The Lower Eastern Times Opening The Third Eye
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Eleven Kenyan companies have been featured in Africa’s top 500 firms list by The Africa Report and Jeune Afrique, based on their financial performance in 2023.
Among the Kenyan firms listed are Safaricom (ranked 62nd), Vivo Energy Kenya (100th), Kenya Airways (114th), TotalEnergies Marketing Kenya (126th), and East African Breweries Ltd. (EABL) (164th).
Other companies include Naivas (216th), Bamburi Cement (380th), British American Tobacco (BAT) Kenya (404th), Quickmart, and Kenya Pipeline (431st).
The ranking evaluated nearly 1,300 companies based on their revenue performance in the 2023 fiscal year. The energy sector led with 28% of total revenues, followed by mining, telecommunications, and airlines.
South Africa had the largest number of companies in the ranking.
The report also revealed that the top 500 African firms generated a combined revenue of $736.8 billion, representing a 3.1% decrease compared to the previous year’s report. The decline was attributed to sluggish global growth and falling commodity prices.
Despite these challenges, the report noted that African companies have demonstrated resilience, adapting to market changes and pursuing new avenues for growth.
