Published: October 20, 2026
5 Key Facts
- Sonatrach is Africa's biggest company by revenue. Algeria's state-owned oil and gas giant keeps the number one spot in Jeune Afrique's 2026 ranking of the 500 largest African companies. Sonatrach does not publish full audited consolidated figures, so its exact FY2024 total is not public. Its last disclosed annual figure was $70.9bn for FY2023, which this article uses as the reference point for the top slot.
- NNPC is second at $29.4bn. Nigeria's state oil company reported revenue of ₦45.1 trillion for the year ended December 2024, up 88% in naira terms from 2023. Converted at the year-end exchange rate of ₦1,534 per dollar, that equals $29.4bn.
- Energy dominates the top of the list. Seven of the top ten earn most or all of their revenue from oil, gas, fuel retail, power or phosphates. The only exceptions are Shoprite (retail), MTN (telecoms) and AngloGold Ashanti (gold mining). Five of the ten are state-owned.
- The top ten hold about a quarter of the Top 500's total revenue. Their combined revenue exceeds $200bn, using Sonatrach's last public figure as the stand-in for number one. Jeune Afrique puts the cumulative revenue of its 500 largest African companies at a record $782.8bn in the 2026 edition. So roughly 27 cents of every dollar earned by Africa's 500 biggest companies comes from just ten names.
- South Africa has five of the top ten; Dangote Industries is the big absence. Eskom, Sasol, Shoprite, MTN and AngloGold Ashanti all make the list. Jeune Afrique left Dangote Industries out of the 2026 ranking because its consolidated data was not reliable enough, but estimates the group's potential revenue at about $50bn once the Lekki refinery runs at full capacity. That could reshape the 2027 ranking.
The big picture: Africa's biggest companies sell fuel, power and raw materials. Oil and gas state firms occupy the entire top two, and a state-owned company sits in half the top-ten slots. Currency moves distort the dollar figures: the naira lost about 40% in 2024, so NNPC's 88% naira revenue growth converts to a much smaller dollar gain, and MTN's reported rand revenue fell 15.4% even though its constant-currency growth was 13.8%. All conversions here use fiscal year-end exchange rates, the same method Jeune Afrique applies. If Dangote Industries reports clean consolidated numbers for 2026, the next edition could have a new challenger near the top.
| # | Company | Country | Revenue (USD bn, FY2024*) |
|---|---|---|---|
| 1 | Sonatrach | Algeria | ≈70.9 (FY2023; last disclosed) |
| 2 | NNPC | Nigeria | 29.4 |
| 3 | Vivo Energy | Pan-African (HQ Mauritius) | ~20.0 |
| 4 | Eskom | South Africa | 18.8 (FY ended Mar 2025) |
| 5 | Libya NOC | Libya | 18.6 |
| 6 | Sasol | South Africa | 15.1 |
| 7 | Shoprite | South Africa | 13.2 |
| 8 | OCP Group | Morocco | 9.8 |
| 9 | MTN Group | South Africa | 9.5 |
| 10 | AngloGold Ashanti | South Africa | 5.8 |
* Fiscal years covering 2024 (staggered years up to June 2025 included). Sonatrach: FY2024 figure not published; last public figure is $70.9bn for FY2023. Libya NOC: oil revenue recorded by the Central Bank of Libya ($18.61bn); the NOC's own total revenue figure is $26.12bn. See Methodology.
Selected Details
1. Sonatrach: Algeria's state oil giant keeps number one
Ranked first by Jeune Afrique's 2026 Top 500 of African companies (non-financials). Sonatrach does not release full audited consolidated financials to the public, so no verifiable FY2024 total exists. Jeune Afrique builds its figure from its own data work across more than 1,500 companies. The last public turnover figure was $70.9bn for FY2023. For context, Algeria's hydrocarbon export revenues were about $45.2bn in 2024, but that is export revenue only, not Sonatrach's total turnover, which includes large domestic sales.
