25 Best-Performing Companies In Africa 2016

This year, aslump in commodities helped diversifyour annual list of the best-performing companies in sub-Saharan Africa.

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The prolonged downturn in oil and other commodity prices has pushed petrochemical and mining firms out of the rankings this year. Egyptian land reclamation and agricultural development company Atlas leads the list in Global Finance’s 2016 ranking of the Top 25 Best-Performing Companies in Africa. New to the list this year is Bowler Metcalf, a South African plastics and packaging company, which slides into second place in the ranking, followed by Morocco’s Compagnie Minière de Touissit, in third—down from second spot last year.

It is a diverse group of companies that makes the list this year. The ranking is dominated by South African firms, which hold 14 spots. Egypt boasts five companies in the list, and Kenyan companies take up three places. Rounding out the rankings, in addition to Morocco’s third-place showing, are Chobe Holdings, an ecotourism company from Botswana—in sixth place—and Tunisian auto dealer Artes (Automobile Réseau Tunisien et Services).

One key difference in this year’s list is that it includes decidedly fewer petrochemicals and mining companies—a clear indication of the impact extended low oil and commodity prices are having on major economies in the region.

“In general, it has been a pretty bad year,” says John Ashbourne, Africa economist at Capital Economics. There have been more negative developments than positive, he adds, especially in the largest economies, such as Nigeria and South Africa. In Nigeria, he notes, the bungled policy response to low oil prices means that the country is now facing an economic crisis. Once one of the biggest growth stories on the continent, “the economy is now almost in recession,” he notes.

“South Africa continues to be in a very difficult position,” Ashbourne says, citing continued trouble in the mining sector, slow output growth and tight fiscal and monetary policy, which is acting as a drag on the pace of economic recovery. Angola too is suffering under the weight of low oil prices. In Kenya, things are not as bad, Ashbourne notes, but some recent policy decisions, such as the bank loan rate cap, are causing concern.

In contrast, some of the smaller economies, such as Ghana and Côte D’Ivoire, are starting to turn things around, and seeing sound growth as a result. If low oil prices become the norm rather than the—admittedly long-lasting—exception, it might be that companies from these economies will begin to rise on our list of the Best-Performing Companies.

In North Africa, Morocco is the star story, making major business and economic reforms over the past few years that have ultimately attracted a number of multinational automakers to the French-speaking country, including PSA Peugot, Ford and Renault. It is now the second-largest auto manufacturing hub in the region, after South Africa.

Egypt’s recently agreed-upon $12 billion loan with the IMF will mean a lot of reforms for the ailing economy. The deal should help shore up Egypt’s balance of payments position, says Jason Tuvey, Middle East economist at Capital Economics. He says the IMF will likely insist on reforms in three areas: one, tight fiscal policy and moves to curb public-sector wages; two, a move to a more flexible currency, as foreign investment has been deterred by the strong Egyptian pound; and three, changes to the business environment, which is among the worst in the emerging markets world. “In the near term, implementing those reforms is likely to keep growth quite subdued,” Tuvey says.

“The whole ‘Africa Rising’ story is taking a severe beating this year,” Ashbourne concludes. “Things began slowing down in 2015, and in 2016 it has only been worse. Commodity price falls have revealed the underlying problems. The age of relying on Africa for 6% growth is over for the time being, and it will undoubtedly change how investors see the region.”

METHODOLOGY

The 25 Best-Performing Public Com-panies in Africa ranking evaluates nonfinancial companies on four mea-sures: liquidity, solvency, return on assets and profit margin. The ranking begins with the top 300 companies by market capitalization.

Firms are given a score on each measure, and those figures are totaled to create an overall score. A low score on each measure is equated with best performance, and the company with the lowest overall score places highest in the ranking.

