2018

REVIEW
Contents
Please enjoy our ranking and 02 Overview
analysis from our 2018 edition Time to tighten up 
of Africa’s top 200 banks. 05 Rankings
For this year’s edition, please visit Our exclusive compilation 
your newsagent and ask for 10 O
 il & Gas
the October-December TAR109 Rolling with it as the barrel bobs 
edition of The Africa Report, 12 Telecoms
or subscribe online to get it first! Data duels 
13 Mining
Bouncing back from the bottom 

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TOP 500 COMPANIES 2018 REVIEW  2

Time to tighten up
After another bad year for African corporates, it’s the Africa – have pulled themselves back
into modest growth rates this year.
moment to heed calls for ground-up corporate Those worried about the man-
governance reform in order to attract the heavyweight agement of the heavy hitters at the
top of the corporate pile in Africa
capital flows that the continent urgently needs are seeing fewer reasons to cheer. In
Algeria, for example, our number one
By Nicholas Norbrook company of the Top 500, the national
oil firm Sonatrach (#1), has seen a

F
or the fourth
year running,
the turnover
of Africa’s 500
largest compa-
nies fell in our
exclusive rankings. And though
the drop was less steep – 6.7% for
the companies’ 2016 financial year
results compared to 12.6% the pre-
vious year – it means turnover is
back to where it was in 2008. Back
then, Africa’s corporate titans made
$566.9bn. After a neat parabola of
African corporate rise and fall, the
of the losses could be ascribed to
weakening currencies – our Top 500
ranking is based on United States
dollar values – after that more ne-
farious factors kicked in.
The dramatic impact of the slump
in commodity prices, the collapse
in public finances and the hike in
financing rates have played their
part. And, more recently, sliding
local currencies, like in Egypt and
Nigeria, also complicated access
to foreign exchange for corporates
dependent on importing inputs.
Glass-half-full folk will point to
spectacular collapse in its turnover,
which dropped from $61.9bn in 2014
to $33.2bn in 2015 and to $30.2bn in
2016. It remains, by far, the largest
company in our rankings.
Shareholders are also nervously
following the travails of Steinhoff
(#2), the South African retail
conglomerate engulfed in a major
accounting scandal. They have seen
the value of their holdings plum-
met by 80% since the beginning of
December 2017, when the troubles
were announced. The shredding
of the reputation of KPMG’s South

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2016 turnover was $569.2bn. a far greater resilience across the Africa operations, alongside the
This certainly puts a gloss on the continent. Yes, overall economic Steinhoff debacle, suggest that fixing
enthusiasm of recent years. Even growth declined rapidly in 2016 the ways accountants work would
after the 2008 financial crash, Africa’s but hit 1.6% on average, rather than go a long way to improving African
top firms only paused before re- tipping wildly into negative rates. capitalism. Those will be some of the
gaining their stride. And while in Those big economies that did go key themes of the annual Africa CEO
2013 and the first half of 2014 some into the red – Nigeria and South Forum to be held in Abidjan on 26-27
March this year. Indeed, given that
Sector by sector South African companies represent
Number of companies Transport Financial services
$27.7bn 24 $33.7 bn 41 152 of our Top 500 companies and
fully half of the global turnover of
4.9% 5.9% the ranking, issues of corporate
ICT/Telecoms Manufacturing* governance in South Africa rank
$64.2bn 52 11.3% $62.9bn 50
11.1% near the top of the list of things
that would usefully boost company
Mining performance in the years ahead,
Total 2016
$43.2bn 50 7.6%
turnover
Agribusiness**
74
regardless of market conditions and
9% $51.2bn global demand.
$569.2bn
Number of THE WAY TO RECOVERY
Diversified companies Other***
5.1% 23 Buttoreassurethosewhoarenothold-
$59.5bn 39 10.5%
500 $28.9bn ing their breath over activist-backed
5.2% improvements to issues of corporate
Construction governance, global market conditions
$29.4bn 38 are nevertheless becoming more
13.9% 9.5%
clement. All of Africa’s main trading
Oil & gas 6.2% Retail
$78.8bn 51 $54.1bn 29
partners in Asia and the West are
Utilities experiencing coordinated growth,
* Includes paper, steelmaking,
electrical equipment, textiles,
$35.0bn 29 ** Includes food & drink, agro-food industry
*** Includes media, healthcare, tourism, which experts at the Organisation for
automobile, chemicals & plastics audit & consulting Economic Cooperation and

