Jeune Afrique, a French-language pan-African weekly news magazine, has unveiled the list of the top 500 most important companies in Africa. Jeune Afrique revealed the ranking of the top 500 companies on the African continent that have the best-taken advantage of business opportunities in the 2021 financial year. Africa has various financial institutions and South Africa has various young entrepreneurs.
Sonatrach, the national state-owned oil company of Algeria, has topped the list of the top 500 companies in Africa. The company reached a turnover of 34 billion dollars and a net result of more than 5.5 billion dollars. The largest company in Africa with 154 subsidiaries witnessed a dollar increase of 75% in its export activity.
Sonangol, the second-largest oil producer on the African continent, is the 12th most important company in Africa, according to Jeune Afrique. However, it witnessed a drop in production of around 10% in 2021.
South Africa has around 8 important companies in the African continent. The 8 South African companies are present in the Top 10 list and almost 50% of the revenues of the Top 500. Egyptian, Nigerian, Moroccan, and Algerian companies have also performed well.
Airtel Africa from Nigeria, ENI Angola, Société Marocaine de Distribution from Morocco and Sodiam from Angola are new entrants in the top 100 list.
Almost all countries on the African continent witnessed positive growth in 2021. Rwanda witnessed a growth of 10.9%, Morocco witnessed an increase of 7 .9%, Côte d’Ivoire witnessed a GDP growth of 7.4%, Kenya also saw a positive growth of 7.5% and the Democratic Republic of Congo (DRC) witnessed a growth of 6.2%.
According to the African Development Bank (AfDB), the African continent’s GDP jumped in 2021 by 4.8%, including 4.5% for Sub-Saharan Africa.