This archive report was first published on 25 May 2020.
Published on May 25, 2020, a survey by African Business Magazine revealed that 17 East African companies were valued at $20.2 billion, accounting for 3.4% of the total market capitalisation of the companies surveyed.
Kenya's Safaricom topped the list, with a market capitalisation of $9.96 billion and a net income of $598 million. The company's market value of $10 billion placed it 10th on the continent, up from 14th in the previous year's ranking.
Other notable East African companies included Tanzania Breweries Ltd, Equity Group Holdings, and East African Breweries Ltd, which ranked 75th, 82nd, and 90th respectively.
According to Tom Minney, chief executive of African Growth Partners Ltd, the Covid-19 pandemic has led to significant capital outflows from Africa's frontier and emerging markets, resulting in a decline in market valuations for many listed top 250 companies.
"It is estimated that investors have pulled out over $90 billion from emerging markets since the beginning of the pandemic, the largest capital outflow on record," Minney said.
