Published: October 4, 2026 | Updated: October 4, 2026
Key Facts
- Sonatrach of Algeria is Africa's largest company by revenue, reporting $48.8 billion in turnover for FY2024 — well ahead of Nigeria's NNPC at $30.1 billion.
- Five of the top 10 are state-owned enterprises: Sonatrach, NNPC, Eskom, OCP Group and Sonangol.
- Six of the ten are headquartered in South Africa: Eskom, Shoprite, Sasol, MTN Group, Standard Bank and Vodacom.
- The top 10 generated a combined $179.7 billion in annual revenue — roughly $180 billion.
- Sonatrach and NNPC alone account for 44% of the top 10's combined revenue, underscoring how heavily oil and gas weigh in African corporate scale.
| Rank | Company | Headquarters | Sector | Annual revenue (USD) | Financial year |
|---|---|---|---|---|---|
| 1 | Sonatrach* | Algeria | Oil & gas | $48.8B | FY2024 |
| 2 | NNPC Ltd* | Nigeria | Oil & gas | $30.1B | FY2024 |
| 3 | Eskom* | South Africa | Power utility | $19.5B | FY2026 |
| 4 | Shoprite Holdings | South Africa | Food retail | $15.1B | FY2026 |
| 5 | Sasol | South Africa | Energy & chemicals | $14.9B | FY2026 |
| 6 | MTN Group | South Africa | Telecom | $12.5B | FY2025 |
| 7 | Standard Bank Group | South Africa | Banking | $10.7B | FY2025 |
| 8 | OCP Group* | Morocco | Phosphates & fertilizers | $9.8B | FY2024 |
| 9 | Vodacom Group | South Africa | Telecom | $9.2B | FY2026 |
| 10 | Sonangol* | Angola | Oil & gas | $9.1B | FY2025 |
* State-owned enterprise. Standard Bank ranked on total income (see Methodology).
Sonatrach and NNPC — the top two — account for 44% of the top 10's combined $179.7 billion revenue, a reminder that hydrocarbons still underwrite Africa's corporate heavyweights.
Selected Details
1. Sonatrach — $48.8 billion (Algeria)
Africa's largest company by any revenue measure. The Algerian state oil and gas giant is the backbone of the national economy: its export revenue alone reached about $45 billion in 2024, and its turnover of 6,523 billion dinars converts to roughly $48.8 billion.
2. NNPC Ltd — $30.1 billion (Nigeria)
Nigeria's state oil company posted ₦45.1 trillion in revenue for FY2024, up 88% on the naira float and downstream market reforms, alongside ₦5.4 trillion in profit after tax — one of the most dramatic earnings turnarounds on the continent.
3. Eskom — $19.5 billion (South Africa)
South Africa's state power utility is back in profit on the back of tariff increases, even as electricity sales volumes continue to fall. Revenue of R354.7 billion for the year ended March 2026 makes it the largest utility on the continent.
4. Shoprite Holdings — $15.1 billion (South Africa)
Africa's largest food retailer, with roughly 3,700 stores trading as Shoprite, Checkers, Usave and Sixty60. Its R274.8 billion in FY2026 sales also makes it the largest non-state-owned company in Africa by revenue.
5. Sasol — $14.9 billion (South Africa)
The energy-and-chemicals group built on coal- and gas-to-liquids technology, plus its Lake Charles chemicals complex in the United States. Turnover of R272.1 billion for FY2026 keeps it just behind Shoprite.
6. MTN Group — $12.5 billion (South Africa)
Africa's biggest mobile operator, with 307 million subscribers across 16 markets. Nigeria and Ghana drove FY2025 group revenue of R226.7 billion, cementing its lead over Vodacom.
7. Standard Bank Group — $10.7 billion (South Africa)
Africa's largest bank by assets, operating in 20 African countries. Banks do not report "revenue" the way corporates do, so it is ranked here on total income of R194.76 billion for FY2025 — the same basis the Jeune Afrique Top 500 uses.
8. OCP Group — $9.8 billion (Morocco)
The world's largest phosphate producer. The Moroccan state-owned fertilizer giant posted record revenue of 97 billion dirhams in FY2024, riding the global fertilizer cycle.
