The advantage of the table for the largest listed companies in North Africa, the top 20 in North Africa, was not always bilayered, with Egypt and Morocco leading the rankings. Once again, it is not large enough to list a single company from three other North African countries. The absence of Libya is easy enough to understand given the continued division and conflict within the country, but the exclusion of Algeria underscores the limitations of the government's continued economic strategy.
Algeria has the fourth largest economy in Africa ahead of South Africa, Nigeria, Egypt and Morocco. However, none of the companies are listed in either the top 20 tables in North Africa or the widest top 250. Algiers talks about diversifying the economy from its current dependence on oil and gas for 20 years, but private sector participation in important parts of the economy is not restricted.
Though it's not big enough to make the region's top 20, Tunisia has seven companies in its top 250, including three banks. It has an open economy than Algeria, making the most of its proximity to the North to the European market by building export-oriented sectors that utilize the global supply chain. However, a small population means that the large corporation is not the same size as Morocco or Egyptian companies.
Moroccan lead over Egypt seems to be getting stronger every year. All six of the largest listed companies in North Africa are Morocco, with only two Egyptian companies in the top 13. In fact, the number of the region's top 20 Egyptian companies has dropped from seven in 2024 on this year's table to five. The Egyptian government has committed to privatizing state-owned enterprises over the past year, allowing it to stabilize the economy and reduce the impact of the military on key parts of the economy, but has made the same promise for many years. In the meantime, Moroccan businesses will be strengthening.
Attijariwafa Bank is the largest listed company in the region, with a significant rise in value at the table in 2025 from $10.8 billion last year, followed by MAROC Telecom, rising from $8.7 billion to $11.1 billion. Managem comes third. Profile them below. Bank Center Rail Popurea continues in close proximity. Marsa Maroc is a transport operator who is deeply involved in Tanger Med, Africa's largest port. Power Company Tagama Rock.
Commercial International Bank remains Egypt's largest company, but is slowly slipping down the rankings. The continued growth of large Moroccan companies means that MISR fertilizer producers needed $1.7 billion to secure their 20th place in this year's regional table, starting with the $1.3 billion recorded by Tobacco Maker Eastern Company in 2024.
Click here to view the full list of Africa's top 250 companies 2025.
Company Focus: Managem
Moroccan company Managem is one of the biggest risers in our table, rising from 57th last year to 21st in the 2025 rankings, with a massive increase in market capitalization from $20 billion to $6.1 billion. Operating in eight African countries and in mining, processes and markets, the company sells a wide range of products, including cobalt, copper, gold, silver and zinc. While it has benefited from rising prices for many products, including key minerals such as copper and cobalt, which are in high demand for the energy transition, gold prices have skyrocketed as investors seek hedge against volatility.
Managem has invested heavily in new projects, including the Teasert Copper Mine in Tarudant, Morocco, and the Bot Gold Project in eastern Senegal. The latter is one of several substantial deposits in the shear zone of Mali Senegal, and includes the already productive Loulou and Fekola projects. In October 2024, Managem purchased the Guinea Kalita Gold Project from Iam Gold as part of a wide range of transactions with Canadian companies on assets in Guinea, Mali and Senegal. However, strategic sales, including sales of Oumejrane Copper Mine in the Drâa-Tafilalet region of Morocco, also sold to UAE's purple hedge DWC for $30 million in January.
