List of Top 10 Best-Performing Local Companies in Sub-Saharan Africa in 2023
© AP Photo / Denis farrell
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Local companies in Africa are playing a crucial role in driving economic growth and creating employment opportunities. These companies are instrumental in shaping Africa as a hub for development and expansion, recognizing the immense potential of the continent's markets.
A recent report by AfricanFinancials, a Mauritius-based business consultancy firm, has highlighted the outstanding performance of 30 local companies in Sub-Saharan Africa (excluding South Africa). The report, which focuses on the top 30 firms by market capitalization in Sub-Saharan Africa, provides an update as of November 2023.
According to the report, the stock markets of Sub-Saharan Africa (excluding South Africa) experienced a 7.2% increase in US dollar terms in November and a 12.8% decrease year to date, signaling confidence in the region's business landscape.
Among the new entrants to AfricanFinancials' list are significant players such as Airtel Uganda, FBN Bank (Nigeria), Dangote Sugar, and NMB Bank (Tanzania), while companies that have exited the list include First Capital Holdings, NMB Bank Malawi, Helios Towers, and Airtel Malawi.
Here are the top 10 best-performing local companies in Sub-Saharan Africa by market capitalization:
1.
MTN Group (South Africa): A multinational mobile operator with operations in 21 countries across Africa and the Middle East. Market Capitalization: $10,236 million.2.
Dangote Cement (Nigeria): A subsidiary of Dangote Group, founded by Aliko Dangote, Africa's richest person. The company is a cement manufacturer with projects in ten African countries. Market Capitalization: $6,907 million.3.
MTN Nigeria: The largest telecommunications provider in Nigeria, serving over 77 million subscribers. Market Capitalization: $6,136 million.4.
Airtel Africa: A leading telecommunications company operating in 14 African countries, primarily in East, Central, and West Africa. Market Capitalization: $5,391 million.5.
Endeavour Mining: A multinational mining company that operates gold mines in Côte d'Ivoire, Burkina Faso, and Senegal. Market Capitalization: $5,189 million.6.
BUA Foods (Nigeria): A leading food and fast-moving consumer goods business, involved in processing, manufacturing, and distributing food products and packaged food in Nigeria. Market Capitalization: $4,535 million.7.
BUA Cement (Nigeria): A Nigerian publicly traded multinational cement manufacturer, producing 17 million tonnes per year across ten Sub-Saharan African countries. Market Capitalization: $4,461 million.8.
Safaricom (Kenya): The largest telecommunications provider in Kenya, offering mobile, fixed, and internet services, including the popular mobile money platform M-Pesa. Market Capitalization: $3,673 million.9.
Orange-CI (Côte d'Ivoire): A subsidiary of Orange, a multinational telecommunications company based in France and the leading telecommunications provider in Côte d'Ivoire. Market Capitalization: $2,869 million.10.
Sonatel (Senegal): A subsidiary of the France-based Orange and the main telecommunications provider in Senegal. Market Capitalization: $2,861 million.These remarkable local companies in Sub-Saharan Africa are not only contributing to the region's economic development, but are also demonstrating resilience and growth in the face of diverse market conditions, demonstrating their pivotal role in driving the continent's progress.
