Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

Business of Tech

Safaricom is by far East Africa's most valuable company

Article Image
Kenyan telecoms operator Safaricom's US$15.4 billion market capitalization accounts for 49% of the combined market capitalization of the top 30 companies of East Africa and Mauritius.

That's according to a quarterly report from AfricanFinancials Group titled The East Africa & Mauritius Top 30 Companies.

The report, which covers the quarter to the end of June 2021 shows that the ten top cap companies accounted for $25.4 billion of the $31.3 billion total market cap for the region, with the remaining 20 mid cap companies accounting for $5.9 billion.

On a country by country basis, Kenya leads the region with 14 companies in the top 30, followed by Mauritius with eight, Tanzania with six, and Uganda and Rwanda with one each.

Out of the top 30 companies only two are telecoms firms – Safaricom in Kenya and Vodacom's Tanzania operation with a market cap of $744 million. Banks account for 16 of the top stocks, manufacturing six stocks, and power and others the remaining six.

Unsurprisingly, the report found that East Africa's big cap stocks are far more profitable than small cap stocks with return on investment (ROE) of 35% vs 12% on average.

Safaricom is listed on the Nairobi Securities Exchange (NSE), and its share price has also performed well over the past few years. Safaricom's stock grew 119% over five years; 40% over two years; and 43% over the past year.

Last year, Safaricom and Vodacom acquired the M-Pesa brand, a move that is expected to boost the operator's expansion in Africa.

A Safaricom-led consortium The Global Partnership for Ethiopia was awarded a telecoms license in Ethiopia, with plans to begin services in the Horn of Africa nation in 2022.

Related posts:

*Top image source: Hansueli Krapf via Creative Commons License.

Paula Gilbert, Editor, Connecting Africa

Innovation hub


Five mobility startups to watch in 2024

Connecting Africa has compiled a list of five mobility startups that are making a difference in the communities they serve.


Orange Ventures, Digital Africa promise more funding for startups

Orange Ventures and Digital Africa are teaming up to invest more in tech startups in Africa and the Middle East through Digital Africa's Fuz program and the Orange Digital Center network.

More Innovation hub

Latest video

More videos

Partner perspectives

All Partner Perspectives

Sponsored video

More videos

Follow us on X

Industry announcements

More Industry announcements

Upcoming events

Africa Tech Festival 2024
November 11-14, 2024
Cape Town, South Africa
More Upcoming events

Africa Tech Perspectives


Uber's Marjorie Saint-Lot on inclusion and sustainability in Africa

Uber's Country Manager for Ghana and Cote d'Ivoire, Marjorie Saint-Lot, shares how the ride-hailing company is approaching public-private partnerships, environmentally friendly initiatives and gender inclusion in Africa.


The 100 most influential African leaders in 2023

A new report from Africa Tech Festival and Connecting Africa puts a spotlight on the top 100 African leaders in the telecoms and technology sector in 2023.


Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

More Africa Tech perspectives

Guest Perspectives


How e-mobility could transform Africa's transport sector

By Francis Hook

ICT analyst Francis Hook delves into Africa's e-mobility sector and unpacks the challenges faced locally and the benefits the move to electric vehicles could bring to urban transport systems.


Omdia View: April 2024

By Omdia Analysts

April 2024's telecoms highlights in the Middle East and Africa included a license for Starlink in Ghana, new mobile termination rates in Ethiopia, and 6G trials in Bahrain – that and more in the latest Omdia View.

More Guest Perspectives

Like us on Facebook

Newsletter Sign Up

Sign Up
Tag id test-002