9. Vodacom Group — $9.2 billion (South Africa)
The South Africa-headquartered telecom spans South Africa, Egypt, Kenya (through Safaricom) and Ethiopia, reporting R167.6 billion in revenue for FY2026.
10. Sonangol — $9.1 billion (Angola)
Angola's state oil company rounds out the ranking, though revenue fell about 13% in FY2025 on a roughly 14% drop in Angolan crude prices.
Frequently Asked Questions
What is the largest company in Africa by revenue in 2026?
Sonatrach of Algeria, with $48.8 billion in turnover for FY2024 — ahead of Nigeria's NNPC at $30.1 billion.
What is the largest non-state-owned company in Africa?
Shoprite Holdings of South Africa, with $15.1 billion in sales for FY2026, making it Africa's largest food retailer and its biggest private-sector company by revenue.
Why are so many of Africa's biggest companies state-owned?
Strategic sectors — oil, gas, power and phosphates — remain in state hands across Algeria, Nigeria, South Africa, Morocco and Angola. These capital-intensive national champions were built to monetize sovereign resources, so they dominate any revenue ranking.
Is Dangote the biggest company in Africa?
No. Dangote Cement reported roughly $2.4 billion in revenue for FY2024, far below the ranking's roughly $9 billion cutoff, and no consolidated Dangote Group revenue figure is publicly disclosed, so it cannot be ranked.
Why is Standard Bank ranked on "total income" instead of revenue?
Banks do not have revenue in the corporate sense. Total income — net interest income plus non-interest income — is the standard proxy, and it is the same basis used by the Jeune Afrique Top 500, Africa's benchmark company ranking.
Data Sources
- DZWatch — Sonatrach FY2024 turnover: https://dzwatch.dz/?p=30930
- BrandIconImage — NNPC FY2024 results: https://www.brandiconimage.com/2025/11/nnpc-ltd-posts-n54-trillion-profit-in.html
- TechCentral — Eskom FY2026 results: https://techcentral.co.za/eskom-results-fy2026-profit-doubles/285533/
- Shoprite Holdings — FY2026 financial results: https://www.shopriteholdings.co.za/newsroom/2026/financial-results-announcement-2026.html
- Moneyweb / Sasol — FY2026 results advert (PDF): https://www.moneyweb.co.za/wp-content/uploads/2026/09/FY26-Results-Advert_FINAL.pdf
- Business Day — MTN FY2025 results: https://www.businessday.co.za/companies/earnings/2026-03-16-ghana-nigeria-come-to-the-party-for-mtn/
- Daily Investor — Standard Bank FY2025 results: https://dailyinvestor.com/banking/123846/standard-bank-passes-with-flying-colours/
- North Africa Post — OCP FY2024 revenue: https://northafricapost.com/91928-ocp-group-posts-record-97-billion-dirham-revenue-in-2024.html
- Vodacom — FY2026 integrated report summary tables (PDF): https://vodacom-reports.co.za/integrated-reports/ir-2026/documents/Summary-tables.pdf
- 360 Angola — Sonangol FY2025 revenue: https://360angola.com/business/companies/sonangol-joins-africas-billion-dollar-club-as-angola-places-sixth-on-continent/
- Ecofin Agency — Ethiopian Airlines FY2024/25 ($7.6B, first runner-up): https://www.ecofinagency.com/news-infrastructures/0608-47984-ethiopian-airlines-slightly-misses-8bn-goal-amid-slower-growth
Methodology
This ranking covers companies headquartered in Africa, using the latest reported full-year revenue (FY2024–FY2026 results published in 2025–2026). State-owned enterprises are included: excluding them would misrepresent where African corporate scale actually sits. Foreign currencies were converted to US dollars at approximate 2024–2025 average rates (DZD 133.8, NGN 1,500, ZAR 18.21, MAD 9.94); Sonangol and Ethiopian Airlines report directly in dollars. Banks are ranked on total income, the standard revenue proxy for lenders. Companies headquartered outside Africa are excluded even with large African operations — including Anglo American (London), Glencore (Switzerland), TotalEnergies (France) and First Quantum Minerals (Toronto). Private groups without disclosed consolidated revenue, such as Dangote Group, cannot be ranked.
