Africa's most valuable companies in 2023: A look at the top 250 companies

11 May 2023 at 6:05

Internet and multimedia company Naspers retains the top position with a market capitalisation of $81 billion, up from $50 billion last year, although still down from a high point of $104 billion in 2021. Naspers also has the highest net income by a long way, with $12 billion, ahead of Anglo-American Platinum with $2.7 billion.

Here are the bottom 10 cities for expats from the 50 included in the report.

V
Victor Oluwole

African Business has released its annual ranking of Africa's top 250 listed companies, which indicates that these firms continue to face challenging business conditions. Despite some signs of diversification in the make-up of Africa's corporate giants, the bounce-back from the first phase of the COVID-19 pandemic has not been sustained.

The combined market capitalisation of the top 250 companies has fallen from $701 billion to $561 billion since last year's survey, which is below the record $948 billion achieved in 2015. Although the 2022 figure represented a strong recovery from the low of $556 billion recorded in 2020, many companies enjoyed a temporary bounce from the release of pent-up demand.

The lion's share of this year's fall is due to big drops in the value of South African stocks, from $488 billion to $375 billion over the past year. The position of South African companies within the pan-African corporate landscape is particularly interesting. Stock values on the Johannesburg Stock Exchange (JSE) have tumbled in dollar terms over the past year through a variety of factors, including the falling value of the rand, the underlying weakness of the South African economy, and the impact of low infrastructural investment on power supplies and transport reliability. This is reflected in the survey, with the number of South African entries in our Top 250 falling from 133 last year to 96 in our 2023 rankings.

Despite continued weak economic growth in South Africa, the country's 96 corporations listed in the table of the continent's Top 250 companies completely dominate it, taking 67% of its entire value this year, with a combined market capitalisation of $375bn out of the $556bn total for the Top 250. Nine of the top ten slots in the table are filled by South African companies, with only telecoms company MTN Nigeria intruding into a perfect ten, while 15 out of the top 20 are South African. Of the remaining five, three are Nigerian and two Moroccan, which fairly reflects the balance of power in the overall table.

This ranking was compiled with a methodology based on market value at the end of March 2023. The 250th position in the rankings was achieved with $394 million in 2018, but that figure fell this year to the $229 million valuation of Cleopatra Hospital in Egypt.

