Africa’s corporate landscape is facing a challenging year, as revealed by the latest Top 500 African Companies ranking, published by The Africa Report and Jeune Afrique.
The 2025 edition shows a 3.1% decline in total revenues, with Africa’s largest firms collectively earning $736.8 billion—a stark contrast to the near 25% growth seen in the previous two years.
The slowdown reflects a confluence of economic pressures, including currency devaluations in Egypt and Nigeria, which have significantly impacted revenues when converted to dollars. Additionally, falling commodity prices have hit key sectors like mining and oil, further dampening performance. South Africa, long a powerhouse in African business, continues to see its influence wane, though it still boasts the highest number of companies on the list.
Despite these headwinds, the energy sector remains a dominant force, contributing 28% of total revenues. Algerian energy giant Sonatrach and Nigeria’s NNPC retain their positions at the top of the ranking. However, the mining sector has struggled, with declining prices for platinum and phosphate affecting major players like Anglo American Platinum and Morocco’s OCP.
The telecommunications industry has faced its own set of challenges, as companies grapple with rising costs and regulatory hurdles. Struggling to pass inflation-related expenses onto consumers, many telecom firms have seen their margins shrink.
On a more positive note, the airline industry is staging a remarkable recovery. Ethiopian Airlines, with its aggressive expansion strategy, is leading the charge, supported by strong performances from Royal Air Maroc and South African Airways. This resurgence marks a significant turnaround for a sector that was brought to its knees by the COVID-19 pandemic.
The ranking is based on an analysis of nearly 1,300 African companies, with their 2023 revenues serving as the primary metric. While the financial and insurance sectors are excluded from this list and analyzed separately, the report provides a comprehensive overview of Africa’s corporate health.
Amir Ben Yahmed, CEO of Jeune Afrique Media Group, noted that while Africa’s leading companies continue to adapt, their growth remains insufficient relative to the continent’s vast potential. He called for stronger collaboration between the public and private sectors to drive the next wave of economic development—a theme expected to dominate discussions at the upcoming Africa CEO Forum in Abidjan on May 12-13.
As African businesses navigate a complex and uncertain global environment, the Top 500 Ranking serves as both a reality check and a call to action. While challenges abound, the continent’s corporate leaders have shown remarkable resilience. The path forward will require bold strategies, innovative thinking, and a renewed commitment to unlocking Africa’s untapped potential.
The full ranking and analysis are available in the latest edition of The Africa Report and Jeune Afrique.
