At a Glance
- Naspers holds a $50.95 billion market cap, making it Africa’s most valuable public company.
- Global portfolio spans Tencent, Prosus, PayU, and South Africa’s top retailer, Takealot.
- Based in Cape Town, Naspers shapes tech investment across over 100 global markets.
A 2025 ranking of Africa’s most valuable publicly listed companies underscores South Africa’s dominance in the continent’s capital markets.
As Africa’s most industrialized economy, South Africa is home to 16 of the top 20 companies, with eight among the top 10—all listed on the Johannesburg Stock Exchange (JSE). This dominance reflects the country’s pivotal role in shaping African finance, corporate investment, and economic growth.
Topping the list is Naspers Limited, Africa’s most valuable company, with a market capitalization exceeding $50 billion.
The global internet and tech investor has stakes in more than 80 companies across over 100 countries, making it a symbol of African corporate innovation and global reach.
Financial services dominate the top 10, including FirstRand ($23.48 billion), Capitec Bank ($23.42 billion), Standard Bank, and Sanlam. Mining heavyweight Gold Fields Limited has surged to fourth place, reflecting the strength of resource-based investments.
Telecom titans MTN Group and Vodacom, along with retail giant Shoprite Holdings, round out Africa’s top-tier corporates. Meanwhile, Airtel Africa and BUA Foods have outpaced Dangote Cement to become the first and second most valuable companies on the Nigerian Exchange Group (NGX), respectively.
Compiled by Shore Africa using data from African stock exchanges as of June 25, 2025, this ranking spotlights the top companies in Africa by market capitalization, and confirms South Africa’s enduring economic leadership.
- Naspers Limited
Market cap: R906 billion($50.95 billion)
Country: South Africa
Sector: Technology
Naspers Limited, Africa’s most valuable company, leads with a market capitalization of $50.95 billion. Headquartered in Cape Town, the global consumer internet giant is also one of the world’s largest technology investors. Naspers maintains a diverse portfolio of over 80 investments across more than 100 markets, underscoring its far-reaching global influence. Key assets include a significant stake in Chinese tech giant Tencent, its international investment arm Prosus (based in Amsterdam), digital payments platform PayU (Netherlands), and South Africa’s top e-commerce platform, Takealot. Through these holdings, Naspers continues to shape Africa’s digital economy while maintaining a powerful global footprint.
- Firstrand
Market cap: R417 billion($23.48 billion)
Country: South Africa
Sector: Financial services
FirstRand Limited, founded in 1998 through a merger involving Anglo American Corporation of South Africa and RMB Holdings, has evolved into Africa’s second most valuable company, boasting a market capitalization of $23.48 billion. As the continent’s leading banking group, FirstRand offers a wide range of banking, insurance, and investment products across eight African countries, including Botswana, Nigeria, and Ghana. The group also maintains offices in London, Guernsey, and India. - Capitec Bank Holdings Limited
Market cap: R416 billion ($23.42 billion)
Country: South Africa
Sector: Financial Services
Capitec Bank, based in Stellenbosch, is the third most valuable company and one of South Africa’s most valuable banking institutions, with a market capitalization of $23.42 billion. Founded in 2001 by Jannie Mouton, Michiel le Roux, and Riaan Stassen, Capitec has reshaped the country’s retail banking landscape with a focus on simplicity, affordability, and digital innovation. Serving over 21 million active clients, Capitec is known for its low-cost, tech-driven banking model that appeals to a broad consumer base. The bank has steadily gained market share from legacy players by offering transparent fee structures, mobile-first banking solutions, and accessible credit. Capitec’s customer-centric approach and operational efficiency have positioned it as a standout success in South Africa’s financial sector. - Standard Bank Group
Market cap: R386 billion ($21.73 billion)
Country: South Africa
Sector: Financial services
Standard Bank Group, a cornerstone of Africa’s financial landscape, stands as the continent’s third most valuable company with a market capitalization of $21.73 billion. Known as Africa’s largest lender by assets, the group serves 19 million clients across 20 sub-Saharan African countries. With its global footprint, Standard Bank also facilitates international investment and capital flows to drive growth and development in Africa. - Gold Fields Limited
Market cap: R376 billion ($21.16 billion)
Country: South Africa
Sector: Mining