Ranking 2023	Ranking 2022	Name	Sector	Stock Exchange	Market Value 31/03/2022 ($m)	Market Value 31/03/2023 ($m)	Revenue latest ($m)	Net Income latest ($m)
1	1	Naspers	Consumer Non-Cyclicals	South Africa	49,619	80,865	7,940	12
2	3	FirstRand	Finance	South Africa	29,739	19,090	6,178	2
3	5	Standard Bank Group	Finance	South Africa	20,915	16,347	7,183	2
4	6	Vodacom Group	Telecommunications	South Africa	20,102	14,292	6,334	1
5	2	Anglo American Platinum	Non-Energy Materials	South Africa	36,429	14,265	9,056	3
6	4	MTN Group	Telecommunications	South Africa	24,500	13,537	11,381	1
7	10	Gold Fields	Non-Energy Materials	South Africa	13,909	11,936	4,287	711
8	7	Capitec Bank Holdings	Finance	South Africa	18,604	11,044	1,861	587
9	18	MTN Nigeria	Telecommunications	Nigeria	10,471	10,602	4,370	779
10	20	AngloGold Ashanti	Non-Energy Materials	South Africa	10,032	10,196	4,501	297
11	15	Dangote Cement	Non-Energy Materials	Nigeria	11,203	9,986	3,512	830
12	16	Absa Group	Finance	South Africa	11,048	8,686	5,438	1
13	8	Sasol	Non-Energy Materials	South Africa	15,354	8,638	17,920	2
14	19	Attijariwafa Bank	Finance	Morocco	10,250	8,335	2,528	582
15	9	Kumba Iron Ore	Non-Energy Materials	South Africa	14,446	8,163	4,058	988
16	11	Impala Platinum Holdings	Non-Energy Materials	South Africa	13,062	7,874	6,842	2
17	24	Bid Corp	Consumer Services	South Africa	7,300	7,533	8,686	289
18	21	Shoprite Holdings	Consumer Non-Cyclicals	South Africa	9,577	7,408	10,658	331
19	13	Maroc Telecom	Telecommunications	Morocco	11,782	7,307	3,454	266
20	31	BUA Cement	Non-Energy Materials	Nigeria	5,759	7,192	620	217
21	17	Sanlam	Finance	South Africa	11,003	7,075	5,257	584
22	23	Nedbank Group	Finance	South Africa	8,153	6,252	3,496	785
23	14	Sibanye Stillwater	Non-Energy Materials	South Africa	11,581	5,844	7,534	1
24	26	Investec	Finance	South Africa	6,716	5,503	n/a	n/a
25	12	Safaricom	Telecommunications	Kenya	11,898	5,473	2,567	581
26	22	Discovery	Finance	South Africa	8,393	5,333	3,390	316
27	37	Commercial International Bank	Finance	Egypt	5,009	4,967	1,078	528
28	25	Airtel Africa	Telecommunications	Nigeria	6,903	4,949	3,820	511
29	35	Bidvest Group	Consumer Cyclicals	South Africa	5,209	4,860	5,813	311
30	27	Aspen Pharmacare Holdings	Healthcare	South Africa	6,186	4,607	2,265	381
31	32	Banque Centrale Populaire	Finance	Morocco	5,622	4,513	1,986	235
32	30	Remgro	Finance	South Africa	5,826	4,306	4,238	362
33	38	B2gold Corp	Non-Energy Materials	Namibia	4,856	4,240	2,347	388
34	59	BUA Foods	Consumer Non-Cyclicals	Nigeria	2,575	3,985	n/a	n/a
35	34	Exxaro Resources	Energy	South Africa	5,296	3,673	2,526	756
36	43	Woolworths Holdings	Consumer Non-Cyclicals	South Africa	4,160	3,640	4,698	218
37	29	Pepkor	Consumer Cyclicals	South Africa	5,886	3,568	4,715	354
38	36	Clicks Group	Consumer Non-Cyclicals	South Africa	5,160	3,536	2,180	126
39	46	Afreximbank (DRs)	Finance	Mauritius	4,038	3,510	n/a	n/a
40	42	Bank of Africa (formerly BMCE)	Finance	Morocco	4,238	3,318	1,520	225
41	40	Old Mutual	Finance	South Africa	4,437	3,268	4,711	403
42	28	Northam Platinum	Non-Energy Materials	South Africa	5,919	3,236	2,029	586
43	39	LafargeHolcim Maroc	Non-Energy Materials	Morocco	4,623	3,167	n/a	n/a
44	44	Multichoice	Telecommunications	South Africa	3,989	3,077	3,552	65
45	33	OUTsurance Group (formerly Rand Merchant Investment)	Finance	South Africa	5,471	3,016	n/a	149
46	41	African Rainbow Minerals	Non-Energy Materials	South Africa	4,400	2,921	984	723
