Methodology – who we include in the ranking

The African Business Top 250 Companies survey focuses on the biggest companies that, with the ranking determined by the market capitalisation (total value of the listed shares) at 31 March 2023. The market capitalisation is converted into US dollars on the same date. We thank Ayo Salami of Emerging Markets Investment Management Limited for assistance with collating data.

Some of the African giants not in the Top 250 ranking are government-owned companies, including state-owned enterprises such as Commercial Bank of Ethiopia and Sonangol in Angola. Last year, following negotiations with the IMF, Egypt again promised privatisations of stateand military-owned companies.

The Top 250 survey excludes companies that have African heritage and roots but no longer earn at least 50% of their revenues in Africa. One significant example is Prosus, which emerged as Europe’s largest listed consumer internet company when it became an entity independent from its parent, South Africa’s Naspers. It listed on Euronext Amsterdam and the JSE in September 2019.

Companies with more than 50% of their revenues from Africa are excluded if they are not listed on an African stock exchange.

The biggest of these is Shenzhen Transsion Holding Co, listed in Shanghai, which makes mobile phones under the TECNO, Itel, and Infinix brands, as well as smart accessories and home appliances, and provides mobile internet services. It operates in Nigeria, Kenya, Tanzania, Ethiopia and Egypt as well as internationally. Its total market capitalisation fell from $25.6bn in 2021 to $12.1bn in 2022 and has recovered only marginally to $12.2bn. If Transsion had an African listing, it would be seventh in our ranking.

Several very large mining companies are also excluded because they are not listed on an African stock exchange. One example is London-listed Endeavour Mining, with a market capitalisation of $6.57bn, up from $6.2bn last year. It is a gold miner in Senegal, Côte d’Ivoire and Burkina Faso.

Another example is Canada’s Ivanhoe Mines, whose market capitalisation has fallen to $10.7bn from $11.3bn a year ago. Ivanhoe’s flagship Kamoa-Kakula project in Democratic Republic of Congo could expand to become the world’s biggest copper mine; it also has zinc and platinum projects.

In contrast, B2Gold is ranked 33rd – up from 38th last year – because it is listed on the Namibian Stock Exchange, in line with Namibian government policy to make locally active miners available to local investors.

The ranking also excludes the handful of African “unicorns” – tech startups that reach a $1bn dollar market value, but are usually not yet listed on any stock exchange. It omits real estate investment trusts and finance companies, because of the way they manage funds for unit holders. If, however, a company develops properties, then it can remain in the ranking, as does Travaux Généraux de Construction de Casablanca.