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TOP 500 COMPANIES 2018 REVIEW 
Development (OECD) and
International Monetary Fund predict
will last a few years, at least – and this
providesachangetotheunpredictable
headwinds of recent years.
In 2017, the global economy had
its best year since 2010: the Dow
Jones Industrial Average in the US
grew 25%, eurozone GDP growth
outpaced the US – at 2.3% – while
buoyant consumers in the West
kept Asia’s factories spinning. That,
in turn, is having an impact on
commodity prices, a reliable proxy
for economic growth in Africa.
Certain industries are already
feeling a spring in their step today.
While the oil and gas sector shrank as
a share of our rankings, commodity
prices strengthened through 2017
and should continue to do so in
2018 (see page 78). Industrial met-
al prices were up 24% in 2017 and
should continue to rise according to
Goldman Sachs, whose December
2017 research note also predicted a
higher oil price, at around $62 per
barrel, for the year ahead.
That will stabilise government
spending in resource-dependent
economies like Nigeria, Angola
and South Africa. This, in turn, im-
proves the outlook for many large
corporates, given the significant
role government spending plays
in so many economies.
Given the backward-facing na-
ture of our corporate data, which
charts the 2016 financial year, these
changes will not show up in our
rankings for some time. But the
sobering curve shown over these
past years gives pause for thought
for the boosters of Africa’s econom-
ic success over the past decade.
Huge structural reforms are nec-
essary to put the continent’s firms on
a sounder footing. There are $36.9trn
in OECD-country pension funds that
will not invest in African companies
without serious improvements to the
ways companies operate. To attract
a greater share of global investment,
Africa could take a leaf out of Asia’s
book: over the past two decades,
Asian companies drastically im-
proved their governance.
Investors responded, creating a
fundamental realignment in global
trade and launching the ‘Asian
century’. In 2016, Singapore alone
attracted almost as much in foreign
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Combined turnover
of Top 500 companies ($bn)
736.8
728.7
711.6
698.2
689.9
610.4
586.9
569.2
566.9
2008 2009 2010 2011 2012 2013 2014 2015 2016
direct investment as 54 African
countries. If African countries take
the same path as their counter-
parts in Asia, the rewards could
be huge: small and medium-sized
enterprises could increase their
access to the continent’s liquid
banks; big corporates could attract
global pension funds; and private
equity could find ready exits from
their investments.
But it is is not just African com-
panies that need to put their shoul-
ders to the wheel. Governments
across the continent are responsi-
ble for bringing down the costs of
getting goods from point A to point
B, reducing the cost of powering
factories and providing a workforce
that is up to the job.
PRICE OF DOING BUSINESS
Compare, for example, how two
countries are exploiting their gas
resources. Mozambique has cho-
sen an export strategy, planning
to sell its gas on global markets.
Tanzania, on the other hand, is
developing the gas to build an
industrial corridor around the
Dar es Salaam area in addition
to liquefied natural gas plants for
exports. “Dar es Salaam is going
to be one of the supercities of this
century,” says Andrew Moorfield
of Exotix Capital, which recent-
ly financed the acquisition of
PanAfrican Energy by Tanzania’s
Swala, a locally listed oil and gas
company. “There are pipes into
the various factories. They are de-
veloping clusters with economies
of scale, moving the country away
from agriculture and tourism,”
Moorfield adds.
3
Cement production –  which
largely relies on a cheap power
source, such as natural gas – is
also a bellwether. Tanzania’s price
per tonne is among the cheapest,
at $75. Kenya pays $95, Nigeria
pays $120, Ghana pays $125 and
Angola $205. The development
of gas-to-power plants and other
cheap sources of electricity leads
to lower costs cascading through
the economy, raising the compet-
itiveness of nearly all companies.
Another country working hard
to push the price of doing business
down is Ethiopia, where cement
is $85 per tonne. Chinese telecom
company Transsion, which has
made several fortunes selling
handsets to markets across Asia
and Africa, is building a factory in
Addis Ababa. Transsion, which sells
under the Itel brand of handsets,
will still be shipping phones from
Chinese factories to consumers in
West Africa. But for the eastern side
of the continent, Ethiopia will be-
come a production and distribution
hub for the company. And while
Ethiopia has competitive power
and logistics costs thanks to new
hydroelectric dams and train tracks
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to the port in Djibouti, “don’t forget
of course Ethiopian Airlines, which
can connect you to any African mar-
ket,” says Arif Chowdhury, group
vice-president for Transsion.
Another area of growth potential
for the continent is agribusiness
(see page 76), argues Mo Dewji,
chief executive officer of MeTL
Group. In particular, there are
many opportunities to add value to
raw materials. “Our tariffs protect
manufacturers in the country. So,
if you want to bring in finished
goods, it is 25% tax. [But] if you
bring in raw materials, it’s 0% tax.
Look for any natural resources
that you can value add to, like for
example go into juice or tinning
tomatoes.” He is currently in the
process of setting up a pasta fac­tory
in partnership with a com­pany
from the United States.
Ultimately, government and busi-
ness will need to work together to
turn around corporate performance
on the continent. Attracting heav-
yweight investors, who can bring
the strong capital flows that Africa
needs, depends on it. 
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TOP 500 COMPANIES 2018 REVIEW  5

RANKINGS 1-50

Rank Rank Turnover Turnover Net

2016 2015 Diff. Company Sector Country (2016) change profits

1 1 - Sonatrach Petroleum Algeria 30 242 200 -9% 184 230

2 7 +5 Steinhoff International Holdings Wood and paper Algeria 17 304 461 98% 1 517 917
3 2 -1 Sonangol Petroleum South Africa 14 711 363 -15% 79 690
4 3 -1 The Bidvest Group* Diversified Angola 13 290 847 NA 399 497
5 5 - Eskom Utilities South Africa 12 856 531 21% 64 451
6 4 -2 Sasol Chemicals South Africa 12 552 130 4% 1 090 660
7 6 -1 MTN Group ICT/Telecoms South Africa 10 736 034 13% (225 216)
8 8 - ShopRite Holdings Retail South Africa 9 437 432 28% 351 795
9 10 +1 Imperial Holdings Diversified South Africa 8 626 060 24% 232 837
10 9 -1 Bidfood (ex BidCorp)* Agribusiness South Africa 7 561 953 NA 257 139
11 22 +11 SPAR Group Retail South Africa 6 693 836 39% 131 733
12 15 +3 Massmart Holdings Retail South Africa 6 645 780 21% 95 994
13 13 - The Bidvest Group South Africa Diversified South Africa 6 554 152 16% 5 929 485
14 14 - Sanlam Insurance South Africa 6 292 323 14% 767 751
15 12 -3 Naspers Media South Africa 6 098 000 3% 2 808 000
16 11 -5 Datatec Media South Africa 6 083 383 -6% 3 038
17 20 +3 Vodacom Group ICT/Telecoms South Africa 5 899 157 14% 952 685
18 23 +5 Pick n Pay Stores Group Retail South Africa 5 742 370 20% 90 253
19 - - Engen Petroleum Petroleum South Africa 5 503 959 NA 245 974
20 16 -4 Suez Canal Authority* Ports Egypt 5 175 600 NA -
21 17 -4 Sappi Wood and paper South Africa 5 141 000 -5% 319 000
22 32 +10 Woolworths Holdings Retail South Africa 4 861 263 29% 315 941
23 27 +4 Barloworld Diversified South Africa 4 829 981 19% 143 636
24 28 +4 Transnet Transports South Africa 4 752 393 18% 200 684