47	53	African Rainbow Capital Investments	Finance	South Africa	2,977	2,758	n/a	n/a
48	55	Sonatel	Telecommunications	Côte d'Ivoire	2,680	2,617	2,328	444
49	51	Harmony Gold Mining	Non-Energy Materials	South Africa	3,117	2,549	2,514	62
50	48	Growthpoint Properties	Finance	South Africa	3,456	2,525	422	299
51	71	Managem	Non-Energy Materials	Morocco	2,040	2,462	938	157
52	63	Vivo Energy	Consumer Cyclicals	South Africa	2,279	2,455	n/a	n/a
53	NEW	Orange Côte d'Ivoire	Telecommunications	Côte d'Ivoire	NEW	2,371	n/a	n/a
54	50	Royal Bafokeng Platinum	Non-Energy Materials	South Africa	3,194	2,346	858	179
55	57	Distell Group	Consumer Non-Cyclicals	South Africa	2,641	2,266	1,939	130
56	58	TAQA Morocco	Utilities	Morocco	2,614	2,215	1,323	127
57	45	Mr Price Group	Consumer Non-Cyclicals	South Africa	3,906	2,142	1,629	202
58	52	Ninety One (previously part of Investec)	Finance	South Africa	3,095	2,108	n/a	257
59	70	Tiger Brands	Consumer Non-Cyclicals	South Africa	2,066	2,038	1,942	161
60	56	Nestle Nigeria	Consumer Non-Cyclicals	Nigeria	2,658	1,859	970	106
61	64	Santam	Finance	South Africa	2,277	1,849	1,498	110
62	78	Abou Kir Fertilizers & Chemicals	Non-Energy Materials	Egypt	1,717	1,795	852	434
63	81	Zenith Bank	Finance	Nigeria	1,691	1,761	2,052	486
64	NEW	Geregu Power	Energy	Nigeria	NEW	1,753	115	25
65	49	The Foschini Group	Consumer Cyclicals	South Africa	3,339	1,697	2,742	184
66	54	Ciments du Maroc	Non-Energy Materials	Morocco	2,766	1,680	n/a	n/a
67	77	MCB Group	Finance	Mauritius	1,723	1,664	526	213
68	88	Guaranty Trust Holding Company	Finance	Nigeria	1,585	1,629	974	396
69	79	Thungela Resources	Energy	South Africa	1,715	1,601	2,773	995
70	62	Life Healthcare	Healthcare	South Africa	2,340	1,595	1,619	88
71	61	COSUMAR	Consumer Non-Cyclicals	Morocco	2,378	1,589	1,034	81
72	72	Marsa Maroc	Industrials	Morocco	2,014	1,536	381	n/a
73	66	Spar Group	Consumer Non-Cyclicals	South Africa	2,237	1,529	7,877	129
74	67	Sappi	Non-Energy Materials	South Africa	2,208	1,477	7,296	536
75	96	Egypt Kuwait Holding	Finance	Egypt	1,433	1,456	1,053	241
76	74	Momentum Metropolitan	Finance	South Africa	1,774	1,443	0	210
77	98	Tanzania Breweries	Consumer Non-Cyclicals	Tanzania	1,386	1,374	n/a	n/a
78	85	Telecom Egypt	Telecommunications	Egypt	1,633	1,369	1,436	298
79	83	AVI	Consumer Non-Cyclicals	South Africa	1,658	1,332	806	102
80	76	Scancom (MTN Ghana)	Telecommunications	Ghana	1,726	1,330	772	222
81	80	Afriquia Gaz	Energy	Morocco	1,709	1,311	n/a	n/a
82	93	Eastern Company	Consumer Non-Cyclicals	Egypt	1,478	1,307	887	187
83	84	Equity Group Holdings	Finance	Kenya	1,657	1,296	758	366
84	75	Wafa Assurance	Finance	Morocco	1,740	1,284	n/a	n/a
85	65	Dis-Chem Pharmacies	Consumer Non-Cyclicals	South Africa	2,244	1,257	1,903	53
86	97	Label Vie	Consumer Non-Cyclicals	Morocco	1,432	1,231	1,339	57
87	82	Truworths International	Consumer Cyclicals	South Africa	1,679	1,228	1,039	172
88	69	Qatar National Bank AlAhli	Finance	Egypt	2,122	1,203	855	332
89	87	Netcare	Healthcare	South Africa	1,586	1,201	1,249	63
90	101	Misr Fertilizers Production	Non-Energy Materials	Egypt	1,252	1,183	585	228
91	73	Pick N Pay Stores	Consumer Non-Cyclicals	South Africa	1,815	1,176	6,134	82
92	68	Delta Corporation	Consumer Non-Cyclicals	Zimbabwe	2,206	1,165	499	113
93	89	Total Maroc	Consumer Cyclicals	Morocco	1,568	1,139	1,862	52
94	134	Banque Internationale Arabe de Tunisie (BIAT)	Finance	Tunisia	787	1,083	433	120
95	95	Société de Fabrication des Boissons de Tunisie (SFBT)	Consumer Non-Cyclicals	Tunisia	1,441	1,069	420	89