2. NNPC: $29.4bn, up 88% in naira terms
Revenue of ₦45.1 trillion for the year ended December 2024, per the company's own press release. Converted at the year-end rate of ₦1,534 per dollar, that is $29.4bn. Profit after tax was ₦5.4tn, up 64% year on year. The growth is largely nominal: the naira lost about 40% of its value in 2024 after the foreign-exchange float, and higher crude sales added to the top line. (NNPC press release)
3. Vivo Energy: ~$20bn of pan-African fuel retail
Approximate 2024 revenue of $20bn, reported directly in dollars. The Vitol-owned, privately held group operates in 28 African countries with about 4,000 service stations and sold more than 20 billion litres of fuel in 2024. It calls 2024 a transformational year because it completed the integration of Engen, the South African fuel retailer Vitol acquired in 2024. Engen is therefore counted inside Vivo Energy and is not listed separately in this ranking. (Quartr earnings summary)
4. Eskom: $18.8bn and back in profit
Revenue of R340.9bn for the year ended March 2025, up 15% on the prior year. Converted at about R18.15 per dollar, that is $18.8bn. The state power utility reported its first annual profit since FY2017, R16.05bn, on electricity sales of 189.7 TWh, up 3.5%. Tariff increases of 12.74% did most of the lifting. Eskom's staggered March year-end falls inside the ranking's "up to June 2025" window. (Eskom FY2025 results presentation)
5. Libya NOC: the $18.6bn comeback
Oil revenue of $18.61bn in 2024, per the Central Bank of Libya, which matches Jeune Afrique's "over $18 billion" and fifth-place ranking. The NOC's own total revenue figure is higher at $26.12bn, down from $31.13bn in 2023, and this article uses the Central Bank definition to stay consistent with the anchor ranking. The NOC returns to the list after years of absence caused by missing data. (Energy Capital & Power; Libya Express)
6. Sasol: $15.1bn of chemicals and fuel
Turnover of R275.1bn for the year ended June 2024, down 5% year on year. Converted at the June 2024 rate of R18.20 per dollar, that is $15.1bn. The energy and chemicals group reported a headline loss driven by R56.7bn of net-of-tax impairments, mostly on its Chemicals America assets. Sasol is the largest of the JSE-listed industrial groups on this list by revenue. (JSE SENS audited results)
7. Shoprite: $13.2bn, Africa's biggest food retailer
Sale of merchandise of R240.7bn for the 52 weeks ended June 2024, up 12% year on year. Converted at R18.20 per dollar, that is $13.2bn. The figure is the originally reported FY2024 total; the company later restated continuing operations at R232.1bn after exiting Malawi, Ghana and its furniture business. Shoprite's group sales passed R250bn in FY2025. (Food Business Africa)
8. OCP Group: $9.8bn, a record year for phosphates
Revenue of MAD 96.99bn for 2024, a company record, translated by OCP itself at $9.76bn. The Moroccan state-owned group is the world's largest phosphate exporter. Net profit rose 46% to MAD 20.9bn, and fertilizers made up 69% of revenue. Strong fertilizer prices did most of the work. (North Africa Post)
9. MTN Group: $9.5bn of service revenue
Service revenue of R177.8bn for 2024, converted at R18.80 per dollar to $9.5bn. Telecoms companies headline service revenue rather than total revenue; the group total is slightly higher. Reported revenue fell 15.4% in rand terms, but constant-currency growth was 13.8%: the naira's 2024 collapse crushed the reported numbers while MTN Nigeria's underlying service revenue grew 35.6% in constant currency. (MTN Group)
10. AngloGold Ashanti: $5.8bn on the gold rally
Revenue from product sales of $5.8bn for 2024, up 26% year on year. The gold miner produced 2.66 million ounces and bought Centamin, owner of Egypt's Sukari mine, in November 2024. AngloGold is also the most valuable listed African company by market capitalisation at about $48bn, per the African Business Top 250 2026, ahead of Naspers. See our 2026 ranking of Africa's biggest companies by market cap. (2024 annual report)
Frequently Asked Questions
Which is the biggest company in Africa by revenue in 2026?
Sonatrach, Algeria's state-owned oil and gas company. It holds the top spot in Jeune Afrique's 2026 Top 500 ranking of African companies. Its exact FY2024 revenue is not publicly disclosed, but its last public figure was $70.9bn for FY2023. Nigeria's NNPC is the clear number two with $29.4bn for FY2024.
Why is Sonatrach's exact revenue figure not shown?
Sonatrach does not publish full audited consolidated financial statements to the public. Jeune Afrique ranks it first using its own data work across more than 1,500 companies, including state-owned ones. The article states the last public figure ($70.9bn for FY2023) rather than inventing an FY2024 number.
Is Dangote Industries in the top 10 by revenue?
Not in this edition. Jeune Afrique excluded Dangote Industries from its 2026 ranking because its consolidated data was not reliable enough. The magazine estimates the group's potential revenue at about $50bn once the Lekki refinery runs at full capacity, which could reshape the 2027 ranking. Dangote Cement alone reported revenue of ₦3.58 trillion ($2.3bn) for FY2024, so the group total will depend on refinery consolidation.
Why are banks and insurers not in the revenue ranking?
The anchor survey, Jeune Afrique's Top 500, covers non-financial companies only, because a bank's "revenue" is interest and fee income, not sales, and is not comparable with an oil company's turnover. Standard Bank's R181.7bn of total net income for 2024 would otherwise be near the top ten. African banks get their own list: see our 2026 ranking of Africa's biggest banks by total assets.
How were the local currencies converted to dollars?
