Top 10 African Companies in 2022
Every year, the African Business Top 250 Companies charts the rise of innovative, strategic and resilient African businesses that straddle the continent, make huge profits and invest billions into Africa-wide strategies to seize future opportunities.
Telecommunications firm MTN Group soars from #13 to #4 on this year’s ranking after more than doubling its market capitalization to USD24.5 billion, up from USD11.1 billion in 2021.
The company has raised cash by listing its operations in Nigeria, Ghana, Uganda, Rwanda and other countries, also boosting the development of local capital markets. It has ploughed the cash into new networks, infrastructure and data centers. MTN Nigeria is at #18 on the ranking (up from #23), Scancom (MTN Ghana) is #76 and MTN Uganda is a new entry at #105.
Other leading South African businesses spanning the continent include Firstrand (#3), Standard Bank Group (#5), Vodacom (#6), Absa (#16) and Sanlam (#17). Fast-growing giants in other countries include Dangote Cement headquartered in Nigeria (#15) with production capacity of 48.6m metric tons across 10 countries in sub-Saharan Africa. EBR
| Ranking | Company | Market Capitalization (USD millions) |
|---|---|---|
| 1 | Naspers | 49,619 |
| 2 | Anglo American Platinum | 36,429 |
| 3 | FirstRand | 29,739 |
| 4 | MTN Group | 24,500 |
| 5 | Standard Bank Group | 20,915 |
| 6 | Vodacom Group | 20,102 |
| 7 | Capitec Bank Holdings | 18,608 |
| 8 | Sasol | 15,354 |
| 9 | Kumba Iron Ore | 14,446 |
| 10 | Gold Fields | 13,909 |
10th Year • Sep 2022 • No. 110
Ethiopian Business Review
