South African firms outdo economy

South African companies continue to dominate our table of the Top 250 African Companies despite the country’s weak economic growth over many years. South Africa’s growth outlook has been further tempered by the threat of US tariffs. US President Donald Trump initially unveiled a 30% tariff on South African goods imported into the US, but that has been replaced with the 10% universal tariff levied on all countries pending a 90-day review.

However, relations with the US have gone from bad to worse in recent months. Secretary of state Marco Rubio refused to attend a G20 foreign ministers meeting in Johannesburg; South African ambassador to Washington DC Ebrahim Rasool was expelled; and Trump has continued to assail Pretoria over its limited plans for land reform. While South Africa has appointed the respected Mcebesi Jonas as special envoy to smooth over relations, the direction of travel – combined with the likelihood that Trump will not revive the soon-to-be-expired tariff-free African Growth and Opportunity Act that Pretoria has long-enjoyed access to – means that South African companies are not likely to receive a warm welcome in the US anytime soon.

The 20 biggest South African companies are also ranked in the continental Top 30, with 16 of them among the continent’s 18 biggest listed companies. There are some signs of recovery in South African corporate values this year as the country’s government of national unity (GNU) bids to improve the economy. Many successful South African companies are also exposed to multiple African markets.

We have produced separate tables for Southern Africa including and excluding South Africa, because the Top 20 companies in the region are all South African. A separate table allows us to consider companies based in the rest of the region.

The threshold for inclusion in our South African table has increased from the $4.9bn valuation of Sasol in our 2024 table to $5.1bn for Pepkor Holdings in this year’s rankings, suggesting some recovery in the country’s strength in corporate depth. This is underlined by the total value of the South African companies listed in our Top 250 increasing from $304bn to $358bn over the past year, although they have not quite recovered to the $375.4bn recorded in 2023.

The biggest South African companies come from many different industries, including banking, insurance, mining, telecoms, internet and software services, retail, restaurants and investment management. Morocco is the only other African country with as wide range of big companies. While both Morocco and South Africa have large raw materials sectors, both use their natural resources to benefit their wider economies.

To view the full list of Africa’s Top 250 Companies 2025 click here.