Each figure is divided by the exchange rate at the end of its reporting period, the same method Jeune Afrique uses. Examples: ₦1,534 per dollar at end-December 2024 for NNPC, R18.80 per dollar at end-December 2024 for MTN, R18.20 at end-June 2024 for Sasol and Shoprite, and about R18.15 at end-March 2025 for Eskom. Currency moves in 2024 were extreme: the naira fell about 40% and the Egyptian pound about 41%, which is why constant-currency growth often looks very different from the dollar figures.
Data Sources
- Jeune Afrique / Financial Afrik, "Top 500 African Companies 2026": the anchor ranking (non-financial companies, $782.8bn cumulative revenue, FY2024 fiscal years plus staggered years to June 2025). Accessed October 20, 2026.
- NNPC Limited press release, FY2024 results: revenue ₦45.1tn, profit after tax ₦5.4tn, announced November 2025. Accessed October 20, 2026.
- Proshare analysis of NNPC audited FY2024 statements: ₦45.08tn detail, 87.9% revenue growth. Accessed October 20, 2026.
- Quartr, Vivo Energy H2 2024 earnings summary: approximately $20bn revenue, 2024. Accessed October 20, 2026.
- Eskom FY2025 results presentation: R340.9bn revenue, year ended March 2025. Accessed October 20, 2026.
- Energy Capital & Power / Central Bank of Libya: Libya 2024 oil revenue $18.61bn. Accessed October 20, 2026.
- Libya Express: NOC 2024 total revenue $26.12bn. Accessed October 20, 2026.
- Sasol JSE SENS audited results, year ended June 2024: turnover R275.1bn. Accessed October 20, 2026.
- Food Business Africa, Shoprite FY2024 earnings: R240.7bn sale of merchandise, 52 weeks ended June 2024. Accessed October 20, 2026.
- North Africa Post, OCP Group 2024 results: MAD 96.99bn revenue ($9.76bn company translation). Accessed October 20, 2026.
- MTN Group FY2024 results: service revenue R177.8bn. Accessed October 20, 2026.
- AngloGold Ashanti 2024 annual report: revenue from product sales $5.8bn. Accessed October 20, 2026.
- African Business Top 250 2026 (via Kenya Today): AngloGold Ashanti ~$48bn market capitalisation, most valuable listed African company. Accessed October 20, 2026.
- Exchange-rate benchmarks (all accessed October 20, 2026): First Capital Bank 31-Dec-2024 FX sheet (R18.7946), Investec rand note 18 Jun 2024 (R18.11-18.21), Daily Investor end-March 2025 (about R18.15), exchange-rates.org historical ₦1,534.20 (31-Dec-2024).
Methodology
The anchor source is Jeune Afrique's 2026 Top 500 African Companies, the 27th edition, which ranks non-financial African companies by revenue. Its 2026 edition covers 2024 fiscal years (plus staggered fiscal years ending by June 2025), and reports cumulative revenue of $782.8bn, a record. This article follows that universe and that vintage: every figure below is for a fiscal year covering 2024, except Eskom, whose March-2025 year-end falls inside the survey's staggered window. Local-currency figures are converted to dollars at the exchange rate at each reporting period's end, the same method Jeune Afrique applies: ₦1,534 per dollar (end-Dec 2024), R18.80 (end-Dec 2024), R18.20 (end-Jun 2024), R18.15 (end-Mar 2025), and OCP's own $9.76bn translation. Figures are rounded to one decimal place in billions. Financial companies are excluded by design, matching the anchor survey: Standard Bank's R181.7bn of 2024 total net income and insurer Sanlam's accounting revenue are not comparable with operating turnover. Prosus is excluded because its IFRS revenue of $5.47bn consolidates only part of its portfolio (its economic-interest revenue is far higher); see our 2026 ranking of Africa's most profitable companies, where Naspers' investment income makes it number one. Engen is counted inside Vivo Energy after Vitol's 2024 acquisition. Dangote Industries is excluded because Jeune Afrique judged its consolidated data unreliable; its refinery-era revenue will be assessed in the 2027 edition. Two figures carry caveats stated in the table and text: Sonatrach's FY2024 total is not publicly disclosed (last public figure $70.9bn, FY2023), and Libya's NOC is shown at the Central Bank of Libya's $18.61bn oil-revenue figure for consistency with the anchor ranking, although the NOC's own total revenue is $26.12bn. Shoprite's figure is the originally reported FY2024 sale of merchandise (R240.7bn); its restated continuing-operations base is R232.1bn. MTN is shown on service revenue, the telecoms industry's headline metric.
Cover image: Sonatrach AVAL headquarters, Oran, Algeria. Photograph by habib kaki, licensed CC BY 3.0, via Wikimedia Commons.
