The Africa Report and its sister media Jeune Afrique published the 26th edition of its exclusive ranking of Africa’s 500 largest companies: 500 African Champions. After a cumulative growth of nearly 25% over two years, the activity of the companies in the ranking has stabilized, with total revenues amounting to $736.8 billion, marking a 3.1% decline compared to the 2024 edition. This stagnation reflects a challenging global context, characterized by sluggish growth and declining commodity prices.
This edition highlights the impact of macroeconomic turbulence on large African companies. Currency devaluations in Egypt and Nigeria have particularly aSected the performance of local firms, reducing their revenues when expressed in U.S. dollars. Additionally, the drop in commodity prices has weakened the mining and oil sectors, while South Africa, despite remaining the most represented country in the ranking, is gradually losing its influence. Despite these challenges, many African companies continue to demonstrate remarkable resilience, adapting to market shifts and seeking new growth opportunities.
Energy remains the leading sector in the ranking, accounting for 28% of total revenues, with Sonatrach (Algeria) at the top, followed by NNPC (Nigeria). The mining sector, however, has faced setbacks due to falling prices of key minerals such as platinum and phosphate, impacting major players like Anglo American Platinum and OCP. Telecommunications, long a driver of growth, have shown mixed results as inflationary pressures prove diSicult to pass on to consumers in a heavily regulated sector. Meanwhile, the airline industry is experiencing a strong rebound, driven by Ethiopian Airlines’ expansion and remarkable progress from Royal Air Maroc and South African Airways.
The ranking is based on a detailed analysis of nearly 1,300 African companies, assessing their financial performance based on their revenues for the 2023 fiscal year. Data is sourced from oSicial and verified records, then converted into U.S. dollars at the exchange rate in eSect at the end of each fiscal year. The aim is to provide a reliable and comprehensive snapshot of the African economy, excluding the financial and insurance sectors, which are analyzed separately.
“For more than 25 years, Jeune Afrique has been analyzing the performance of the continent’s leading companies. The findings are clear: their development remains insuSicient given the challenges and opportunities in the market. Unlocking Africa’s growth potential requires a new deal between the public sector and private enterprises. These issues will be at the heart of discussions at the Africa CEO Forum in Abidjan on May 12 and 13,” says Amir Ben Yahmed, CEO of Jeune Afrique Media Group.
Top 500 African Companies:
- Sonatrach
- Nnpc
- Vivo Energy/Engen
- Eskom
- Sasol
- Sonangol
- Bid Corp.
- Mtn Group
- Shoprite Holdings
- Ocp
- Vodacom Group
- Engen Petroleum
- Suez Canal Authority
- Spar Group
- Ethiopian Airlines Group
- Naspers