BEST-PERFORMING COMPANIES

Rank	Company	Country	Sector	Reporting Year	Total Assets (US$ th)	Operating Revenue (US$ th)
1	ATLAS FOR LAND RECLAMATION AND AGRICULTURAL PROCESSING	EG	Machinery, equipment, furniture, recycling	2014	4,958	1,401
2	BOWLER METCALF	SA	Chemicals, rubber, plastics, nonmetallic products	2015	63,172	76,767
3	COMPAGNIE MINIERE DE TOUISSIT	MA	Metals & metal products	2014	92,929	50,766
4	TRUWORTHS INTERNATIONAL	SA	Wholesale & retail trade	2015	750,678	948,985
5	COGNITION HOLDINGS	SA	Post & telecommunications	2015	15,009	8,475
6	CHOBE HOLDINGS	BW	Other services	2014	25,714	22,649
7	SPUR CORPORATION	SA	Hotels & restaurants	2015	90,692	65,024
8	REA VIPINGO PLANTATIONS	KE	Textiles, wearing apparel, leather	2014	35,878	30,435
9	NATION MEDIA GROUP	KE	Publishing, printing	2015	124,099	120,607
10	SASINI	KE	Food, beverages, tobacco	2015	152,380	27,715
11	SILVERBRIDGE HOLDINGS	SA	Other services	2015	4,259	6,637
12	EGYPTIAN INTERNATIONAL PHARMACEUTICALS	EG	Chemicals, rubber, plastics, nonmetallic products	2014	346,550	220,916
13	LEWIS GROUP	SA	Wholesale & retail trade	2014	690,395	468,374
14	MR PRICE GROUP	SA	Wholesale & retail trade	2016	547,308	1,326,287
15	DELTA FOR PRINTING & PACKAGING	EG	Wood, cork, paper	2014	12,890	12,834
16	METROFILE HOLDINGS	SA	Other services	2015	77,197	58,365
17	MISR CEMENT COMPANY	EG	Chemicals, rubber, plastics, nonmetallic products	2014	158,809	161,982
18	MIX TELEMATICS	SA	Publishing, printing	2014	183,021	114,450
19	AFRICAN MEDIA ENTERTAINMENT	SA	Other services	2014	25,553	20,911
20	AUTOMOBILE RESEAU TUNISIEN ET SERVICES	TN	Wholesale & retail trade	2015	107,391	98,202
21	REUNERT	SA	Machinery, equipment, furniture, recycling	2015	677,210	618,128
22	TEXTON PROPERTY FUND	SA	Other services	2015	385,321	33,916
23	ROWAD TOURISM	EG	Hotels & restaurants	2014	39,571	2,198
24	ARB HOLDINGS	SA	Wholesale & retail trade	2015	104,941	176,650
25	ADVANCED HEALTH LIMITED	SA	Education, Health	2015	24,036	15,891

BEST-PERFORMING COMPANIES BY SECTOR

Rank	Company	Country	Sector	Reporting Year	Total Assets (US$ th)	Operating Revenue (US$ th)
1	BOWLER METCALF	SA	Chemicals, rubber, plastics, non-metallic products	2015	63,172	76,767
2	EGYPTIAN INTERNATIONAL PHARMACEUTICALS	EG	Chemicals, rubber, plastics, non-metallic products	2014	346,550	220,916
3	MISR CEMENT COMPANY – QENA	EG	Chemicals, rubber, plastics, non-metallic products	2014	158,809	161,982
4	SASOL	SA	Chemicals, rubber, plastics, non-metallic products	2015	26,528,204	15,466,827
5	TRANSPACO	SA	Chemicals, rubber, plastics, non-metallic products	2015	59,799	111,165
1	RAUBEX GROUP	SA	Construction	2014	539,674	624,221
2	RESIDENCES DAR SAADA	MA	Construction	2014	881,515	202,002
3	CALGRO M3 HOLDINGS	SA	Construction	2014	114,455	80,927
4	TALAAT MOUSTAFA GROUP	EG	Construction	2014	8,012,533	747,060
5	PALM HILLS DEVELOPMENTS COMPANY	EG	Construction	2014	2,077,350	323,972
1	ADVANCED HEALTH	SA	Education, Health	2015	24,036	15,891
2	AFROCENTRIC INVESTMENT CORPORATION	SA	Education, Health	2015	129,986	172,017
3	ASCENDIS HEALTH	SA	Education, Health	2015	299,034	233,074
4	NETCARE	SA	Education, Health	2015	2,281,432	2,464,803
1	SASINI	KE	Food, beverages, tobacco	2015	152,380	27,715
2	SOCIETE FRIGORIFIQUE ET BRASSERIE DE TUNIS	TN	Food, beverages, tobacco	2014	523,796	471,045
3	BRITISH AMERICAN TOBACCO ZIMBABWE	ZW	Food, beverages, tobacco	2014	27,580	45,916
4	NAMIBIA BREWERIES	NA	Food, beverages, tobacco	2015	142,409	199,551
5	PHOENIX BEVERAGES	MU	Food, beverages, tobacco	2015	116,260	144,502
1	TRANSCENTURY	KE	Gas, Water, Electricity	2015	213,251	115,803
2	TURNALL HOLDINGS	ZW	Gas, Water, Electricity	2014	46,437	33,881
1	SPUR CORPORATION	SA	Hotels & restaurants	2015	90,692	65,024
2	ROWAD TOURISM CO. (AL ROWAD)	EG	Hotels & restaurants	2014	39,571	2,198
3	FAMOUS BRANDS	SA	Hotels & restaurants	2015	149,946	268,247
4	CRESTA MARAKANELO	BW	Hotels & restaurants	2014	24,086	32,028
5	GOLDEN PYRAMIDS PLAZA	EG	Hotels & restaurants	2014	1,800,990	305,898
1	REUNERT	SA	Machinery, equipment, furniture, recycling	2015	677,210	618,128
2	CSG HOLDINGS	SA	Machinery, equipment, furniture, recycling	2014	38,316	105,707
3	NU-WORLD HOLDINGS	SA	Machinery, equipment, furniture, recycling	2015	92,619	161,998
4	HOLDSPORT	SA	Machinery, equipment, furniture, recycling	2015	82,069	107,947
5	MISR REFRIGERATION AND AIR CONDITIONING MANUFACTURING COMPANY	EG	Machinery, equipment, furniture, recycling	2015	143,980	178,064
1	COMPAGNIE MINIERE DE TOUISSIT	MA	Metals & metal products	2014	92,929	50,766
2	TRELLIDOR HOLDINGS	SA	Metals & metal products	2015	10,355	24,290
3	SEPHAKU HOLDINGS	SA	Metals & metal products	2014	100,149	64,502
4	MERAFE RESOURCES	SA	Metals & metal products	2015	344,651	284,855
5	ACROW MISR METALLIC SCAFFOLDINGS AND FRAMEWORKS	EG	Metals & metal products	2015	107,849	90,583
1	COGNITION HOLDINGS	SA	Post & telecommunications	2015	15,009	8,475
2	SOCIETE NATIONALE DE TELECOMMUNICATIONS DU SENEGAL	SN	Post & telecommunications	2014	2,069,092	1,542,561
3	MTN GROUP	SA	Post & telecommunications	2014	21,905,371	12,999,711
4	SAFARICOM	KE	Post & telecommunications	2014	1,699,871	1,774,584
5	SOCIETE CELLCOM	TN	Post & telecommunications	2014	14,794	22,700
1	AFRIMAT	SA	Primary sector	2015	102,590	122,644
2	BEE EQUITY PARTNERS	MU	Primary sector	2015	42,772	4,696
3	CROOKES BROTHERS	SA	Primary sector	2014	91,320	43,460
4	ALTEO	MU	Primary sector	2015	753,520	197,430
5	SOVEREIGN FOOD INVESTMENTS	SA	Primary sector	2014	103,807	141,825
1	ATLAS FOR LAND RECLAMATION AND AGRICULTURAL PROCESSING	EG	Public administration & defense	2014	4,958	1,401
2	ZEDER INVESTMENTS	SA	Public administration & defense	2014	960,553	751,202
3	EGYPTIAN MODERN EDUCATION SYSTEMS	EG	Public administration & defense	2016	5,595	1,501

