Safaricom has been ranked the tenth most valuable firm in Africa valued at $9.96 billion (Ksh1.06 trillion), climbing from position 14 last year.
The ranking by South African magazine African Business had only four Kenyan companies rank in the top 100, including Equity Bank, East Africa Breweries Ltd (EABL) and Kenya Commercial Bank (KCB) alongside Safaricom.
Equity was ranked 82nd, EABL 90th and KCB 92nd.
The survey ranks African or Africa-focused companies listed on public securities exchanges according to their market valuation, also known as “market capitalisation”.
Total value for all 250 firms on the list this year is $597.7 billion, down 20 percent from last year’s total of $748.2 billion.
This year’s cumulative market capitalisation is the lowest in six years.
South Africa’s technology firm Prospus was ranked the continent’s most valuable firm, valued at Ksh12.74 trillion.
Top seven most valuable companies in the continent are from South Africa, which include Naspers (media), Financière Richemont (luxury goods), Anglo American (mining), Anglo American Platinum (mining), Firstrand (finance) and Vodacom Group (telecoms).
Maroc Telecom from Morocco was ranked eighth, Standard Bank Group ranked ninth with Safricom closing top ten most valuable African firms.
Firms in the technology industry took the lion’s share in the ranking, with 19.9 percent, followed by Finance at 15 percent.
Ugandan firms missed out in the top 100 ranking while Tanzania had two firms—Tanzania Breweries Limited at position 75 and Vodacom Tanzania (98).