- Anglo American Platinum
- The Bidvest Group
- Nigeria Lng
- Vodacom South Africa
- Sappi
- Groupe Renault Maroc
- Pick’N Pay Stores
- Motus
- Sibanye-Stillwater
- Datatec
- Airtel Africa
- Elsewedy Electric
- Ezz Steel
- Anglogold Ashanti
- Wilmar Africa
- Gold Fields
- Massmart
- Sir
- Impala Platinum
- Kumba Iron Ore
- Cevital
- Dangote Industries Limited
- Pepkor
- Woolworths Group
- Oando
- Onee
- Transnet
- Sonelgaz*
- Debswana
- Orascom Construction
- Groupe Maroc Télécom
- Mtn Nigeria
- Super Group
- Afriquia Smdc*
- Naftal
- Harmony Gold
- Flour Mills Of Nigeria
- Econet Wireless Zimbabwe
- Sodiam
- Dangote Cement
- Groupe Sonatel
- The Foschini Group
- Kamoa Copper
- Multichoice
- Safaricom
- Mtn South Africa
- Axian Group
- Ok Zimbabwe
- Remgro
- Ibl Group
- Sonabhy
- Barloworld
- Aspen Pharmacare
- Totalenergies Ep Angola
- Ihs Towers
- Snpc
- Telkom
- Arcelormittal South Africa
- Clicks Group
- The Arab Contractors
- Ghana Oil Company
- Hassan Allam Holding
- Transnet Freight Rail
- Exxaro Resources
- Steg
- Mr Price Group
- Aeci
- Aveng
- Telecom Egypt
- Vodafone Egypt
- Tiger Brands
- Kamoto Copper Company
- Vivo Energy Maroc
- Equinor Angola
- Royal Air Maroc
- Kenya Power
- Dis-Chem
- Petrojet
- Dangote Cement Nigeria
- Sentinel Copper Mine
- Kansanshi Mining
- Metl Group
- Vivo Energy Kenya
- Totalenergies Maroc
- Northam Platinum
- Airtel Nigeria
- Hippo Valley Estates
- Thungela Resources
- Comilog*
- Kap
- Label Vie
- Marjane Group*
- Senelec
- Mota Engil Africa
- Cosider
- Ihs Towers Nigeria
- Kenya Airways
- Snim
- Gold Fields Ghana
- Ethio Telecom
- Wbho
- Marikana Mine
- Tullow Ghana
- Assala Gabon
- Gnpc*
- Kibali Gold Mine
- Boissons Du Cameroun
- Mtn Ghana
- Totalenergies Marketing Kenya
- Tasiast Mauritanie
- Taqa Morocco
- Rcl Foods
- Netcare
- Groupe Holmarcom*
- Fecola Mine
- Life Healthcare Group
- Majid Al Futtaim Egypt
- Sogara
- Rustenburg
- Mobilis Atm
- Mediclinic Group
- Okavango Diamond Company*
- Sifca
- Ibnsina Pharma
- Kal Group
- Alexandria Mineral Oils Company
- Axian Telecom
- Omnia Holdings
- Rand Water
- Tarkwa Mines
- Société Des Mines De Loulo-Gounkoto
- Kosmos Energy Ghana
- Egyptalum
- Seplat Energy
- Nigerian Bottling Company*
- Orange Côte D’Ivoire
- Poulina Group Holding
- Ethiopian Shipping Lines
- Totalenergies Marketing Côte D’Ivoire
- Suez Steel Company*
- Vivo Energy Senegal
- Groupe Elloumi
- Orange Sénégal
- Truworths International
- Sgtm
- Industries Chimiques Du Sénégal*
- East African Breweries
- Bua Foods
- Astral Foods
- Royal Bafokeng Platinum*
- Cosumar
- Talaat Moustafa Group
- Gb Corp
- Enafor
- Tanger Med Special Agency
- Innscor Africa
- Vivo Energy Côte D’Ivoire
- Petrom
- Transnet Port Terminals
- Centamin
- Johannesburg Water
- Jesa Group
- Lonaci
- Winxo
- Petroci
- Orange Egypte
- Tongaat-Hulett
- Raubex
- Totalenergies Marketing Sénégal
- Etap
- Electricidade De Moçambique
- Orange Mali
- Totalenergies Nigeria
- Societe Marocaine Des Tabacs
- Essakane
- Growthpoint Properties