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25 18 -7 Vodacom South Africa ICT/Telecoms South Africa 4 698 031 16% -
26 30 +4 Anglo American Platinum Corporation Mining South Africa 4 498 218 18% 50 516
27 26 -1 AngloGold Ashanti Mining South Africa 4 254 000 2% 80 000
28 24 -4 Office Chérifien des Phosphates Mining Morocco 4 173 200 -13% 371 325
29 123 +94 Orascom Construction Industries Construction Egypt 4 033 100 NA 53 000
30 25 -5 SABMiller South Africa* Food and drink South Africa 3 804 000 NA -
31 43 +12 Old Mutual Life Assurance Company Insurance South Africa 3 645 258 29% 581 656
32 38 +6 Groupe Maroc Telecom ICT/Telecoms Morocco 3 463 862 10% 550 059
33 35 +2 MTN Nigeria ICT/Telecoms Nigeria 3 420 115 2% -
34 40 +6 Mediclinic Corporation Healthcare South Africa 3 381 710 8% 298 929
35 36 +1 ONEE Utilities Morocco 3 361 687 3% 77 644
36 33 -3 Société Nationale d’Investissement Diversified Morocco 3 291 346 -2% 435 253
37 29 -8 Sonelgaz Utilities Algeria 3 198 616 5% (88 689)
38 31 -7 Naftal* Petroleum services Algeria 3 132 588 NA -
39 - - Dangote Group* Diversified Nigeria 3 100 000 NA 1 120 000
40 48 +8 MTN South Africa ICT/Telecoms South Africa 3 042 699 17% -
41 34 -7 Liberty Group Insurance South Africa 2 996 683 18% 179 853
42 44 +2 Telkom ICT/Telecoms South Africa 2 973 603 23% 279 723
43 41 -2 Global Telecom Holding ICT/Telecoms Egypt 2 955 500 2% 193 900
44 56 +12 Kumba Iron Ore Mining South Africa 2 914 450 24% 808 832
45 55 +10 Transnet Freight Rail Air transport South Africa 2 838 894 18% -
46 42 -4 Gold Fields Mining South Africa 2 749 500 8% 173 700
47 51 +4 Impala Platinum Holdings Mining South Africa 2 607 945 24% (3 121)
48 49 +1 Aspen Pharmacare Holdings Pharmaceuticals South Africa 2 583 848 10% 312 094
49 61 +12 Network Healthcare Holdings Healthcare South Africa 2 452 914 12% 76 064
50 37 -13 Aveng Diversified South Africa 2 449 938 -23% (4 718)
2016 results in thousands of US dollars; *in italics 2015 results; NA: not available

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TOP 500 COMPANIES 2018 REVIEW  6

RANKINGS 51-100

Rank Rank Turnover Turnover Net

2016 2015 Diff. Company Sector Country (2016) change profits

51 57 +6 Ethiopian Airlines Air transport Ethiopia 2 416 678 5% 272 061

52 73 +21 Discovery Health Insurance South Africa 2 400 511 34% 270 723
53 66 +13 ArcelorMittal South Africa Metals South Africa 2 376 051 18% (341 561)
54 54 - Masscash Retail South Africa 2 304 277 20% -
55 64 +9 Tiger Brands Agribusiness South Africa 2 303 544 12% 284 804
56 95 +39 Sibanye Gold Mining South Africa 2 267 450 54% 237 409
57 60 +3 Wilson Bayly Holmes - Ovcon Construction South Africa 2 224 599 16% 52 392
58 74 +16 MMI Holdings Insurance South Africa 2 102 715 18% -
59 59 - Cevital Agribusiness Algeria 2 098 754 -6% 161 944
60 65 +5 Maroc Telecom ICT/Telecoms Morocco 2 087 435 2% -
61 63 +2 Soc. Tunisienne des Industries de Raffinage* Petroleum services Tunisia 2 084 017 NA -
62 68 +6 Safaricom ICT/Telecoms Kenya 2 039 486 9% 464 055
63 46 -17 JD Group* Retail South Africa 2 033 750 NA (149 308)
64 81 +17 Remgro Diversified South Africa 2 010 248 21% 395 779
65 71 +6 The Arab Contractors Construction Egypt 2 000 238 NA 22 623
66 53 -13 Dangote Cement Construction Nigeria 1 999 085 -18% 606 528
67 50 -17 Edgars Consolidated Stores Retail South Africa 1 990 507 5% 1 555 027
68 88 +20 Foschini Retail South Africa 1 917 099 24% 170 744
69 77 +8 Blue Label Telecoms ICT/Telecoms South Africa 1 909 716 12% 57 118
70 69 -1 Masswarehouse Retail South Africa 1 906 698 24% -
71 39 -32 Murray & Roberts Holdings Construction South Africa 1 897 822 -4% 54 653
72 106 +34 Super Group Auto industry South Africa 1 883 379 47% 91 360
73 82 +9 Santam Insurance South Africa 1 880 475 19% 53 637
74 93 +19 Clicks Group Retail South Africa 1 853 038 23% 79 393

