NAIROBI, Kenya, Mar 4 – Eleven Kenyan companies have been ranked among Africa’s top 500 firms by The Africa Report and Jeune Afrique, based on their 2023 financial performance.
The Kenyan firms on the list include Safaricom (62), Vivo Energy Kenya (100), Kenya Airways (114), TotalEnergies Marketing Kenya (126), and the East African Breweries Ltd. (EABL) (164).
Others are Naivas (216), Bamburi Cement (380), British American Tobacco (BAT) Kenya (404), Quickmart, and Kenya Pipeline (431).
The ranking, which analyzed nearly 1,300 companies, assessed businesses based on revenue performance for the 2023 fiscal year.
Energy remained the leading sector, accounting for 28 percent of total revenues, followed by the mining, telecommunications, and airline sectors.
South Africa had the highest number of companies in the ranking.
The report revealed that the top 500 African firms generated a total revenue of $736.8 billion, reflecting a 3.1 percent decline from the 2024 edition.
“After nearly 25% growth over two years, company revenues have stabilized at $736.8 billion, marking a 3.1% drop,” the report noted, citing sluggish global growth and falling commodity prices.
Despite economic challenges, the report highlighted African companies’ resilience, with firms adapting to market shifts and seeking new growth opportunities.