Gold Fields Limited, a Johannesburg-based mining giant, is Africa’s most valuable mining company with a market capitalization of $21.16 billion. As one of the world’s largest gold producers, Gold Fields operates nine mines across Australia, South Africa, Ghana, Chile, and Peru, with a project in Canada, achieving a total annual gold-equivalent production of 2.30Moz. - Attijariwafa Bank
Market cap: MAd147.41 billion ($16.24 billion)
Country: Morocco
Sector: Financial services
Attijariwafa Bank, Morocco’s leading financial institution, holds a market capitalization of $16.24 billion, making it the most valuable company in North Africa. Founded and headquartered in Casablanca, the bank is a major player across Africa, Europe, and the Middle East, serving 12 million clients in 26 countries and employing over 20,700 people. - Vodacom Group
Market cap: R278 billion ($15.64 billion)
Country: South Africa
Sector: Telecommunications
As the most valuable telecoms company in Africa, Vodacom Group has a market capitalization of $15.64 billion. Founded over three decades ago and majority-owned by Vodafone, Vodacom serves over 130 million customers across consumer and enterprise segments. The group’s mobile networks span South Africa, the DRC, Egypt, Ethiopia, Kenya, Lesotho, Mozambique, and Tanzania, covering a population of over 500 million. - MTN Group
Market cap: R248 billion ($13.96 billion)
Country: South Africa
Sector: Telecommunications
MTN Group, a leader in the African telecommunications sector, holds a market capitalization of $13.96 billion. With operations across numerous African and Middle Eastern countries, MTN connects millions of customers through its expansive mobile network, solidifying its position as one of the continent’s most valuable companies. - Maroc Telecom
Market cap: MAD98.82 billion ($10.82 billion)
Country: Morocco
Sector: Telecommunications
Maroc Telecom, officially known as Itissalat Al-Maghrib, is Morocco’s largest telecom operator and one of the most valuable publicly traded companies in North Africa. With a market capitalization of $10.82 billion, the company plays a critical role in connecting millions across Morocco and sub-Saharan Africa. It offers a full suite of telecom services—including mobile, fixed-line, internet, and enterprise solutions—and operates in 11 African countries, underscoring its regional influence and strategic importance in Africa’s digital landscape. - Sanlam Limited
Market cap: R190 billion ($10.7 billion)
Country: South Africa
Sector: Financial services
With a century-long legacy, Sanlam Limited stands as Africa’s most valuable insurance company, with a market capitalization of $10.7 billion. As the largest non-banking financial services group on the continent, Sanlam operates in 31 countries across Africa, Asia, and the UK, providing financial services to over 69 million clients in some of Africa’s largest economies. - Shoprite Holdings
Market cap: R165 billion ($9.29 billion)
Country: South Africa
Sector: Retail
Shoprite Holdings, Africa’s largest retailer by market capitalization, boasts a value of $9.29 billion. Founded in 1979, Shoprite has grown from a modest eight-store chain to over 3,600 stores, serving millions across Africa. Its core business is food retailing, complemented by a variety of value-added services, with operations spanning nine African countries. - Absa Group
Market cap: R158 billion ($8.9 billion)
Country: South Africa
Sector: Financial services
Absa Group, one of Africa’s leading diversified financial services providers, commands a market value of $8.9 billion. Headquartered in Johannesburg, Absa offers a broad range of banking, investment, and insurance products across 12 African countries. With deep roots in the continent’s financial fabric, the group continues to play a pivotal role in driving inclusive economic growth and innovation in banking. - Harmony Gold Mining Company
Market cap: R157 billion ($8.84 billion)
Country: South Africa
Sector: Mining
Founded in 1950, Harmony Gold Mining Company is one of South Africa’s largest gold producers and ranks among the continent’s top mining firms by market value. With operations spanning South Africa and Papua New Guinea, the company is known for its deep-level mining expertise and commitment to sustainability. Harmony Gold’s consistent output and strategic acquisitions continue to cement its place in Africa’s resource-driven economy. - Bid Corporation
Market cap: R155 billion ($8.73 billion)
Country: South Africa
Sector: Consumer Services
Bid Corporation, a global foodservice giant headquartered in South Africa, holds a market value of $8.73 billion. Spun off from Bidvest Group in 2016, the company operates across five continents, delivering food and allied products to the catering, hospitality, and institutional sectors. With a decentralized model and strong local market focus, Bidcorp continues to expand its footprint in developed and emerging markets alike. - Nedbank Group