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75 78 +3 RCL Foods Food and drink South Africa 1 816 326 20% 16 446
76 76 - Flour Mills of Nigeria Agribusiness Nigeria 1 704 509 0% 28 718
77 67 -10 Soc. Tunisienne de l’électricité et du Gaz Utilities Tunisia 1 610 025 -14% (151 875)
78 109 +31 Distell Group Food and drink South Africa 1 558 301 23% 111 192
79 91 +12 Middle East Oil Refineries* Petroleum services Egypt 1 526 245 NA 99 893
80 115 +35 Exxaro Resources Mining South Africa 1 516 704 28% 413 053
81 111 +30 Pioneer Foods Group Food and drink South Africa 1 495 126 23% 122 675
82 87 +5 Massdiscounters Retail South Africa 1 491 120 18% -
83 154 +71 Oando Petroleum services Nigeria 1 481 177 85% 11 356
84 101 +17 Cosider Construction Algeria 1 463 160 11% 277 182
85 94 +9 Sonatel ICT/Telecoms Senegal 1 457 543 1% 347 567
86 79 -7 Kansanshi Mining Mining Zambia 1 449 000 10% -
87 103 +16 Mr Price Group Retail South Africa 1 434 399 11% 164 249
88 75 -13 Allied Electronics Corporation Electrical equipment South Africa 1 431 060 -17% (21 919)
89 - - Ethio Telecom ICT/Telecoms Ethiopia 1 420 480 NA -
90 90 - Royal Air Maroc Air transport Morocco 1 417 144 5% 22 698
91 121 +30 Nampak Wood and paper South Africa 1 389 101 24% 107 295
92 47 -45 Elsewedy Electric Electrical equipment Egypt 1 352 993 -48% 21 725
93 113 +20 AECI Chemicals South Africa 1 349 698 13% -
94 114 +20 Harmony Gold Mining Company Mining South Africa 1 330 682 42% 68 878
95 125 +30 Tongaat Hulett Group Food and drink South Africa 1 300 271 20% 79 330
96 62 -34 Ezz Steel Company Metals Egypt 1 273 091 -40% 8 919
97 108 +11 Mohammed Enterprises Tanzania Diversified Tanzania 1 256 464 -2% -
98 126 +28 Truworths International Retail South Africa 1 208 747 65% 204 458
99 137 +38 Life Healthcare Group Healthcare South Africa 1 190 602 25% 142 983
100 124 +24 Omnia Holdings Chemicals South Africa 1 180 804 9% 42 967
2016 results in thousands of US dollars; *in italics 2015 results; NA: not available

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TOP 500 COMPANIES 2018 REVIEW  7

RANKINGS 101-150

Rank Rank Turnover Turnover Net

2016 2015 Diff. Company Sector Country (2016) change profits

101 129 +28 Kap International Holdings Diversified South Africa 1 178 119 16% 86 588
102 131 +29 Adcorp Holdings Services South Africa 1 166 575 15% (11 636)
103 151 +48 Poulina Group Holding Diversified Tunisia 1 119 814 41% 38 880
104 105 +1 Lonmin Mining South Africa 1 118 000 -14% (400 000)
105 191 +86 Condor Electronics Electrical equipment Algeria 1 106 000 62% 50 000
106 133 +27 Hosken Consolidated Investments Diversified South Africa 1 076 337 10% 237 662
107 144 +37 RMI Holdings Insurance South Africa 1 070 845 21% 240 022
108 128 +20 Saham Finances Insurance Morocco 1 051 600 2% 74 786
109 86 -23 Marjane Holding* Retail Morocco 1 049 004 NA -
110 104 -6 PSG Group Insurance South Africa 1 047 257 25% 243 070
111 116 +5 Optimum Telecom Algeria ICT/Telecoms Algeria 1 040 000 -12% -
112 97 -15 Société Nationale des Hydrocarbures Petroleum Cameroon 1 031 685 -24% 8 593
113 96 -17 Nigerian Breweries Food and drink Nigeria 1 019 665 -30% 92 355
114 122 +8 Kenya Airways Air transport Kenya 1 018 134 -9% (97 783)
115 140 +25 Group Five Holdings Construction South Africa 999 689 11% 33 169
116 110 -6 Ooredoo Algeria ICT/Telecoms Algeria 998 580 -3% -
117 150 +33 KenolKobil Petroleum Kenya 991 472 19% 23 119
118 132 +14 Société Nationale de Raffinage* Refining Cameroon 977 087 NA (86 902)
119 155 +36 Tsogo Sun Holdings Tourism South Africa 959 653 20% 221 296
120 130 +10 Olam Group Côte d’Ivoire Agribusiness Côte d’Ivoire 955 276 -6% (6 642)
121 58 -63 EgyptAir Holdings Diversified Egypt 949 641 -58% -
122 161 +39 Compagnie Ivoirienne d’Électricité Utilities Côte d’Ivoire 949 313 14% 17 356
123 102 -21 Total Nigeria Petroleum services Nigeria 945 596 -9% 48 091
124 208 +84 EOH Holdings ICT/Telecoms South Africa 926 252 47% 67 526

