Kenya’s telecommunications’ giant, Safaricom, has jumped four positions to take 10th place as Africa’s most valued firm.
In a business ranking exercise by Africa Business, Safaricom closed the 10 biggest firms’ section in a valuation that analyzed a total of 250 African commercial facilities.
The ranking primarily considers a firm’s market capitalization. Only 3 other Kenyan enterprises made it to the top 100 biggest companies in the African continent.
Equity Group took up position 82 with East African Breweries taking position 90 and KCB Group closing in at position 100.
Safaricom accessed this position after realizing a valuation status of $9.96 billion translating to sh 1.06 trillion. The continent’s most valuable firm, Prospus stands at sh 12.74 trillion.
Safaricom recorded a 19.54% increase in annual profits rising to post sh 74.7 billion for the year ended March, 2020. The firm attributed the impressive growth to increased revenues from MPESA and data activities.