%ranking_name_en%
In Partnership with the Financial Times, Statista identified Africa’s Fastest Growing Companies. The third annual list ranks the 125 African companies with the strongest revenue growth between 2019 and 2022.
- Clear and detailed methodology
- Segmented by states and industry
- Partnered with Financial Times
![FT_Africas-FGC2024_Landingpage_Logo_700x360px](https://r.statista.com/wp-content/uploads/FT_Africas-FGC2024_Landingpage_Logo_700x360px-300x185.png)
Who are
%ranking_name_en%
project registration
Companies that are interested in participating in next year’s ranking can register below to be notified when applications open.
Winners portal
Claim your award
Every winner gets contacted by our team directly with our prestigious awards. Not sure if you already got our reward? Contact us.
Project Details
About the project
![FT_Africas-FGC2024_Landingpage_Overview_400x400px](https://r.statista.com/wp-content/uploads/FT_Africas-FGC2024_Landingpage_Overview_400x400px-300x300.png)
772.39%
Highest CAGR
8.62%
Minimum CAGR to be included
125
Companies awarded
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 converted 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 caculated as follows:
![CAGR-Formel_22_19](https://r.statista.com/wp-content/uploads/CAGR-Formel_22_19-300x57.png)
methodology
How we work
![Group 1161 Group 1161](https://r.statista.com/wp-content/uploads/Group-1161.png)
Application Phase
The project was advertised online and in print, allowing all eligible companies to register. In addition Statista has identified thousands of companies in Africa as potential candidates for the ranking and invited them to participate in the competition by post and email.
The application phase ran from 9th of October 2023 to 29th of February 2024. 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 450 public companies in Africa. In the next step high-profile companies that met the aforementioned criteria were added to the list.
The ranking of Africa’s Fastest Growing Companies 2024 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.
![Group 1162 Group 1162](https://r.statista.com/wp-content/uploads/Group-1162.png)
Criteria
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 2019 (or currency value equivalent according to the average of the actual fiscal year).
- Revenue of at least $1.5m generated in 2022 (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 2019 and 2022 that was primarily organic (ie “internally” stimulated)
- The companys operational headquarters are located in one of the African countries.
![Group 1160 Group 1160](https://r.statista.com/wp-content/uploads/Group-1160.png)
Evaluation
The list ranks entrants from across Africa by their compound annual growth rate (CAGR) in revenue between 2019 and 2022. The fiscal years that predominantly falls into 2019 and 2022 were used for this calculation.
![Group 1157 Group 1157](https://r.statista.com/wp-content/uploads/Group-1157.png)
Quality Assurance
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.
A detailed report on our methodology is available here.
Partnership
Our reliable partner
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.
![Media-Partner_Logos_FinancialTimes](https://r.statista.com/wp-content/uploads/Media-Partner_Logos_FinancialTimes-1.png)
contact us
Get in touch with us. We are happy to help.
Whether you have questions about your rank, our projects, or why you’re not on the list. Contact us.
%sales_contact_ranking_first_name% %sales_contact_ranking_last_name%
%sales_contact_ranking_job_title%