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125 139 +14 Massbuild Construction South Africa 920 830 18% -
126 173 +47 Anglovaal Industries Food and drink South Africa 884 670 21% 107 506
127 190 +63 Sun International Tourism South Africa 884 460 29% 65 249
128 - - Tanzania Electric Supply Company* Utilities Tanzania 880 990 NA (56 730)
129 172 +43 Astral Foods Agribusiness South Africa 867 621 19% 27 000
130 147 +17 Illovo Sugar* Agribusiness South Africa 854 200 NA 43 618
131 70 -61 Total Kenya Petroleum services Kenya 853 204 -26% 21 405
132 148 +16 Novignis* Insurance Nigeria 839 276 NA 15 609
133 83 -50 Ghabbour Auto Auto industry Egypt 839 183 -46% (54 341)
134 186 +52 Invicta Holdings Auto industry South Africa 836 693 21% 4 440
135 169 +34 Kenya Power and Lighting Utilities Kenya 834 234 12% 72 388
136 156 +20 IBL Group (ex GML) Diversified Mauritius 828 224 5% 42 045
137 197 +60 Transnet Port Terminals Transport South Africa 809 267 22% -
138 236 +98 LafargeHolcim Maroc (ex Lafarge Ciments) Construction Morocco 803 079 54% 191 705
139 252 +113 Pinnacle Technology Holdings Electrical equipment South Africa 796 140 54% 27 697
140 183 +43 Rand Water Financial services South Africa 794 816 25% 157 133
141 240 +99 Taqa Morocco Utilities Morocco 790 932 -12% 96 146
142 112 -30 Total Maroc Petroleum services Morocco 789 523 -25% 88 094
143 184 +41 Orange Côte d’Ivoire ICT/Telecoms Côte d’Ivoire 777 341 11% 77 895
144 85 -59 Telecom Egypt ICT/Telecoms Egypt 775 906 -50% 146 726
145 265 +120 Compagnie Sucrière Marocaine de Raffinage Agribusiness Morocco 772 844 10% 91 745
146 - - PGI Holding - Amengroup Diversified Tunisia 770 062 -11% 79 554
147 164 +17 Holding Marocaine Commerciale et Financière Diversified Morocco 767 607 1% -
148 178 +30 Transnet National Ports Authority Transport South Africa 753 308 5% -
149 84 -65 PetroSA Petroleum services South Africa 751 717 -26% (101 581)
150 167 +17 Anouar Invest* Diversified Morocco 750 259 NA 19 044
2016 results in thousands of US dollars; *in italics 2015 results; NA: not available

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TOP 500 COMPANIES 2018 REVIEW  8

RANKINGS 151-200

Rank Rank Turnover Turnover Net

2016 2015 Diff. Company Sector Country (2016) change profits

151 258 +107 MTN Ghana ICT/Telecoms Ghana 746 921 46% -
152 72 -80 EgyptAir Airlines Air transport Egypt 745 365 -59% (70 253)
153 141 -12 Mota-Engil Africa Construction South Africa 745 208 -17% -
154 89 -65 Total Gabon Petroleum services Gabon 745 097 -11% 6 468
155 163 +8 Aurecon Construction South Africa 743 400 -3% -
156 - - 9mobile (ex Etisalat Nigeria) ICT/Telecoms Nigeria 742 950 NA -
157 189 +32 Label’ Vie Retail Morocco 742 551 8% 16 213
158 182 +24 CMH Group Auto industry South Africa 742 123 4% 14 326
159 98 -61 Al Ezz Dekheila Steel Company Metals Egypt 741 754 -45% -
160 218 +58 Zeder Investments Agribusiness South Africa 740 969 23% (53 854)
161 180 +19 Groupe SIFCA Agribusiness Côte d’Ivoire 733 252 2% 15 483
162 237 +75 Hulamin Metals South Africa 733 011 35% 27 938
163 170 +7 Mpact Wood and paper South Africa 732 956 18% 28 800
164 176 +12 IHS Towers Group* ICT/Telecoms Mauritius 723 100 NA -
165 203 +38 Wafa Assurance Insurance Morocco 718 674 11% 82 637
166 99 -67 Lafarge Africa Construction Nigeria 714 071 -46% 54 921
167 221 +54 Clover Holdings Food and drink South Africa 712 642 19% 25 469
168 - - Zain Sudan ICT/Telecoms Sudan 709 000 -1% 91 000
169 192 +23 Tarkwa Mines Mining Ghana 708 900 4% 116 900
170 262 +92 Growthpoint Properties Construction South Africa 708 671 41% 433 085
171 222 +51 Pretoria Portland Cement Company Construction South Africa 699 744 17% 1 960
172 160 -12 Douja Promotion Construction Morocco 699 241 -2% 110 221
173 153 -20 Lyonnaise des Eaux de Casablanca Utilities Morocco 698 039 0% 15 722
174 117 -57 African Rainbow Minerals Mining South Africa 696 768 5% (54 943)

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175 193 +18 Driefontein Mine Mining South Africa 682 332 28% 126 616
176 185 +9 Transnet Rail Engineering Rail transport South Africa 680 800 -2% -
177 220 +43 Trencor Sea transport South Africa 680 292 13% (272 683)
178 248 +70 Choppies Enterprises Retail Botswana 677 801 29% 9 649
179 - - Social Security and National Insurance Trust* Insurance Ghana 673 574 NA 359 807
180 159 -21 Centrale Danone Food and drink Morocco 670 526 -1% 5 797
181 - - Tullow Ghana Petroleum Ghana 666 600 -23% -
182 207 +25 Stefanutti Stocks Holdings Construction South Africa 664 078 5% (10 872)
183 196 +13 Volta River Authority* Utilities Ghana 662 887 NA (340 594)
184 149 -35 Société Nationale Burkinabé d’Hydrocarbures Petroleum services Burkina Faso 656 697 -22% 17 822
185 198 +13 Grindrod Transport South Africa 655 543 -1% 133 547
186 187 +1 African Reinsurance Corporation Insurance Nigeria 653 664 -5% 100 202
187 256 +69 Raubex Construction South Africa 653 630 27% 29 747
188 263 +75 Metair Investments Auto industry South Africa 649 860 30% 33 972
189 92 -97 Orange Egypt ICT/Telecoms Egypt 647 349 -55% (140 187)
190 201 +11 Kloof Gold Mining Company Mining South Africa 645 302 49% 117 202
191 205 +14 Société Maghrebine de Génie Civil de Guinea Eq.* Construction Eq. Guinea 641 259 NA -
192 162 -30 Société Africaine de Raffinage Refining Senegal 630 962 -18% 19 840
193 266 +73 Cashbuild Construction South Africa 629 243 26% 32 081
194 194 - Airports Company South Africa Air transport South Africa 628 078 17% 148 361
195 175 -20 Mondi Group South Africa Wood and paper South Africa 625 272 -12% -
196 206 +10 Econet Wireless ICT/Telecoms Zimbabwe 621 705 -3% 36 188
197 238 +41 Ghana Oil Company Petroleum services Ghana 620 118 14% 7 455
198 260 +62 Sanam Agro Agribusiness Morocco 619 655 21% -
199 241 +42 Reunert Electrical equipment South Africa 617 728 15% 69 895
200 250 +50 East African Breweries Kenya Food and drink Kenya 616 350 21% -
2016 results in thousands of US dollars; *in italics 2015 results; NA: not available

