Africa’s Top-10: Leading Companies by Market Capitalisation (2024)

In this article, we will be looking at the largest companies in Africa, ranked by market capitalisation. African economies are smaller than most leading countries, but they are growing at a record pace. A good knowledge of Africa’s largest companies can be vital for traders to gain an edge in the market.

Interestingly, eight of ten of the companies on this list are South African companies. This is likely due to South Africa being the second largest economy in Africa, behind only Nigeria while being one of just eight upper-middle-income economies in Africa. It is also the most industrialised and technologically advanced country on the continent, with this advantageous economic atmosphere helping larger companies thrive more there than in other African countries.

How do we define the largest?

We need to establish how we are ranking these companies. Yes, we are ranking the largest companies, but what does this mean, and how can we measure this? We will use market capitalisation as our measure, which is the market value of a company’s outstanding shares. This is effectively the equity value of a company and can show the public’s opinion on a company’s overall value. Market capitalization is calculated simply by multiplying the price of the company’s shares by the number of outstanding shares there are of that company. This market capitalisation value is important for investors to know to make sound decisions when investing and trading.

10 Largest African Companies

Data sources:
https://ceoworld.biz/2024/02/14/africas-largest-companies-by-market-capitalization-2024/
https://companiesmarketcap.com/south-africa/largest-companies-in-south-africa-by-market-cap/
https://uk.investing.com/equities

These companies may not be as recognisable to the average person as the largest companies in other continents or countries. This can make it even more important for traders to gain background knowledge of them and establish an advantage over the competition.

1.      International Breweries plc (INTBREW)

Notable Products: Trophy Lager, Hero Lager, Castle Lite, Budweiser, Beta Malt.

International Breweries Plc is a leading brewing company in Nigeria and a subsidiary of Anheuser-Busch InBev (AB InBev), the world’s largest brewer. The company produces and markets a diverse portfolio of alcoholic and non-alcoholic beverages, catering to a wide range of consumer preferences in Nigeria and West Africa. Its popular brands include Trophy Lager, Hero Lager, Castle Lite, and international brands like Budweiser, as well as non-alcoholic options like Beta Malt.

Founded in 1971 and listed on the Nigerian Stock Exchange (NGX), International Breweries has expanded significantly through strategic mergers and acquisitions. In 2017, it merged with Intafact Beverages Limited and Pabod Breweries Limited, consolidating its position in the Nigerian market. This merger made it one of the largest brewing companies in Nigeria by capacity and market share.

2.      Naspers Limited (JSE: NPN)

Notable Products/Services: Media and internet services, Investments in technology companies (notably Tencent Holdings), E-commerce platforms, Online classifieds, Fintech services.

Naspers Limited is a multinational holding company headquartered in South Africa. The company operates in various sectors including media, internet services, e-commerce, and technology investments. One of its most significant assets is its stake in Tencent Holdings, a Chinese multinational technology conglomerate, which has been a substantial contributor to Naspers’ financial success.

Founded in 1915 as a publisher and printer of newspapers and magazines, Naspers has evolved over the decades to become one of Africa’s most prominent companies. In recent years, the company has focused on global internet and technology investments, expanding its portfolio to include online classifieds, food delivery, payments, and fintech. Naspers has also listed its international internet assets under a separate company, Prosus N.V., to unlock shareholder value and streamline its operations.

3.      FirstRand Limited (JSE: FSR)

Notable Products/Services: Retail and commercial banking, Investment banking, Asset management, Insurance services.

FirstRand Limited is one of South Africa’s leading financial services groups. The company offers a comprehensive range of financial products and services through its well-known brands such as First National Bank (FNB), Rand Merchant Bank (RMB), WesBank, and Ashburton Investments. These brands cater to a diverse clientele, including retail, commercial, corporate, and public sector customers.

Established in 1998 through the merger of the financial services interests of Anglo American Corporation of South Africa Limited and RMB Holdings, FirstRand has grown to become a key player in the African banking sector. The group’s strategy focuses on innovation, digital transformation, and expanding its footprint across the African continent. FirstRand’s commitment to customer-centric services and technological advancement has solidified its position in the competitive financial industry.

4.      Standard Bank Group Limited (JSE: SBK)

Notable Products/Services: Personal and business banking, Corporate and Investment banking, Wealth management, Insurance services.

Standard Bank Group Limited is a South African financial services conglomerate. It is one of Africa’s largest banking groups by assets, offering a wide range of banking and financial services to individual, corporate, and institutional clients. The group operates under the brand names of Standard Bank and Stanbic Bank in various African countries.

Founded in 1862, Standard Bank has a long history of serving the African market. The group has expanded its operations beyond South Africa to over 20 countries on the continent, as well as key international markets. Standard Bank’s strategic partnerships, including a significant relationship with the Industrial and Commercial Bank of China (ICBC), have enhanced its capabilities in global markets. The bank’s focus on digital innovation and sustainable banking practices reflects its commitment to driving growth and development in Africa.

5.      Capitec Bank Holdings Limited (JSE: CPI)

Notable Products/Services: Retail banking, Savings accounts, Personal loans, Credit facilities, Mobile banking services.

