africa664480n/an/a
166156DatatecTechnologySouth Africa6044794,63734
167166Coris BankFinanceCôte d’Ivoire543469n/an/a
168NEWGlobal Telecom Holding (previously Orascom Telecom)TelecommunicationsEgypt783464n/an/a
169155Poulina Group HoldingConsumer Non-CyclicalsTunisia6164601,06939
170159El Ezz Aldekhela SteelNon-Energy MaterialsEgypt578458n/an/a
171174Aradei CapitalFinanceMorocco520457n/an/a
172212NCBA GroupFinanceKenya370456n/an/a
173172Ecobank Transnational, Inc.FinanceCôte d’Ivoire472451n/an/a
174185Dangote Sugar RefineryConsumer Non-CyclicalsNigeria46744882366
175193Hightech Payment SystemsFinanceMorocco4454479711
176125KAP Industrial HoldingsNon-Energy MaterialsSouth Africa8474441,652103
177143AfrimatNon-Energy MaterialsSouth Africa69644429549
178187Banque de TunisieFinanceTunisia46244313550
179200Union Bank NigeriaFinanceNigeria431442n/an/a
180NEWPremier GroupFinanceSouth AfricaNEW436n/an/a
181142Emaar Misr for DevelopmentFinanceEgypt699415n/an/a
182198Botswana InsuranceFinanceBOTSWANA433407n/an/a
183179Capricorn GroupFinanceNamibia497405n/a69
184NEWFMB Capital HoldingsFinanceMalawi241401n/an/a
185213Société Ivoirienne de BanqueFinanceCôte d’Ivoire370398n/an/a
186236Copperbelt Energy CorporationUtilitiesZambia310390n/an/a
187203Heliopolis HousingFinanceEgypt4263868534
188173Travaux Généraux de Construction de CasablancaIndustrialsMorocco522384n/an/a
189192Astral FoodsConsumer Non-CyclicalsSouth Africa4463821,11661
190202Alexander ForbesFinanceSouth Africa428382n/an/a
191154Saham AssuranceFinanceMorocco61838060932
192219Okomu Oil Palm Co.Consumer Non-CyclicalsNigeria34338013448
193NEWAlexandria Mineral Oils Co.EnergyEgypt27737997461
194161TharisaNon-Energy MaterialsSouth Africa577375686167
195151Namibia BreweriesConsumer Non-CyclicalsNamibia63637216626
196162OnatelTelecommunicationsCôte d’Ivoire574372n/an/a
197196Famous BrandsConsumer ServicesSouth Africa433370n/an/a
198218Absa Bank BotswanaFinanceBotswana350366n/an/a
199230GrindrodIndustrialsSouth Africa323359n/an/a
200221Tsogo Sun HotelsConsumer ServicesSouth Africa342358n/an/a
201226Wilson Bayly HolmesIndustrialsSouth Africa3323571,01540
202NEWAkditalHealthcareMoroccoNEW356n/an/a
203199British American Tobacco KenyaConsumer Non-CyclicalsKenya432350217n/a
204176Crédit Agricole EgyptFinanceEgypt50934516677
205247Edita Food IndustriesConsumer Non-CyclicalsEgypt29734125031
206NEWFidelity BankFinanceNigeria22333666891
207211Juhayna Food IndustriesConsumer Non-CyclicalsEgypt37433536921
208184Auto HallConsumer CyclicalsMorocco469334n/an/a
209210Guinness NigeriaConsumer Non-CyclicalsNigeria37533348637
210216StanbicFinanceKenya35432813173
211231Presco PLCConsumer Non-CyclicalsNigeria32032716246
212165National Bank of Kuwait – EgyptFinanceEgypt548325n/an/a
213220Housing & Development BankFinanceEgypt343316n/an/a
214188OragroupFinanceCôte d’Ivoire459316n/an/a
215222SBM HoldingsFinanceMauritius337313n/an/a
216232Tanzania Portland CementNon-Energy MaterialsTanzania318311n/an/a
217204Mobile TelecommunicationsTelecommunicationsNamibia41129917047
218245Arindo Holdings (Mauritius)IndustrialsMauritius299299n/an/a
219NEWAbu Dhabi Islamic Bank – EgyptFinanceEgypt15229919873
220229Oriental WeaversConsumer Non-CyclicalsEgypt32429942927
221233Compagnie Minière de TouissitNon-Energy MaterialsMorocco314293n/an/a
222NEWOrascom Development EgyptConstructionEgypt26028933765
223NEWAmen BankFinanceTunisia20728515643
224215Stanbic Bank UgandaFinanceUganda35728529582
225227Hudaco IndustriesIndustrialsSouth Africa33228246834
226246Deep Yellow LimitedEnergyNamibia298282n/an/a
227NEWPalmciConsumer Non-CyclicalsCôte d’Ivoire244281n/an/a
228205Metair InvestmentsIndustrialsSouth Africa409280n/an/a
229237Zambia SugarConsumer Non-CyclicalsZambia308269n/an/a
230186Curro HoldingsConsumer Non-CyclicalsSouth Africa46726622913
231NEWFDH BankFinanceMalawi131263n/an/a
232NEWInternational BreweriesConsumer Non-CyclicalsNigeria28426246914
233242I&M HoldingsFinanceKenya30126017384
234180Raubex GroupIndustrialsSouth Africa49125771435
235NEWSociété d’Articles HygiéniquesConsumer Non-CyclicalsTunisia22125725510
236NEWPress CorporationTelecommunicationsMalawi280256n/an/a
237238Les Eaux Minerales d’OulmesConsumer Non-CyclicalsMorocco30725620713
238NEWEgyptian Chemical IndustriesNon-Energy MaterialsEgypt24125623134
239190PPCNon-Energy MaterialsSouth Africa4552566245
240NEWGemfields GroupNon-Energy MaterialsSouth Africa28125634157
241NEWNestlé Côte d’Ivoire SAConsumer Non-CyclicalsCôte d’Ivoire253252n/an/a
242183CashbuildConsumer CyclicalsSouth Africa47125165428
243NEWFlour Mills NigeriaConsumer Non-CyclicalsNigeria2772502,80462
244224MpactNon-Energy MaterialsSouth Africa33524966839
245NEWSBN HoldingsFinanceNamibia179249n/a30
246NEWUnion Internationale de BanquesFinanceTunisia15924315333
247217CFAO Motors Côte d’IvoireConsumer CyclicalsCôte d’Ivoire354242n/an/a
248137Arcelormittal South AfricaNon-Energy MaterialsSouth Africa7592412,302149
249NEWCIELConsumer CyclicalsMauritius262230n/an/a
250194Cleopatra HospitalHealthcareEgypt4382298511

Original Source: Business Insider Africa