96	109	Stanbic IBTC Holdings	Finance	Nigeria	1,064	1,057	584	170
97	114	El Sewedy Electric	Industrials	Egypt	987	1,057	3,009	177
98	91	e-finance for Digital and Financial Investments S.A.E.	Finance	Egypt	1,550	1,035	n/a	n/a
99	47	Econet Wireless	Telecommunications	Zimbabwe	3,479	1,031	259	61
100	90	Telkom	Telecommunications	South Africa	1,556	1,029	2,660	164
101	110	East African Breweries	Consumer Non-Cyclicals	Kenya	1,031	1,015	921	100
102	105	MTN Uganda	Telecommunications	Uganda	1,124	1,008	617	110
103	99	Motus Holdings	Consumer Cyclicals	South Africa	1,343	974	5,396	193
104	144	Hosken Consolidated Investments	Consumer Services	South Africa	691	969	n/a	n/a
105	86	Barloworld	Industrials	South Africa	1,596	955	2,274	123
106	112	Credit Immobilier et Hotelier	Finance	Morocco	1,009	934	338	64
107	92	Italtile	Consumer Cyclicals	South Africa	1,508	925	536	110
108	124	Alexandria Containers & Goods	Industrials	Egypt	848	924	148	106
109	119	Lafarge Africa	Non-Energy Materials	Nigeria	918	909	810	116
110	104	PSG Konsult	Finance	South Africa	1,194	882	n/a	n/a
111	94	PSG Group	Finance	South Africa	1,464	871	316	51
112	108	FBN Holdings	Finance	Nigeria	1,070	865	1,166	249
113	106	Sothema	Healthcare	Morocco	1,115	864	n/a	n/a
114	127	Golden Pyramids Plaza	Finance	Egypt	833	863	n/a	n/a
115	102	KCB Group	Finance	Kenya	1,231	861	693	411
116	131	DRDGOLD	Non-Energy Materials	South Africa	817	831	302	66
117	135	Nigerian Breweries	Consumer Non-Cyclicals	Nigeria	785	825	1,182	36
118	164	Airtel Malawi	Telecommunications	Malawi	566	807	n/a	n/a
119	167	National Bank of Malawi	Finance	Malawi	542	806	n/a	n/a
120	113	MAS P.L.C.	Finance	South Africa	1,001	787	46	18
121	118	Karooooo (previously Cartrack)	Technology	South Africa	918	777	n/a	n/a
122	158	NMB Bank	Finance	Tanzania	582	748	n/a	n/a
123	139	Vodacom Tanzania	Telecommunications	Tanzania	743	737	n/a	n/a
124	133	Atlanta	Finance	Morocco	788	728	n/a	n/a
125	140	Tanzania Cigarette Co.	Consumer Non-Cyclicals	Tanzania	733	726	n/a	n/a
126	122	Tsogo Sun	Consumer Services	South Africa	865	717	n/a	n/a
127	146	Société Gén´´rale de Banques en Côte d'Ivoire	Finance	Côte d'Ivoire	686	714	n/a	n/a
128	128	Access Holdings	Finance	Nigeria	833	694	1,575	388
129	160	First National Bank Botswana	Finance	BOTSWANA	577	690	n/a	n/a
130	141	Crédit du Maroc	Finance	Morocco	702	676	249	48
131	147	Crytel Mauritius	Industrials	Mauritius	683	671	n/a	n/a
132	181	Lesieur Cristal	Consumer Non-Cyclicals	Morocco	490	671	666	36
133	129	IBL	Finance	Mauritius	831	662	n/a	n/a
134	138	Super Group	Industrials	South Africa	747	636	2,726	81
135	168	Sun International	Consumer Services	South Africa	541	635	621	42
136	116	EFG Hermes	Finance	Egypt	942	635	355	60
137	163	Reunert	Industrials	South Africa	569	630	650	49
138	130	Société des Brasseries du Maroc	Consumer Non-Cyclicals	Morocco	821	628	288	40
139	175	Faisal Islamic Bank of Egypt	Finance	Egypt	518	623	n/a	n/a
140	152	United Bank for Africa	Finance	Nigeria	633	620	875	370
141	201	Ezz Steel	Non-Energy Materials	Egypt	428	614	2,718	215
142	136	RCL Foods	Consumer Non-Cyclicals	South Africa	767	602	2,031	60
143	132	Banque Marocaine pour le Commerce et l'Industrie	Finance	Morocco	812	597	299	19
144	107	Coronation Fund Managers	Finance	South Africa	1,110	596	n/a	n/a
145	150	Co-operative Bank of Kenya	Finance	Kenya	656	582	356	164
146	115	Talaat Moustafa Group	Finance	Egypt	954	581	649	74
147	117	Fawry For Banking Technology And Electronic Payment	Finance	Egypt	926	569	74	9