- Orange Maroc
- Mtn Uganda
- Groupe Intelcia
- Ciel Group
- Eneo Cameroon
- Tanesco
- Airport Holdings
- Nigerian Breweries
- Anglovaal Industries
- Metair Investments
- Volta River Authority
- Delta Corporation
- Zimplats
- Djezzy
- Lafargeholcim Maroc
- Orange Guinée
- Afriquia Gaz
- Ziz Carburant*
- Sefalana Group
- Sociedade Mineira De Catoca
- Blue Label Telecoms
- Nestlé Nigeria
- Naivas
- Société Minière De Boké*
- Meikles
- Lydec
- Transnet National Ports Authority
- Prosuma Group
- 11plc
- Groupe Managem
- Maurel & Prom
- Hulamin
- Reunert
- Compagnie Des Bauxites De Guinée*
- Air Mauritius
- Cell C
- Bell Equipment
- Eastern Company
- Ooredoo Algeria
- Murray & Roberts
- Umeme
- Mondi South Africa
- Vodacom Rdc
- Nigerian Ports Authority
- Tharisa
- Tradex
- East African Breweries Kenya
- Ity Gold Mine
- Adcorp
- African Rainbow Minerals
- Cmh Group
- Mpact
- Choppies Enterprises
- Tgcc
- South Deep Gold Mine
- Houndé Mine
- Biopharm
- Libstar
- Mota-Engil Angola
- Abu Qir Fertilizers Company
- Bua Cement
- Sun International
- Societe Aurifere De Guinee*
- Zccm-Ih
- Vivo Energy Tunisie
- Julius Berger Nigeria
- Dangote Sugar Refinery
- Oriental Weavers Group
- Sabodala-Massawa Mine
- Orange Burkina Faso
- Vivo Energy Guinée
- Mtn Côte D’Ivoire
- Palm Hills Developments
- Lesaka Technologies
- Vinci Energies Afrique De L’Ouest
- Enl Group
- Tsogo Sun
- Zain Sudan
- Entp
- Ca Sales Holdings
- Vivo Energy Uganda
- Cashbuild
- Hidroelectrica De Cahora Bassa
- Lesieur Cristal
- Airtel Uganda
- Solibra
- Lafarge Africa
- Puma Energy Zambia
- Orange Cameroun
- Juhayna Food Industries
- Rwandair
- Vodacom Tanzania
- Cmdt
- Yaouré Gold Mine
- Tanzania Breweries
- Heliopolis Company
- North Mara Gold Mine
- Orascom Hotels & Development
- Pretoria Portland Cement
- Société Des Mines D’Ity
- Oceana Group
- Redefine Properties
- Mtn Cameroun
- Groupe Porteo
- Nampak
- Emaar Misr
- Transnet Rail Engineering
- Tunisair
- Orange Rd Congo
- Herholdts Group
- Tullow Gabon*
- Adcock Ingram Holdings
- Kenya Ports Authority
- Vivo Energy Ghana
- Dangote Cement Ethiopia
- Sonasid
- Salam Gaz
- Merafe Resources
- Zeda
- Auto Hall
- Italtile
- Totalenergies Gabon
- Vodacom Mozambique
- Centrale Danone*
- Hudaco Industries
- Taqa Arabia
- Cie
- Kloof Gold Mining Co.
- Autoroutes Du Maroc
- Office National Des Aéroports
- Sidpec
- Chirano Gold Mine
- Total Petroleum Ghana
- Smb
- Délice Holding
- Maghreb Steel
- Otjikoto Mine
- Mustek
- Ethiopian Electric Utility
- Sfbt
- Société Des Mines De Tongon
- Kengen
- Altron
- Eclosia Group
- Driefontein Mine
- Invicta Holdings
- Syama Mine
- Lewis Group
- Sudatel Telecom Group
- Sonabel*
- Seeg
- Tunisie Télécom
- Oncf
- Frieslandcampina Wamco Nigeria
- Carrefour Tunisie
- Press Corporation
- Ciments Du Maroc
- Air Algérie*
- Famous Brands
- Marsa Maroc
- Gabon Oil Company
- Edita Food Industries
- Ciel Textile
- Guinness Nigeria
- Groupe Al Omrane
- Rfg Foods
- Edikan Gold Mine
- Leal Group
- Advtech Group
- Copperbelt Energy Corp.
