East Africa: Safaricom Retains Top Position As the Most Valuable Firm in the Region

East Africa: Safaricom Retains Top Position As the Most Valuable Firm in the Region

Kenya’s listed telco Safaricom topped the region as the largest company by market capitalisation and net earnings yet again this year, even as the Covid-19 pandemic hit listed firms, wiping out shareholder earnings and pushing away foreign investors.

A survey on Africa’s top 250 companies by South Africa’s African Business Magazine had 17 East African companies valued at $20.2 billion (3.4 per cent of total market capitalisation of the companies surveyed). Last year, the list had 21 companies from the region, valued at $26.3 billion; four per cent of total market capitalisation.

According to the report released this week, Safaricom was ranked the most valuable company in the region, with a market capitalisation of $9.96 billion and a net income of $598 million. With $10 billion worth of market value, Safaricom was 10th position on the continent, up from 14th in last year’s ranking.

Next in the Africa ranking were Tanzania Breweries Ltd at position 75, Equity Group Holdings (82), and the East African Breweries Ltd (90), valued at $1.39 billion, $1.16 billion and $1.08 billion respectively. KCB takes the fifth position in the region with a market capitalisation of $999 million, and position 92 in the overall ranking.

Other listed firms ranked in the top 10 in the region include Vodacom Tanzania, valued at $827 million, Tanzania Cigarette Company ($738 million), Co-operative Bank of Kenya ($690 million), Standard Chartered Kenya ($592 million) and NMB Bank ($508 million).

Kenya had 11 companies in the top 250 companies on the continent, three less than last year, and with their combined market capitalisation dropping to $16 billion from $21 billion.