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TOP 500 COMPANIES 2018 REVIEW 
OIL & GAS
Rolling with it
as the barrel bobs
Figures from 2016 show the effects of
investor stagnation and servicing expensive
debts, but the future looks brighter
A
late oil price rally in 2017
– prices of around $68 per
barrel as The Africa Report
went to press – suggested that a
prediction of $62 per barrel for
the coming year from Goldman
Sachs may not be off the mark.
Tensions between Saudi Arabia
and Iran, sustained global growth
and robust expansion in demand
over the past 24 months provide
a floor to the price – and fast-re-
acting US shale-gas operators
provide a ceiling.
Surging commodity prices
may mask the challenges caused
by the slump of 2014. Over the
past few years, Africa’s energy
sector development has ground
to a halt. Investors have delayed
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10
Top 10 oil & gas companies
Turnover
Top 500
Rank in
in $bn
Company Country
1 Sonatrach Algeria 30.2
3 Sonangol
19 Engen Petroleum
Angola
South Africa
14.7
5.5
38 Naftal*
61 STIR*
Algeria
Tunisia
3.1
2.1
79 Middle East Oil Refineries* Egypt 1.5
83 Oando Nigeria 1.5
112 SNH Cameroon 1
117 KenolKobil Kenya 1
118 SONARA* Cameroon 1
2016 results; *in italics 2015 results
debts in a low-price environment.
Companies like Seplat (#396) and
Oando (#83) have weathered the
storm, albeit in battered fashion:
Oando, for example, had to sell
off stakes in downstream assets
to both Vitol and Helios to stay
lean operationally. Oando is not
out of the woods yet. A forensic
audit is underway after Ansbury
and Alhaji Dahiru Mangal filed
a petition against the company
in May 2017.
A helping hand was given to
This PDF is free, and not for resale / Think green! Only print if necessary
Seplat by the resumption of the
Trans Forcados Pipeline that had
been damaged by militants in the
Niger Delta. The stock gained 57%
ULRICH LEBEUF/M.Y.O.P
over the course of 2017, according
to analysts Proshare.
Elsewhere, Shoreline Energy
International, run by chief execu-
tive Kola Karim (see page 75), has
Sonatrach’s also been forced to pivot, securing
Hassi decisions over projects such as a $300m deal with Shell for gas
Messaoud oil the huge gas liquefaction plants distribution in Lagos.
field, Africa’s in Mozambique. Exploitation of The larger challenges brought to
largest some of Ghana’s oil deposits was light by the oil price slump are still
put on hold. But in June 2017, being processed by the institutions
Italy’s Eni finally announced it they struck hardest. In an attempt
was going ahead in Mozambique, to fix things, leading company
while Tullow said it is pursuing Sonatrach (#1) is now run by
the expansion of its Tweneboa, Abdelmoumen Ould Kaddour.
Enyenra and Ntomme fields, af- He was thrown in prison in 2007 by
ter the resolution of a maritime elements of the security services
$62
border dispute with Cote d’Ivoire. who did not appreciate his rigid
application of governance rules.
BAD TIMING During the boom years, the ruling
Operators in Nigeria’s burgeoning elites leaned on the national oil
Predicted indigenous oil sector were hit by company to finance all kinds of
crude oil the whiplash of purchasing assets personal and political projects.
price in 2018 from international oil majors at Sonatrach has had nearly a doz-
the peak of the business cycle en chief executives over 15 years,
SOURCE:
GOLDMAN SACHS and then having to service their an insight into how problematic
TOP 500 COMPANIES 2018 REVIEW 
management has become at this
behemoth. It has 120,000 em-
ployees, 154 subsidiaries and a
turnover of $30.2bn in 2016.
Similarly, in Angola, national oil
company Sonangol (#3) is facing
a shake-up. Incoming national
president João Lourenço dis-
missed Sonangol’s chairwoman,
Isabel dos Santos. The sacking of
the daughter of the previous pres-
ident appears to be an attempt to
clean up the sector. She has been
replaced by veteran technocrat
Carlos Saturnino, who previously
was secretary of state for oil. Six
other board members were swept
aside in the clear-out in late 2017.
LOCAL CONTENT
Many of the large state-run com-
panies that dominate the sector’s
top 10 hope that 2018 will bring a
surge of investment. But what of
smaller companies? In Nigeria,
local content legislation has pro-
vided a boost to firms that provide
engineering, construction, subsea
and maintenance services to the
larger oil companies. Oilserv, for
example, is now managing the
Nigerian National Petroleum
Corporation’s gas pipeline be-
tween Delta and Edo states.
Refiners tend to struggle when
the oil price rises – and not all
of them made hay while the oil
price was low. Engen (#19),
74% owned by Malaysia’s state
oil company Petronas, has done
better than most. Its strategy has
been to exit the retail side of the
market and focus on higher-value
corporate customers. In 2016, the
company won a contract to supply
fuel and lubricants to the Husab
uranium mine in Namibia. And
in December 2017, Engen agreed
to sell 300 petrol stations across
nine African countries.
After long speculation over
whether or not the Egyptian
government was going to priva-
tise Middle East Oil Refineries
(MIDOR, #79), it appears that
massive government investment
is the preferred route. MIDOR
should see a second expansion
of its facilities, to boost refining
capacity from 115,000 to 175,000
barrels per day.  have been down on the indigenous
Nicholas Norbrook
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11
Kola Karim
Chief executive, Shoreline Energy International
Proving the critics wrong
S
uccess in the oil and gas reasons. Is this a way of proving
business can be as cyclical the critics wrong?
as the oil price itself. When Not only is this proving the critics
Kola Karim partnered with wrong, this new domestic market is
Tony Buckingham’s Heritage Oil in 2012, also acting as a natural hedge for us.
Nigeria’s independent indigenous oil The domestic market is ever growing.
sector looked set to take on the majors And that market has got the customers
who had run the industry for decades. that need the gas. So it only makes
By 2016, Shoreline Energy International sense to send the gas into a market
was forced to halt planned eurobond that needs it. And the price is not
sales and to cut 35% of its workforce. cyclical but rather very balanced.