- Cairo Poultry
- Sania Cie
- Vivo Energy Mauritius
- Zambia Sugar
- Pan African Resources
- Bulyanhulu Gold Mine
- Ardova
- Palm-Ci
- Cervejas De Moçambique
- National Foods Holdings
- Nampower
- Bcx
- Camtel
- Siph
- Beachcomber Resorts & Hotels
- Lonab
- Bamburi Cement
- Stefanutti Stocks
- Nestlé Côte D’Ivoire
- Airports Co. Of South Africa
- Tgi Group – Agribusiness
- Quantum Foods
- Central Trading Op
- International Breweries
- Société Minière De Dinguiraye*
- Botswana Power Corp.
- Mti
- South African Airways*
- Sodic
- Tanger Med Port Authority
- One Tech Group
- Zambeef
- Transnet Pipelines
- Caxton & Ctp Publishers & Printers
- Mansour For Trading And Distribution
- Webuild Group Ethiopia
- Rowad Modern Engineering
- Petroivoire
- Redcon Construction*
- Groupe Divindus
- British American Tobacco Kenya
- Rössing Uranium Mine
- Hyper One
- Cegelec Maroc*
- Cfao Automotive Ci
- Drdgold
- Forafric
- Eoh Group
- Sea Harvest Group
- Zimbabwe Consolidated Diamond Co.
- Quickmart
- Cfm
- Filatex
- Ceca Gadis
- Sodeci
- Afrimat
- Abosso Goldfieds
- Southern Sun
- Société Magasin Général
- Rogers & Co
- Sodecoton
- Mana Gold Mine
- Merec Industries
- Mauritius Telecom
- Sitab
- Alphamin
- Simbisa Brands
- Kenya Pipeline Co.
- Delta Holding
- Eyptian Maintenance Company
- Giza Cable Industries
- Airtel Zambia
- Indianoil Mauritius
- Phoenix Beverages
- Coraf*
- Insimbi Group
- Sah-Lilas
- Illovo Malawi
- Delta Sugar
- Enacol*
- Kosmos Energy Guinée Équatoriale
- Société Des Boissons Du Maroc
- Madinet Nasr
- Conoil
- Engen Botswana
- Umgeni Water
- Transcorp Group
- Agence Nationale Des Ports
- Dislog Group
- Honeywell Flour Mills
- Sabc
- Gécamines
- Arabian Food Industries
- Master Drilling Group
- Port Autonome D’Abidjan
- Les Eaux Minérales D’Oulmès
- Eterna
- Grindrod
- Mrs Oil Nigeria
- Moov Africa Burkina
- Beatrix Mine
- Salungano Group
- Royal Eswatini Sugar Corp.
- Hyprop Investments
- Curro
- Arafa Group
- Mako Mine
- Egypt Gas
- Sothema
- Honoris United Universities
- Kroondal Gold Mine
- Mutandis
- Workforce Holdings
- Société Des Mines De Floleu
- Lux Island Resorts
- Fortress Reit
- Ennakl Automobiles
- Alexandria Container & Cargo Handling Co.
- Nexans Maroc*
- Radeema
- Kima
- Zambian Breweries
- Terra Mauricia
- Guelb Moghrein Copper-Gold Mine
- Auto Nejma
- Alucam*
- Jubilee Metals Group
- Snmvt – Monoprix
- Port Autonome De Douala
- Jet Contractors
- Cultura
- Avacare Health
- East African Breweries Uganda
- Enx Group
- Namibia Breweries
- Roxgold Sango
- Pz Cussons Nigeria
- Twiga Cement
Blister
Roger Boniface is the founder of EDISIM, a training provider that uses simulations to offer real-world learning experiences in the classroom. In under three years, he has managed to integrate his business simulation concept into some of Africa\’s top business schools. He lectures at Wits and GIBS in South Africa and Strathmore Business School in Nairobi. Named as one of the 30 under 30 Africans to watch by Forbes, Boniface is also the founder of Artson, an event company that hosts art and wine tasting experiences, and he took on JCB, a small textile wholesaler. Although he didn\’t launch JCB, he has increased the annual turnover to R13 million in 3 years.