148	111	Tullow Oil	Energy	Ghana	1,016	564	n/a	n/a
149	148	ADvTECH	Consumer Non-Cyclicals	South Africa	680	560	383	44
150	126	AECI	Non-Energy Materials	South Africa	841	558	1,959	75
151	169	FirstRand Namibia	Finance	Namibia	540	558	n/a	68
152	60	Transaction Capital	Finance	South Africa	2,440	545	n/a	97
153	121	Omnia Holdings	Non-Energy Materials	South Africa	870	535	1,337	84
154	197	CRDB Bank	Finance	Tanzania	433	530	n/a	n/a
155	103	Innscor Africa*	Consumer Non-Cyclicals	Zimbabwe	1,230	228	400	34
156	157	Absa Bank Kenya	Finance	Kenya	588	525	246	104
157	NEW	Illovo Sugar (Malawi)	Consumer Non-Cyclicals	Malawi	267	523	n/a	n/a
158	177	Oceana Group	Consumer Non-Cyclicals	South Africa	509	510	478	43
159	243	Sidi Kerir Petrochemicals	Non-Energy Materials	Egypt	300	506	283	40
160	207	Standard Bank Malawi	Finance	Malawi	402	505	n/a	n/a
161	195	Banque Attijari de Tunisie	Finance	Tunisia	434	505	212	60
162	153	Adcock Ingram Holdings	Healthcare	South Africa	630	490	519	48
163	178	Aluminium Company of Egypt	Non-Energy Materials	Egypt	500	485	754	88
164	182	Standard Chartered Bank Kenya	Finance	Kenya	472	485	165	80
165	149	JSE	Finance	South Africa	664	480	n/a	n/a
166	156	Datatec	Technology	South Africa	604	479	4,637	34
167	166	Coris Bank	Finance	Côte d'Ivoire	543	469	n/a	n/a
168	NEW	Global Telecom Holding (previously Orascom Telecom)	Telecommunications	Egypt	783	464	n/a	n/a
169	155	Poulina Group Holding	Consumer Non-Cyclicals	Tunisia	616	460	1,069	39
170	159	El Ezz Aldekhela Steel	Non-Energy Materials	Egypt	578	458	n/a	n/a
171	174	Aradei Capital	Finance	Morocco	520	457	n/a	n/a
172	212	NCBA Group	Finance	Kenya	370	456	n/a	n/a
173	172	Ecobank Transnational, Inc.	Finance	Côte d'Ivoire	472	451	n/a	n/a
174	185	Dangote Sugar Refinery	Consumer Non-Cyclicals	Nigeria	467	448	823	66
175	193	Hightech Payment Systems	Finance	Morocco	445	447	97	11
176	125	KAP Industrial Holdings	Non-Energy Materials	South Africa	847	444	1,652	103
177	143	Afrimat	Non-Energy Materials	South Africa	696	444	295	49
178	187	Banque de Tunisie	Finance	Tunisia	462	443	135	50
179	200	Union Bank Nigeria	Finance	Nigeria	431	442	n/a	n/a
180	NEW	Premier Group	Finance	South Africa	NEW	436	n/a	n/a
181	142	Emaar Misr for Development	Finance	Egypt	699	415	n/a	n/a
182	198	Botswana Insurance	Finance	BOTSWANA	433	407	n/a	n/a
183	179	Capricorn Group	Finance	Namibia	497	405	n/a	69
184	NEW	FMB Capital Holdings	Finance	Malawi	241	401	n/a	n/a
185	213	Société Ivoirienne de Banque	Finance	Côte d'Ivoire	370	398	n/a	n/a
186	236	Copperbelt Energy Corporation	Utilities	Zambia	310	390	n/a	n/a
187	203	Heliopolis Housing	Finance	Egypt	426	386	85	34
188	173	Travaux Généraux de Construction de Casablanca	Industrials	Morocco	522	384	n/a	n/a
189	192	Astral Foods	Consumer Non-Cyclicals	South Africa	446	382	1,116	61
190	202	Alexander Forbes	Finance	South Africa	428	382	n/a	n/a
191	154	Saham Assurance	Finance	Morocco	618	380	609	32
192	219	Okomu Oil Palm Co.	Consumer Non-Cyclicals	Nigeria	343	380	134	48
193	NEW	Alexandria Mineral Oils Co.	Energy	Egypt	277	379	974	61
194	161	Tharisa	Non-Energy Materials	South Africa	577	375	686	167
195	151	Namibia Breweries	Consumer Non-Cyclicals	Namibia	636	372	166	26
196	162	Onatel	Telecommunications	Côte d'Ivoire	574	372	n/a	n/a
197	196	Famous Brands	Consumer Services	South Africa	433	370	n/a	n/a
198	218	Absa Bank Botswana	Finance	Botswana	350	366	n/a	n/a
199	230	Grindrod	Industrials	South Africa	323	359	n/a	n/a
