South Africa dominates Africa’s most valuable companies list
At a Glance
- Naspers is Africa’s most valuable company with a $36.2 billion market cap and significant global investments.
- South Africa leads with major financial firms, including FirstRand and Standard Bank Group, driving regional influence.
- Key players in mining like Gold Fields and telecom giants Vodacom and MTN highlight South Africa’s diverse economic prowess.
South Africa’s economic prowess is on full display as the latest Shore.Africa report names 17 South African firms among Africa’s top 20 most valuable companies for September 2024. This underscores South Africa’s significant role in the continent’s economic and industrial sectors.
Naspers leads as Africa’s most valuable company
At the top of Africa’s most valuable companies is Naspers Limited, with a market capitalization of $36.2 billion. The Cape Town-based company stands as Africa’s top firm due to its global reach and significant investments in prominent technology and retail businesses.
Naspers’ extensive portfolio includes stakes in Tencent, Prosus, PayU, and Takealot, underscoring its substantial influence in multiple sectors.
Financial services and mining lead the way; telecom and retail show promise
South Africa’s financial sector is prominently represented with six firms. FirstRand Limited, valued at $27.4 billion, is Africa’s second most valuable company, offering a range of financial services across the continent. Standard Bank Group, with a market cap of $22.8 billion, and Capitec Bank, at $19.3 billion, are also top on the list as key players on the continent.
The mining sector features four South African firms. Gold Fields Limited, with a market cap of $12.7 billion, leads in global gold production. Anglo American Platinum and Harmony Gold Mining Company follow with market caps of $9.76 billion and $6.67 billion, respectively. Kumba Iron Ore Limited rounds out the sector with a market cap of $6.65 billion.
In telecommunications, Vodacom Group and MTN Group stand out. Vodacom, valued at $13.1 billion, serves a vast customer base across Africa, while MTN Group, with a market cap of $9.81 billion, maintains a strong presence in Africa and the Middle East. Retail sector giants include Shoprite, the continent’s largest retailer with a market cap of $10.37 billion, and Bidvest Group, valued at $8.6 billion.
Morocco’s growing economic influence
Although South Africa remains dominant, Morocco is making notable strides with three prominent companies. Attijariwafa Bank, Morocco’s leading financial institution, has a market cap of $11.12 billion. Maroc Telecom and Banque Centrale Populaire further illustrate Morocco’s expanding economic role, with market caps of $8.69 billion and $6.53 billion, respectively.
Despite global economic challenges in 2023, including inflation and natural disasters, Morocco’s 3.4 percent GDP growth reflects its resilient and growing economy.
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