Oil had hit $30 per barrel. Many
local companies in Nigeria were reeling, Gas export markets always appear
having bought onshore assets with to pay more, what has changed?
great fanfare from Shell, Eni, Total Government has realised that you
and ConocoPhillips. need proper pricing for gas. So at $3/
But a new deal, this time with the Shell standard cubic foot, which at today’s
Petroleum Development Company of relative terms is more expensive than
Nigeria – to deliver gas to one of Africa’s the United States, it is a very attractive
largest urban areas – may well prove price and helping to build the local
to be just what the company needs market, making it energy sufficient.
to diversify and stabilise its operations.
This PDF is free, and not for resale / Think green! Only print if necessary
It follows Shell’s own strategic pivot Do you have the expertise for what
to gas development in the country. you now have to undertake or are
Nigeria has the world’s ninth-largest gas you going to outsource much of the
reserves, estimated to be around 187trn technical work?
cubic feet. Many Lagosians, meanwhile, Shaping up to the challenge means
say that it is about time that the partnering with the likes of Shell, who
economic capital feels the benefit – I’m sure you know – transformed Shell
from the country’s
natural resources. “This new domestic market
TAR: What will this
is a natural hedge for us, and it’s
new partnership a market
that’s ever growing”
with Shell bring
to Lagos? into more of a gas company. So that
Kola Karim: It’s a transformational expertise is phenomenally important
deal for Lagos, the commercial hub in the partnership with Shoreline
of Nigeria. It is going to entail building in actualising this project.
a 125km gas ring around Lagos Island
in the south. This is a magnificent change What other changes are we likely
for the energy efficiency of Lagos. It’s to see in Nigeria’s energy sector
clean energy, making a difference to in 2018?
climate change. For us as a company, I think the reality is that the population
it is amazing balancing for us. It puts us is there, the deficit is known globally,
in a different space, in a different business so it makes it a natural fit for businesses
– in monetising our gas molecules and and entrepreneurs looking at investing in
taking it end-to-end to the market. a market that has got very good potential
and good returns. We are always
For the past few years, many people working. We have an amazing pipeline
of transformational projects arriving. 
oil sector in Nigeria, for a slew of Interview by N.N.
TOP 500 COMPANIES 2018 REVIEW 
TELECOMS
Data duels
Africa’s mobile operators are enjoying a
subscriber boom. Next up: turning demand
for data into bigger profits
A
frica’s telecoms sector
is the second biggest on
the continent by turnover,
according to this year’s ranking of
the Top 500 companies. The 52
largest telecoms companies raked
in a combined $64bn in revenue
in 2016, an amount second only
to the continent’s energy sector.
South African telecoms giants
MTN Group (#7) and Vodacom
Group (#17) continue to battle
over the sector’s top spot. MTN’s
most profitable business, MTN
Nigeria (#33), gained two places
in this year’s ranking, demon-
strating a successful turnaround
after settling a $1.1bn fine with
regulators. Rob Shuter, MTN’s
new CEO, says MTN Nigeria will
list on the Lagos stock exchange
in the first quarter of 2018.
Vodacom is searching for new
markets in its quest to compete
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12
Top 10 telecom companies
Turnover
Top 500
Rank in
in $bn
Company Country
7 MTN Group South Africa 10.7
17 Vodacom Group South Africa 5.9
25 Vodacom South Africa South Africa 4.7
32 Groupe Maroc Telecom
33 MTN Nigeria
Morocco
Nigeria
3.5
3.4
40 MTN South Africa South Africa 3
42 Telkom South Africa 3
43 Global Telecom Holding Egypt 3
60 Maroc Telecom Morocco 2.1
62 Safaricom Kenya 2
2016 results
expected to begin its long-awaited
regional expansion. A Kenya-
focused company under its
previous management structure,
Safaricom has now been given
the green light to look for new
opportunities abroad. Ethiopia,
where state-run Ethio Telecom
(#89) is struggling to keep up
with its sur­ging subscriber base,
is rumoured to be Safaricom’s
primary target for expansion.
Bharti Airtel is turning to stra-
SVEN TORFINN/PANOS-REA
tegic partnerships to bolster its
This PDF is free, and not for resale / Think green! Only print if necessary
businesses. Its best-performing
African companies are towards
the bottom of our ranking: Airtel
Uganda (#370), Airtel DRC
(#385), Airtel Tanzania (#421),
With fast and Airtel Zambia (#441) and Orange
cheap 4G, with MTN outside of South Africa. Burkina Faso (#485), formerly
telcoms are Vodacom South Africa (#25) out- Airtel Burkina Faso. The company
out to sell performed MTN South Africa is interested in pursuing oppor-
data plans (#40) in this year’s rankings, des­ tunities in Kenya, Rwanda and
pite falling seven places. Amid a Tanzania. In December, it signed
downturn at home, Vodacom is a deal with Millicom to buy its
looking to develop new markets. Rwandan business, which boosted
its market share in the country.
MAROC SHOWS ITS FIBRE Demand for data services
North African firms continue to is expected to grow. Last year,
be well-represented at the top Bharti Airtel said its data traffic
of the rankings. Groupe Maroc grew by 80-90% year on year. This
$2.6bn Telecom (#32), which has 56
million subscribers in 10 coun-
industry-wide trend is expected
to continue. In more developed
Amount tries, is investing in upgrades in markets, most notably South
(R34.6bn) paid its domestic market as well as in Africa and Morocco, the rise of
by Vodacom a cable project that will provide mobile broadband will create
Group in
fast internet as far away as Burkina more earnings for the biggest tel-
August 2017
Faso. Egypt’s Global Telecom ecoms companies. South Africa’s
to acquire
a 35% stake Holding (#43), formerly known as Telkom said the number of its
in Kenya’s Orascom Telecom, fell two spots mobile broadband subscribers
Safaricom in this year’s ranking. had jumped by 44.6% in the year
In East Africa, Kenya’s biggest ending 31 July 2017. 
SOURCE: VODACOM operator, Safaricom (#62), is Mark Anderson
TOP 500 COMPANIES 2018 REVIEW  13