200	221	Tsogo Sun Hotels	Consumer Services	South Africa	342	358	n/a	n/a
201	226	Wilson Bayly Holmes	Industrials	South Africa	332	357	1,015	40
202	NEW	Akdital	Healthcare	Morocco	NEW	356	n/a	n/a
203	199	British American Tobacco Kenya	Consumer Non-Cyclicals	Kenya	432	350	217	n/a
204	176	Crédit Agricole Egypt	Finance	Egypt	509	345	166	77
205	247	Edita Food Industries	Consumer Non-Cyclicals	Egypt	297	341	250	31
206	NEW	Fidelity Bank	Finance	Nigeria	223	336	668	91
207	211	Juhayna Food Industries	Consumer Non-Cyclicals	Egypt	374	335	369	21
208	184	Auto Hall	Consumer Cyclicals	Morocco	469	334	n/a	n/a
209	210	Guinness Nigeria	Consumer Non-Cyclicals	Nigeria	375	333	486	37
210	216	Stanbic	Finance	Kenya	354	328	131	73
211	231	Presco PLC	Consumer Non-Cyclicals	Nigeria	320	327	162	46
212	165	National Bank of Kuwait – Egypt	Finance	Egypt	548	325	n/a	n/a
213	220	Housing & Development Bank	Finance	Egypt	343	316	n/a	n/a
214	188	Oragroup	Finance	Côte d'Ivoire	459	316	n/a	n/a
215	222	SBM Holdings	Finance	Mauritius	337	313	n/a	n/a
216	232	Tanzania Portland Cement	Non-Energy Materials	Tanzania	318	311	n/a	n/a
217	204	Mobile Telecommunications	Telecommunications	Namibia	411	299	170	47
218	245	Arindo Holdings (Mauritius)	Industrials	Mauritius	299	299	n/a	n/a
219	NEW	Abu Dhabi Islamic Bank – Egypt	Finance	Egypt	152	299	198	73
220	229	Oriental Weavers	Consumer Non-Cyclicals	Egypt	324	299	429	27
221	233	Compagnie Minière de Touissit	Non-Energy Materials	Morocco	314	293	n/a	n/a
222	NEW	Orascom Development Egypt	Construction	Egypt	260	289	337	65
223	NEW	Amen Bank	Finance	Tunisia	207	285	156	43
224	215	Stanbic Bank Uganda	Finance	Uganda	357	285	295	82
225	227	Hudaco Industries	Industrials	South Africa	332	282	468	34
226	246	Deep Yellow Limited	Energy	Namibia	298	282	n/a	n/a
227	NEW	Palmci	Consumer Non-Cyclicals	Côte d'Ivoire	244	281	n/a	n/a
228	205	Metair Investments	Industrials	South Africa	409	280	n/a	n/a
229	237	Zambia Sugar	Consumer Non-Cyclicals	Zambia	308	269	n/a	n/a
230	186	Curro Holdings	Consumer Non-Cyclicals	South Africa	467	266	229	13
231	NEW	FDH Bank	Finance	Malawi	131	263	n/a	n/a
232	NEW	International Breweries	Consumer Non-Cyclicals	Nigeria	284	262	469	14
233	242	I&M Holdings	Finance	Kenya	301	260	173	84
234	180	Raubex Group	Industrials	South Africa	491	257	714	35
235	NEW	Société d'Articles Hygiéniques	Consumer Non-Cyclicals	Tunisia	221	257	255	10
236	NEW	Press Corporation	Telecommunications	Malawi	280	256	n/a	n/a
237	238	Les Eaux Minerales d'Oulmes	Consumer Non-Cyclicals	Morocco	307	256	207	13
238	NEW	Egyptian Chemical Industries	Non-Energy Materials	Egypt	241	256	231	34
239	190	PPC	Non-Energy Materials	South Africa	455	256	624	5
240	NEW	Gemfields Group	Non-Energy Materials	South Africa	281	256	341	57
241	NEW	Nestlé Côte d'Ivoire SA	Consumer Non-Cyclicals	Côte d'Ivoire	253	252	n/a	n/a
242	183	Cashbuild	Consumer Cyclicals	South Africa	471	251	654	28
243	NEW	Flour Mills Nigeria	Consumer Non-Cyclicals	Nigeria	277	250	2,804	62
244	224	Mpact	Non-Energy Materials	South Africa	335	249	668	39
245	NEW	SBN Holdings	Finance	Namibia	179	249	n/a	30
246	NEW	Union Internationale de Banques	Finance	Tunisia	159	243	153	33
247	217	CFAO Motors Côte d'Ivoire	Consumer Cyclicals	Côte d'Ivoire	354	242	n/a	n/a
248	137	Arcelormittal South Africa	Non-Energy Materials	South Africa	759	241	2,302	149
249	NEW	CIEL	Consumer Cyclicals	Mauritius	262	230	n/a	n/a
250	194	Cleopatra Hospital	Healthcare	Egypt	438	229	85	11

International Business

V
Victor Oluwole