Rank	Company	Country	Sector	Reporting Year	Total Assets (US$ th)	Operating Revenue (US$ th)
1	NATION MEDIA GROUP	KE	Publishing, printing	2015	124,099	120,607
2	MIX TELEMATICS	SA	Publishing, printing	2014	183,021	114,450
3	MONEYWEB HOLDINGS	SA	Publishing, printing	2015	2,246	2,091
4	CAMELOT (GHANA)	GH	Publishing, printing	2015	1,419	1,422
5	ACADEMY PRESS	NG	Publishing, printing	2015	17,920	10,703
1	REA VIPINGO PLANTATIONS	KE	Textiles, wearing apparel, leather	2014	35,878	30,435
2	FILTISAC	CI	Textiles, wearing apparel, leather	2015	95,394	80,119
3	AFRICAN & OVERSEAS ENTERPRISES	SA	Textiles, wearing apparel, leather	2015	26,815	43,661
4	ORIENTAL WEAVERS CARPET COMPANY	EG	Textiles, wearing apparel, leather	2014	927,680	815,199
5	GOLDEN TEXTILES & CLOTHES WOOL CO	EG	Textiles, wearing apparel, leather	2014	35,767	16,202
1	RHT HOLDING	MU	Transport	2015	23,269	8,842
2	RED STAR EXPRESS	NG	Transport	2014	19,389	33,966
3	GRINDROD	SA	Transport	2014	2,832,239	1,219,957
4	SANTOVA	SA	Transport	2015	63,705	17,269
5	COMPAGNIE DE TRANSPORTS AU MAROC	MA	Transport	2014	74,062	61,197
1	TRUWORTHS INTERNATIONAL	SA	Wholesale & retail trade	2015	750,678	948,985
2	LEWIS GROUP	SA	Wholesale & retail trade	2014	690,395	468,374
3	MR PRICE GROUP	SA	Wholesale & retail trade	2016	547,308	1,326,287
4	AUTOMOBILE RESEAU TUNISIEN ET SERVICES SA	TN	Wholesale & retail trade	2015	107,391	98,202
5	ARB HOLDINGS .	SA	Wholesale & retail trade	2015	104,941	176,650
1	DELTA FOR PRINTING & PACKAGING	EG	Wood, cork, paper	2014	12,890	12,834
2	MONDI	SA	Wood, cork, paper	2014	897,854	677,147
3	YORK TIMBER HOLDINGS	SA	Wood, cork, paper	2015	333,734	128,630
4	ASTRAPAK	SA	Wood, cork, paper	2014	180,185	218,881
5	SAPPI	SA	Wood, cork, paper	2015	4,913,000	5,425,000

Source for data: Orbis by Bureau van Dijk

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METHODOLOGY

BEST-PERFORMING COMPANIES

Rank

Company

Country

Sector

Reporting Year

Total Assets (US$ th)

Operating Revenue(US$ th)

BEST-PERFORMING COMPANIES BY SECTOR

Rank

Company

Country

Sector

Reporting Year

Total Assets (US$ th)

Operating Revenue (US$ th)

Rank

Company

Country

Sector

Reporting Year

Total Assets(US$ th)

Operating Revenue(US$ th)

Operating Revenue
(US$ th)

Total Assets
(US$ th)

Operating Revenue
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