Africa's Fastest Growing Companies 2023
In Partnership with the Financial Times, Statista identified Africa’s Fastest Growing Companies. The second annual list ranks the 100 African companies with the strongest revenue growth between 2018 and 2021.
List of Africa's Fastest Growing Companies 2023
Africa’s Fastest Growing Companies ranking is a list of the Top 100 companies in Africa that have achieved the highest percentage growth in revenues between 2018 and 2021. The annual high-profile list compiled by Statista and the Financial Times is a visible and public acknowledgement of fast-growing companies in Africa which is published online and as a supplement within the weekday edition of the FT newspaper.
Minimum CAGR to be included
Calculation of growth rates
The calculation of company growth rates is based on the revenue figures submitted by the companies in the respective national currency. For better comparability in the ranking the revenue figures were concerned into US dollars. The average rate for the financial year indicated by the company was used for this purpose.
The compound annual growth rate (CAGR) was calculated as follows:
The project was advertised online and in print, allowing all eligible companies to register via the websites created by Statista and the Financial Times. In addition, through research in company databases and other public sources Statista has identified thousands of companies in the Americas as potential candidates for the ranking. These companies were invited to participate in the competition by post and email.
The application phase ran from 5th of October 2022 to 17th of February 2023. The submitted revenue figures had to be certified by the CFO, CEO or a member of the Executive Committee of the company.
Following the application phase Statista examined the officially stated revenue data of around 900 public companies in Africa. In the next step high-profile companies that met the aforementioned criteria were added to the list (27 in total). The data has been collected via desk research in official sources like publicly available earning presentations, investor relations websites or annual reports.
The ranking of Africa’s Fastest Growing Companies 2023 was created through a complex procedure. Although the search was very extensive, the ranking does not claim to be complete, as some companies did not want to make their figures public or did not participate for other reasons.
To be included in the list of Africa’s fastest growing companies, a company had to meet the following criteria:
- Revenue of at least $100,000 generated in 2018 (or currency value equivalent according to the average of the actual fiscal year).
- Revenue of at least $1.5m generated in 2021 (or currency value equivalent according to the average of the actual fiscal year).
- Be independent (the company is not a subsidiary or branch office of any kind).
- Revenue growth between 2018 and 2021 that was primarily organic (ie “internally” stimulated)
- The companys operational headquarters are located in one of the African countries.
The list ranks entrants from across Africa by their compound annual growth rate (CAGR) in revenue between 2018 and 2021. The fiscal years that predominantly falls into 2018 and 2021 were used for this calculation.
All data reported by the companies was processed and checked by Statista. Missing data entries (employee numbers, address data, etc.) were researched in detail. Companies that did not fulfill the criteria for inclusion in the ranking were deleted.
The Financial Times is one of the world’s leading business news organizations, recognized internationally for its authority, integrity and accuracy. It is part of Nikkei Inc., which provides a broad range of information, news and services for the global business community.