10 Largest companies in Africa (2023)
Africa’s growth rate has improved drastically over the years, with exceeding revenues offered to big corporations across the continent. The continent’s growth prospects were pegged to improve in the coming years by the International Monetary Fund.
In today’s Africa, corporations attract a bulk of the revenue addition and the overall growth of the country’s GDP. Our ranking of the largest companies in Africa is guided by the revenue strength of the corporation. Research conducted in 2019 showed at over 500 African companies made revenues of $1 billion and above.
The market capitalization of 80% of these companies was tremendous. The market capitalization of a corporation is principally guided by its equity or market value of the corporation’s shares and offers a great deal of information on the company to investors.
The top ten revenue-generating companies are located in South Africa, with an economy of over $300 billion, the southern African nation is a bull when it comes to the overall revenue strength of corporations on the continent.
Biggest revenue generating Companies on the African continent
Naspers is an internet, technology and multimedia company that operates worldwide.
Founded in 1915, Naspers is the largest company in Africa and the 611th in the world. Being the largest holding company with its main stakes in, but not restricted to books, newspapers and magazines.
Diversifying its asset has been Naspers strength as it now holds a majority stake in its investment subsidiary, which deals with Naspers’ internet interest, such as payments, food deliveries etc. They also own Africa’s largest publishing company, Media24, as well as South Africa’s largest online retailer Takealot.
2. FirstRand Group
FirstRand Group is the holdings company of South African-based FirstRand Bank. Founded in 1838 with its roots as an investment bank, but was changed into the holding company it is today in 1998.
The company has its headquarters in Johannesburg, South Africa and it is arguably referred to as the largest financial institution in all of Africa. Worthy of note is that the Reserve Bank of South Africa has licenced FirstRand Bank as a financial service provider.
3. Standard Bank Group
Standard Bank Group Limited is the largest lender of aid and investments in all of Africa and is listed on the Johannesburg Stock Exchange (JSE) and London Stock Exchange (LSE).
With its headquarters also being in Johannesburg, It runs in 20 African countries including domestically, offering several financial assistance to its customers, while also performing its operations.
4. MTN Group
MTN Group is the eighth-largest telecommunications company in the world and the largest in Africa with over 280 million subscribers. The mobile network operator operates from its headquarters also in Johannesburg, delivering its services to 20 countries throughout Africa and the Middle East. MTN Group has a large revenue share in Africa’s most populated country, Nigeria, with around 35% market share.
MTN was founded in 1994 and markets itself through the sponsorship of various major sports teams, such as the South African national rugby union team, Manchester United FC and the Zambian super league. MTN Group has numerous associates such as Vistafone and SuperSonic.
5. Capitac Bank
Capitec was founded in 2001 but it happens to surprisingly be the second-largest bank in South Africa in terms of the number of customers.
The bank is headquartered in Stellenbosch, South Africa and totals over 15 million customers spread across its 852 branches.
Vodacom delivers messaging, internet, telecom, text and data services to over 130 million consumers throughout 48 African countries. Founded in 1994 and is currently South Africa’s leading cellular network provider.
Vodacom was the second network to provide 5G networks to parts of Africa, starting in Johannesburg, Pretoria and Cape Town. They sponsor various sports teams for marketing, with their most lucrative deal being the title sponsor of the Super Rugby tournament in South Africa since 1996.
Sasol is an energy and chemical company doing business in 33 countries, including its domestic South Africa founded in Sasolburg in 1950 and is now headquartered in Sandton, South Africa.
Sasol is listed on the JSE and the New York Stock Exchange (NYSE), being the 1281st most valuable company in the world. Sasol is also the seventh-largest coal mining company in the world and has many investment groups as shareholders.
8. Impala Platinum
Founded in 1966, Impala platinum owns several other companies that mine platinum and other metals such as cobalt and copper.
Various significant mines throughout South Africa and Africa, in general, are owned by impala platinum.
9. Gold Fields
Gold Fields Limited is one of the world’s largest gold mining firms. The company was founded in 1887 by Cecil Rhodes and things only got better after its merger with Gencor.
Gold Fields operates mines globally, with key countries being South Africa, Ghana, Australia and Peru.
Shoprite is Africa’s largest supermarket retailer, operating more than 2,989 stores across the continent.
The company is a massive employer, with over 145,000 staff as of July 2022, being South Africa’s largest private sector employer. Shoprite is headquartered in Brackenfell in the Western Cape of South Africa and is listed on the Johannesburg Stock Exchange.
Shoprite was founded in 1979 and had a humble beginning when the company purchased eight grocery stores from the Rogut family. They opened their first store abroad in 1990 in Namibia and expanding ever since to be the billion-dollar business it is today.
Although regarded as the poorest continent on the global stage, Africa has great prospects for a standard company base in the coming future, with South Africa taking the lion’s share as of the third quarter of 2022. Despite all the top ten companies being headquartered in South Africa, the presence of majority of these corporations are found in countries across the African continent.
Nonetheless, corporations on the continent are expected to increase with countries like Egypt, Kenya, Nigeria and Ghana expected to improve following the African Continental Free trade agreement. Aside from the African single market, African nations are shifting to a free profit-based economy to allow corporations to thrive while doing business in their countries.
This article provided the top ten nations of Africa with the largest revenues.
Frequently Asked Questions (FAQs)
The Dangote Group is the largest revenue-generating company in Nigeria, generating over $3 billion annually.
Yes, most African companies have satellite or operational companies in Europe or are on the London Stock-exchange.
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