Africa’s business landscape is as dynamic as it is diverse, with numerous corporations competing across various sectors.
According to a comprehensive report by Aranca, a leading global research and analytics firm, the continent’s largest corporations have demonstrated impressive revenue growth.
This report, considered revenue over the past 12 months, year-on-year percentage changes, and compound annual growth rates, highlights the continent’s economic dynamism.
Sector-wise, the financial services sector emerged as a standout performer, expanding its sales by an impressive 32% over the study period.
Other sectors, including consumer cyclical and defensive, communication services, and industrials closely matched this robust growth.
Notably, energy companies saw a substantial sales increase of 55%, while utilities and technology sectors followed with growth rates of 48% and 33%, respectively.
The industrial sector also experienced a healthy 26% growth. Among the fastest-growing companies for the fiscal year were QALA For Financial Investments (113%), Thungela Resources (93%), and Thungela Resources (74%).
The following is a list of Africa’s largest corporations by revenue based on Aranca’s ranking for the year ending 2023.
- Sasol Ltd (South Africa) – chemicals – $16.33 billion
Sasol Ltd, a major player in the energy and chemicals sector, achieved the highest revenue on the continent with $16.33 billion.
The company specializes in chemicals, crude oil exploration, refining, and manufacturing fertilizers and explosives. Sasol’s diverse operations, including converting coal into petrochemical products cemented its position as a leader in the corporate landscape.
- Old Mutual Ltd (South Africa) – insurance – $13.29 billion
Old Mutual Ltd, a giant in African financial services, posted a revenue of $13.29 billion. The company offers financial solutions to retail and corporate customers across key markets in 13 countries.
Old Mutual posted a revenue of $13.29 billion, coming first in the financial services (insurance) sector.
- MTN Group Ltd (South Africa) – telecommunication services – $12.50 billion
In telecommunications, MTN had the highest revenue beating competitors like Safaricom, Vodacom, Maroc and Blue Label. MTN, a South African multinational corporation is touted as Africa’s largest mobile network operator and if their performance is anything to go by, that claim seems to hold water.
- Shoprite Holdings Ltd (South Africa) – retail – cyclical – $12.06 billion
Shoprite Holdings, Africa’s largest supermarket retailer, achieved $12.06 billion in revenue. Operating 3,543 stores across the continent, the company’s expansive network drives its impressive financial performance.
- Bid Corp Ltd (South Africa) – food services – $11.78 billion
Bid Corp, an international food services group, reported revenues of $11.78 billion.
The company operates across five continents, distributing fresh ingredients and offering food service distribution services to the HoReCa sector.
Its diverse portfolio, including poultry, dairy, and general food ingredients, contributes to its strong market presence.
- Sanlam Ltd (South Africa) – financial services – $10.97 billion
Sanlam is the largest non-banking financial services group in Africa. The company offers life insurance, general insurance, and investment management to clients and corporations across the continent. Sanlam ranked sixth with a $10.97 billion revenue.
- Vodacom Group Ltd (South Africa) – telecommunication services – $7.58 billion
Vodacom Group, another key player in South Africa’s telecommunications sector, reported revenues of $7.58 billion.
Vodacom operates in 32 African countries including Nigeria, Zambia, Angola, Kenya, Ghana, Côte d’Ivoire, and Cameroon. This extensive reach is potentially responsible for the company’s high revenue.
- Sibanye Stillwater Ltd (South Africa) – metals & mining – $7.21 billion
Sibanye Stillwater is one of the world’s leading international precious metals mining companies, with a diverse asset portfolio. The company posted a revenue of $7.21 billion, outshining competitors like Anglo American Platinum Ltd and Gold Fields Ltd.
- Naspers Ltd (South Africa) – internet and technology – $7.15 billion
Naspers is a South African multinational internet, technology, and multimedia holding company. The company has interests in online retail, publishing, and venture capital investment. Naspers’ diverse portfolio contributed significantly to its revenue, which amounted to $7.15 billion.
- Firstrand Ltd (South Africa) – banking – $7.39 billion
Firstrand Ltd, or Firstrand Group, is the holding company of FirstRand Bank and a financial services provider in South Africa. The company topped the revenue charts in the banking sector, coming out on top against competitors like Zenith Bank, KCB Bank, Nedbank, and Bank of Africa. Firstrand recorded a revenue of $7.39 billion.
- Anglo American Platinum Ltd (South Africa) – metals & mining – $6.72 billion
Anglo-American Platinum, a major player in the metals and mining industry, generated $6.72 billion in revenue. The company is the world’s largest primary producer of platinum, accounting for about 38% of the world’s annual supply. This standing was reflected in the multinational’s annual earnings.
- Impala Platinum Holdings Ltd (South Africa) – metals & mining – $5.98 billion
Trailing closely behind Anglo American was Impala Platinum Holdings with a revenue of $5.98 billion. Impala is a South African holding company that owns several companies operating mines producing platinum and platinum group metals, as well as nickel, copper, and cobalt.
- Sappi Ltd (South Africa) – forest products – $5.45 billion
Sappi Ltd, a South African pulp and paper company, has operations all over the world. The paper giant posted $5.45 billion in revenue in 2023, taking the lead in the forest products industry. This was, however, a significant drop from the previous year’s revenue of $7.25 billion.