MINING Top 10 mining companies

Turnover
Top 500
Rank in

in $bn
Company Country

Bouncing back from 26 Amplats

27 AngloGold Ashanti
South Africa
South Africa
4.5
4.3

the bottom
28 OCP Morocco 4.2
44 Kumba Iron Ore South Africa 2.9
46 Gold Fields South Africa 2.7
47 Impala Platinum Holdings South Africa 2.6
56 Sibanye Gold South Africa 2.3
Miners began producing better results in 80 Exxaro Resources South Africa 1.5
2016 due to improved prices, and that trend 86 Kansanshi Mining Zambia 1.4

is due to carry over into 2018 94 Harmony Gold Mining South Africa 1.3
2016 results

M
any mining companies
have been recovering
from the price crash of
2015, and the sector reported a
7.4% rise in revenue in the 2016
financial reporting year in our Top
500 companies ranking. Total sec-
tor revenue from mining houses in
the Top 500 went from $40.3bn in
2015 to $43.3bn in 2016. Prices for
several mining commodities rose
in 2017, and financiers, including
Goldman Sachs, predict that they
will continue to increase in 2018.

This PDF is free, and not for resale / Think green! Only print if necessary
Platinum prices spiked to more
than $1,100/oz in 2016, helping the
PHILIP MOSTERT

bottom line of Anglo American

Platinum Corporation (Amplats,
#26). The price slipped below
$1,000 in 2017, and the compa-
ny has been cutting costs and
selling off some of its properties.
Analysts are bearish about the
long-term trend in platinum prices
due to the rise of electric cars,
as platinum is used in internal
combustion engines. Amplats
sold off its Rustenburg property
in November 2016, agreed to un-
load the Amandelbult deposit to
At Twangiza
mine in the African gold mining assets. That
DRC, Banro took place against the backdrop of
(#426) has investor worries about the political
its own own and economic direction that the
power plant South African government has
been taking. In the meantime, the
gold mining company reported
production of 997,000oz in the
third quarter of 2017, up 11% on the
same period in 2016. AngloGold
year’s ranking. The company
began operations in 2013, when
Gold Fields (#46) spun off most
of its South Africa assets, and is
showing an increasing appetite
for geographical and mineral di-
versification. Sibanye purchased
US-based platinum-group metals
miner Stillwater for $2.2bn in May
2017 and then agreed to purchase

Northam Platinum and got rid
of its stake in the Pandora joint
venture in December 2017.
INVESTOR WORRIES
Gold prices have been down from
their heights of 2013, and did not
reach $1,400 in either 2016 or 2017.
South Africa’s AngloGold Ashanti
(#27) is now diversifying away
from its home base so that it can
invest in international projects.
There were reports in 2017 that
AngloGold might spin off its South
14%
sold its South Africa-based Moab
Khotsong mine to Harmony Gold
Mining (#94) and the Kopanang
mine to Chinese investors.
Gold prices AngloGold is keen to restart
jumped more operations at the Obuasi mine in
than 14%
Ghana, which was shut down due
in 2017,
to security concerns. Chief exec-
but failed
to reach the
utive Srinivasan Venkatakrishnan
$1,400 mark told media in November 2017:
in both 2016 “You have to be patient in terms
and 2017. of negotiations with government.”
Sibanye Gold (#56) was the
SOURCE: BLOOMBERG biggest mining climber in this
troubled miner Lonmin (#104)
for $382m in December 2017,
which will help to make Sibanye
Gold one of the world’s top pro-
ducers of platinum.
Goldman’s predictions are
for additional improvements in
the iron ore and copper mining
sectors. Kumba Iron Ore (#44),
which is 70% owned by Anglo
American, was on pace to produce
between 42m and 44m tonnes of
iron ore in 2017. 
Honoré Banda

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