Safaricom is now the 10th most valuable company in Africa from position 14 in 2019, according to a ranking dominated by South African firms.
The other Kenyan companies that were ranked among the top 100 in the 250 most valuable companies in the continent include Equity position 82, East Africa Breweries Limited (EABL) position 90, and KCB Group at position 92.
South Africa’s technology firm prospus was position one with a market value of Sh12.74 trillion, while Safaricom’s market value was at Sh1.06 trillion.
South Africa had the top seven valuable firms in the continent, highlighting its economic dominance with mining and financial sector being the main contributors.
However, according to the survey, the East Africa region has the most attractive investment destination.
“Some of Africa’s most attractive investment destinations are found in the East. But this did not stop the region’s share of the Top 250 falling from 21 companies totaling $26.3 billion (four percent of the total) this year,” stated the report notes.
Safaricom has shown dominance at the Nairobi Security Exchange (NSE) after its market value exceeds 50 percent of the Sh2.06 billion Nairobi exchange firm. As of the end of trading Monday, Safaricom had a value of Sh1.1 trillion.