Africa’s 20 most valuable companies in September 2024

At a Glance

South Africa dominates Africa’s top companies list, reflecting its economic and industrial strength on the continent.
Naspers Limited leads as Africa’s most valuable company with a $36.2 billion market cap, showcasing global tech prowess.
Of 20 top companies, 17 are South African, while Morocco, with a 3.4% GDP growth, highlights its rising economic influence.

A glance at Africa’s most valuable companies reveals the dominant economic position of South Africa within the continent. As Africa’s most industrialized and economically robust nation, South Africa’s influence is evident in the extensive representation of its corporations on the list. This prominence underscores the country’s role in driving both regional and continental growth.

Leading the pack is Naspers Limited, Africa’s most valuable company, with a market capitalization of $36.2 billion. Naspers is a global consumer internet group and one of the world’s largest technology investors and operators. With a diverse portfolio spanning over 80 investments in more than 100 markets, Naspers exemplifies the international reach and innovation of African enterprises.

Of the 20 companies on the list, 17 are headquartered in South Africa and are listed on the Johannesburg Stock Exchange (JSE). The remaining three companies, though not South African, have significant operations in Morocco, highlighting Morocco’s rise as a key economic player in Africa. Despite global economic challenges in 2023, including inflationary pressures and the Al-Haouz earthquake, Morocco managed to achieve a GDP growth rate of 3.4 percent.

The composition of Africa’s most valuable companies is heavily weighted towards the financial services sector, with eight companies—FirstRand, Standard Bank, Capitec Bank, Attijariwafa Bank, Sanlam, Absa Group, Nedbank, and Banque Centrale Populaire—dominating the list. The mining sector is represented by four companies: Gold Fields Limited, Anglo American Platinum, Harmony Gold Mining Company, and Kumba Iron Ore. The telecommunications sector includes Vodacom Group, MTN Group, and Maroc Telecom. Additionally, Shoprite Holdings and Bidvest Group represent the retail sector, while the remaining companies operate in technology, consumer services, and healthcare.

Based on data from the JSE, Casablanca Bourse, Egyptian Exchange, Nigerian Exchange, and Nairobi Stock Exchange (NSE), analyzed by Shore.Africa, here is the ranking of these companies as of Aug. 30, 2024:

1. Naspers Limited

Market cap: R641 billion ($36.2 billion)

Country: South Africa

Sector: Technology

Naspers Limited, headquartered in Cape Town, is Africa’s most valuable company with a market capitalization of $36.2 billion. As a global consumer internet group, Naspers is also one of the world’s largest technology investors. Its expansive portfolio spans more than 80 investments across over 100 markets. Key holdings include stakes in the Chinese tech giant Tencent, Amsterdam-based Prosus, Netherlands-based payment provider PayU, and South Africa’s leading online retailer, Takealot.

2. FirstRand Limited

Market cap: R486 billion ($27.4 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 $27.4 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.

3. Standard Bank Group

Market cap: R406 billion ($22.8 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 $22.8 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.

4. Capitec Bank

Market cap: R342 billion ($19.3 billion)

Country: South Africa

Sector: Financial services

Capitec Bank, founded in 2001 by Jannie Mouton, Michiel le Roux, and Riaan Stassen, has rapidly grown into one of the world’s largest retail banks. With a market capitalization of $19.3 billion, it serves over 22 million active clients through its extensive network of more than 850 branches and 7,400 ATMs across South Africa, making it one of Africa’s most valuable companies.

5. Vodacom Group

Market cap: R232 billion ($13.1 billion)

Country: South Africa

Sector: Telecommunications

As the most valuable telecoms company in Africa, Vodacom Group has a market capitalization of $13.1 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.

6. Gold Fields Limited

Market cap: R225.3 billion ($12.7 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 $12.7 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.

7. Attijariwafa Bank

Market cap: MAD108.1 billion ($11.12 billion)

Country: Morocco

Sector: Financial services

Attijariwafa Bank, Morocco’s leading financial institution, holds a market capitalization of $11.12 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.

8. Sanlam Limited

Market cap: R189 billion ($10.65 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 $10.65 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.

9. Shoprite Holdings

Market cap: R184 billion ($10.37 billion)

Country: South Africa

Sector: Retail

Shoprite Holdings, Africa’s largest retailer by market capitalization, boasts a value of $10.37 billion. Founded in 1979, Shoprite has grown from a modest eight-store chain to 3,326 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.

10. MTN Group

Market cap: R174 billion ($9.81 billion)

Country: South Africa

Sector: Telecommunications

MTN Group, a leader in the African telecommunications sector, holds a market capitalization of $9.81 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.

11. Anglo American Platinum

Market cap: R173.28 billion ($9.76 billion)

Country: South Africa

Sector: Mining

12. Maroc Telecom (Itissalat Al-Maghrib)

Market cap: MAD84.39 billion ($8.69 billion)

Country: Morocco

Sector: Telecommunications

13. Absa Group

Market cap: R153 billion ($8.62 billion)

Country: South Africa

Sector: Financial services