This archive report was first published on 25 May 2020.
Published on May 25, 2020, a survey by African Business Magazine ranked Safaricom as the most valuable company in East Africa, with a market capitalisation of $9.96 billion and a net income of $598 million.
According to the report, Safaricom's market value of $10 billion placed it 10th on the continent, up from 14th in the previous year's ranking.
Other East African companies that made it to the top 10 in the region include Tanzania Breweries Ltd, Equity Group Holdings, and East African Breweries Ltd, valued at $1.39 billion, $1.16 billion, and $1.08 billion respectively.
Kenya had 11 companies in the top 250 companies on the continent, three less than last year, with their combined market capitalisation dropping to $16 billion from $21 billion.
Tom Minney, chief executive of African Growth Partners Ltd, attributed the decline in market valuations to capital outflows from Africa's frontier and emerging markets due to the Covid-19 pandemic.
"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," Mr Minney said.