Market cap: R126 billion ($7.1 billion)
Country: South Africa
Sector: Financial services
Nedbank Group, one of South Africa’s leading financial institutions, holds a market capitalization of $7.1 billion. Headquartered in Johannesburg, the group offers a broad range of banking and financial services, including retail and wholesale banking, wealth management, and insurance. With a strong presence in South Africa and operations across the Southern African region, Nedbank plays a key role in financing economic development and promoting financial inclusion across the continent. - Banque Centrale Populaire
Market cap: MAD59.57 billion ($6.56 billion)
Country: Morocco
Sector: Financial services
Banque Centrale Populaire (BCP), headquartered in Casablanca, is one of Morocco’s largest banking institutions. With a strong network of subsidiaries across Francophone Africa, BCP plays a critical role in financial inclusion and development finance across the region. Its diversified operations span retail banking, corporate finance, and insurance, making it a key player in North Africa’s financial sector. - Airtel Africa Plc
Market Cap: N8.68 trillion ($5.6 billion)
Sector: Telecommunications
Airtel Africa has emerged as the most valuable listed company on the Nigerian Exchange (NGX), overtaking the Dangote Group, which led the bourse in 2024 with a valuation of approximately $5 billion. As of early 2025, Airtel Africa accounts for 11.3 percent of the NGX’s total equity market capitalization. The telecom giant opened the year trading at N2,156.90 ($1.39) and has since gained 7.12 percent, ranking 84th year-to-date in performance. This uptick underscores the growing investor confidence in telecom and digital infrastructure across the continent. Operating in 14 African countries, Airtel Africa continues to play a pivotal role in driving digital inclusion and connectivity, positioning itself as a cornerstone of Nigeria’s tech-driven transformation. - BUA Foods Plc
Market Cap: N8.64 trillion ($5.58 billion)
Sector: Food and infrastructure sector
BUA Foods Plc has emerged as a powerhouse in Nigeria’s expanding consumer goods market, ranking as the second most valuable stock on the Nigerian Exchange (NGX) with a market capitalization of N8.64 trillion ($5.58 billion), representing 11.3 percent of total market equity. The Lagos-based food giant, majority-owned by billionaire Abdul Samad Rabiu, began 2025 trading at N415 ($0.27) per share and has increased by 15.66 per cent year-to-date, driven by a 124.43 per cent growth in Q1 2025 profit, which reached N125.28 billion ($80.81 million), building on its momentum from 2024. With strong positions in sugar refining, flour milling, pasta, and edible oils, BUA Foods continues to assert itself as a leading force in Africa’s food and agribusiness sector—meeting rising consumer demand across the continent and supporting regional food security. - Dangote Cement Plc
Market Cap: N7.42 trillion($4.79 billion)
Sector: Construction
Dangote Cement has slipped to the third most valuable company on the Nigerian Exchange (NGX), overtaken by BUA Foods—a fast-growing Lagos-based food giant majority-owned by billionaire Abdul Samad Rabiu. The cement giant began 2025 trading at N478.80 ($0.309), but its share price has fallen 8.1 percent year-to-date as of market close on June 25, placing it 42nd in performance rankings. The decline comes shortly after the company’s Annual General Meeting and the payment of a N30 ($0.019) per share dividend. Despite the recent dip, Dangote Cement—Africa’s largest cement producer—remains vital to infrastructure development across the continent and continues to drive Nigeria’s industrial growth agenda. - Bidvest Group
Market cap: R79.9 billion($4.5 billion)
Country: South Africa
Sector: Retail
Bidvest Group is a diversified services, trading, and distribution company with interests ranging from food services to automotive and freight management. Founded in 1988 and headquartered in Johannesburg, Bidvest has grown into a key driver of South Africa’s commercial economy. Its operational footprint spans the UK, Asia, and other global markets.
Kumba Iron Ore Limited
Market cap: R90.7 billion ($5.1 billion)
Country: South Africa
Sector: Mining
Kumba Iron Ore Limited, a subsidiary of Anglo American plc, is one of the continent’s leading producers of high-grade iron ore. Headquartered in Centurion, South Africa, the company operates primarily in the Northern Cape province. Kumba’s commitment to operational excellence and community development has solidified its status as a mining leader in Africa.
