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Tuesday, June 18, 2024

Africa’s High Firms 2024: North Africa strides forward

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The worth of the ten largest North African corporations has elevated over the previous yr, most by a big quantity. The area’s largest listed companies at the moment are outperforming the continental common – in opposition to a background of the mixed worth of the African Enterprise High 250 firms being broadly static over the previous yr, as soon as Naspers is stripped out of the equation.

Because of this, North African firms now account for 19.6% of our complete High 250 desk with mixed worth of $98.8bn.

Moroccan firms have carried out significantly nicely, with the nation’s entrants accounting for 12.6% of the High 250’s whole worth this yr, up from 8.83% in 2023. The Moroccan corporations in our regional High 20 have a mixed market worth of $63bn, forward of their Egyptian counterparts with $26bn and Tunisian firms with $4.3bn. No Algerian or Libyan firms make it into both desk. Libya stays insecure and reliant on oil exports, whereas the Algerian financial system can also be nonetheless oriented in direction of oil and gasoline exports, with robust state management of a number of different key sectors.

There are 12 Moroccan firms in our North African regional High 20, one fewer than final yr however forward of Egypt’s eight rankings.

Attijariwafa Financial institution stays the largest firm within the area, with a market capitalisation of $10.8bn, up $2.5bn on final yr. Maroc Telecom and the nation’s Banque Centrale Populaire have each skilled will increase in worth of $1.4bn. A lot of the remainder of the regional High 20 have additionally loved rising market capitalisations over the previous yr, together with Ciments du Maroc, Misr Fertilizers Manufacturing Firm (MOPCO) and Talaat Moustafa Group, which we focus on among the many largest risers (see web page 58). MOPCO takes tenth place this yr with market capitalisation of $2.3bn, virtually double that of final yr.

The Egyptian authorities is contemplating promoting 15% of its remaining stake in MOPCO, with Abu Dhabi Developmental Holding Firm and the Saudi Public Funding Fund among the many different essential shareholders after shopping for fairness in 2022. The corporate is one in all Egypt’s largest fertiliser producers and now plans to spend money on a inexperienced hydrogen venture. MOPCO secured twentieth place in our regional desk final yr with $1.2bn however Japanese Firm wanted $1.3bn to safe the identical spot this yr.

The worth of Egyptian firms in our desk of the High 250 Firms elevated from 4.73% of the full in 2023 to six.11% this yr. The variety of Egyptian entrants can be bolstered by way of preliminary public choices (IPOs) for fairness within the nation’s numerous state-owned banks however privatisation plans have been delayed, regardless of agreements to divest them being included in successive agreements with the IMF.


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