Africa’s Top Companies 2024: North Africa strides ahead

The value of the ten biggest North African firms has increased over the past year, most by a significant amount. The region’s largest listed corporations are now outperforming the continental average – against a background of the combined value of the African Business Top 250 companies being broadly static over the past year, once Naspers is stripped out of the equation.

As a result, North African companies now account for 19.6% of our entire Top 250 table with combined value of $98.8bn.

Moroccan companies have performed particularly well, with the country’s entrants accounting for 12.6% of the Top 250’s total value this year, up from 8.83% in 2023. The Moroccan firms in our regional Top 20 have a combined market value of $63bn, ahead of their Egyptian counterparts with $26bn and Tunisian companies with $4.3bn. No Algerian or Libyan companies make it into either table. Libya remains insecure and reliant on oil exports, while the Algerian economy is also still oriented towards oil and gas exports, with strong state control of several other key sectors.

There are 12 Moroccan companies in our North African regional Top 20, one fewer than last year but ahead of Egypt’s eight rankings.

Attijariwafa Bank remains the biggest company in the region, with a market capitalization of $10.8bn, up $2.5bn on last year. Maroc Telecom and the country’s Banque Centrale Popculair have both experienced increases in value of $1.4bn. Most of the rest of the regional Top 20 have also enjoyed rising market capitalizations over the past year, including Ciments du Maroc, Misr Fertilizers Production Company (MOPCO) and Talaat Moustafa Group, which we discuss among the biggest risers (see page 58). MOPCO takes 10th position this year with market capitalization of $2.3bn, almost double that of last year.

The Egyptian government is considering selling 15% of its remaining stake in MOPCO, with Abu Dhabi Developmental Holding Company and the Saudi Public Investment Fund among the other main shareholders after buying equity in 2022. The company is one of Egypt’s biggest fertiliser producers and now plans to invest in a green hydrogen project. MOPCO secured 20th position in our regional table last year with $1.2bn but Eastern Company needed $1.3bn to secure the same spot this year.

The value of Egyptian companies in our table of the Top 250 Companies increased from 4.73% of the total in 2023 to 6.11% this year. The number of Egyptian entrants would be bolstered through initial public offerings (IPOs) for equity in the country’s various state-owned banks but privatization plans have been delayed, despite agreements to divest them being included in successive agreements with the IMF.