Capitec Bank Holdings Limited is a South African retail bank which specialises in simplified and affordable banking solutions aimed primarily at the consumer market. Capitec offers transactional banking services, savings accounts, personal loans, and a range of digital banking platforms designed for ease of use.

Established in 2001, Capitec Bank has disrupted the traditional banking sector in South Africa by focusing on accessibility and customer-friendly services. The bank’s innovative approach, including branchless banking options and user-friendly mobile applications, has attracted a significant customer base. Capitec’s growth is attributed to its commitment to transparency, lower banking fees, and adaptability to changing consumer needs, making it a notable player in the financial industry.

6.      Gold Fields Limited (JSE: GFI, NYSE: GFI)

Notable Products/Services: Gold mining and production, Exploration and development of gold reserves.

Gold Fields Limited is a globally diversified gold mining company based in South Africa. The company operates mines in South Africa, Ghana, Australia, and Peru, producing millions of ounces of gold annually. Gold Fields focuses on sustainable mining practices and is committed to environmental stewardship and community development.

Formed in 1998, Gold Fields has a rich heritage in gold mining, tracing its roots back to the late 19th century. The company’s strategy involves optimising its existing operations, investing in new projects, and exploring opportunities for growth through mergers and acquisitions. Gold Fields’ emphasis on innovation and efficiency in mining processes has solidified its position as one of the leading gold producers globally.

7.      Vodacom Group Limited (JSE: VOD)

Notable Products/Services: Mobile telecommunications services, Data services, Fixed-line services, Internet connectivity, Mobile financial services (M-Pesa).

Vodacom Group Limited is a leading African communications company providing a wide range of services. The company offers mobile voice, messaging, data, and converged services to over 100 million customers across Africa. Vodacom operates in countries including South Africa, Tanzania, the Democratic Republic of Congo, Mozambique, and Lesotho.

Established in 1994, Vodacom has grown significantly, becoming a subsidiary of the British multinational telecommunications company Vodafone Group Plc. Vodacom has been instrumental in advancing mobile communications in Africa, introducing innovative services such as the mobile payment platform M-Pesa. The company’s focus on network expansion and digital services aims to enhance connectivity and support socio-economic development in the regions it serves.

8.      AngloGold Ashanti Limited (JSE: ANG, NYSE: AU)

Notable Products/Services: Gold mining and production, Exploration and development of mineral resources.

AngloGold Ashanti Limited is a global gold mining company headquartered in South Africa. The company has operations and projects across Africa, the Americas, and Australia. AngloGold Ashanti is committed to sustainable gold production, focusing on safety, environmental management, and community engagement.

Formed in 2004 through the merger of AngloGold Limited and Ashanti Goldfields Company Limited, AngloGold Ashanti has a long-standing presence in the mining industry. The company’s strategy involves optimising its portfolio, investing in high-return projects, and leveraging technology to improve operational efficiency. AngloGold Ashanti’s dedication to responsible mining practices positions it as a key player in the global gold market.

9.      Attijariwafa Bank (CBSE: ATW)

Notable Products: Retail banking services, Corporate and investment banking, Insurance products, Asset management, International trade financing.

Attijariwafa Bank is the largest bank in Morocco and a leading financial institution in Africa, offering a comprehensive range of banking and financial services to individuals, businesses, and institutions. The bank provides retail banking, corporate banking, investment banking, insurance, and asset management services, serving millions of customers across the continent.

Established in 1904 as Banque Commerciale du Maroc, the bank underwent significant transformations, including a merger with Wafabank in 2004, which led to the creation of Attijariwafa Bank. It is part of Al Mada, a pan-African private investment fund with Moroccan roots, formerly known as Société Nationale d’Investissement (SNI), which is controlled by the Moroccan royal family.

Attijariwafa Bank has an extensive network of branches and subsidiaries across Africa and Europe, operating in countries such as Tunisia, Senegal, Ivory Coast, Cameroon, Egypt, and France. The bank plays a crucial role in facilitating trade and investment between Africa and the rest of the world.

10.      Sanlam Limited (JSE: SLM)

Notable Products/Services: Insurance (life and general), financial planning, investment management, retirement solutions, wealth management.

Sanlam Limited is a leading South African financial services group. The company offers a comprehensive range of financial products and services, including insurance, asset management, wealth management, and financial planning. Sanlam serves individual, business, and institutional clients across Africa, India, Malaysia, and other selected emerging markets.

Founded in 1918, Sanlam has evolved from a traditional life insurance company to a diversified financial services group. The company’s growth strategy focuses on expanding its footprint in emerging markets, leveraging partnerships, and enhancing its digital capabilities. Sanlam’s commitment to financial inclusion and empowerment aligns with its mission to create sustainable value for stakeholders.

What next?

We hope this article has given you an insight into Africa’s and South Africa’s ten largest companies in terms of market capitalisation. This can hopefully be used as a stepping stone into new markets many traders may not have explored.

Now, you know enough to start trading African stocks. Head to the MetaTrader 4 (MT4) platform and start placing trades on your favourite stocks. The platform is easy to use, and with Hantec Markets, you can access a vast range of instruments to trade on the platform.

If you liked this post, you might also want to check out our posts on the Top Ten non-US companies, the largest US companies, and the biggest UK-based companies.

Additionally, we invite you to explore our latest blog post that delves into the fascinating realm of trillion-dollar companies.