Top 10 Biggest and Most Profitable Companies in Kenya
Which companies generate the most revenue in Kenya? Which ones employ the most people and have the best business culture? Profitability, size, and management are key factors in determining the 10 biggest companies in Kenya. Let’s find out what these companies are.
On the list of the biggest and most profitable companies in Kenya, Safaricom, EABL, Kenya Airways, Equity Bank and Bamburi Cement lead in the top 5. Banks dominate the top 10 companies by equity assets and revenue. The lending business is booming at the moment, generating the most revenue for these companies, including Safaricom PLC.
Most Profitable Companies in Kenya
Over the past years, the Kenyan economy has grown significantly making it the best in the East Africa region. This achievement has been made possible by the existence of different companies operating in the country. The growth of our economy has attracted different investors from different parts of the world arousing them to start new companies.
Companies in Kenya operate under different sectors and categories of the economy. The main industries include manufacturing, communication, farming, financial services, and transportation, among other economic activities.
The best and most profitable companies in Kenya have emerged from these sectors, which are further divided into various categories.
Any company falls under the following category; registered, private, new company, international, and multinationals. With the availability of all factors of production, companies can make profits which contribute to their growth and also the country’s economy.
Here are the 10 biggest and most profitable companies in Kenya today.
1. Safaricom – KES 63.4 Billion
Safaricom is a registered company operating under the communication sector. It is the leading mobile network provider in Kenya. Since its establishment in 1993, Safaricom has led to the growth of the Kenyan economy by providing job opportunities to Kenyans and offering fast and reliable network services.
Michael Joseph leads the company as the CEO following Bob Collymore’s death. Bob led the company for over 10 years. Collymore died of cancer on July 2019. Its main offices (headquarters) are located in Westlands Nairobi Kenya.
Safaricom’s consistent innovation in the communication sector has contributed to its success and growth over the past decades. The giant telco has over 39 million users across the country.
Many Kenyans have endorsed its excellent services such as M-pesa and Mshwari.
Again, the Safaricom network is sufficiently available in many parts of the country, making it the most used network provider in Kenya. All these services have made Safaricom be the most profitable company in Kenya with a net worth of over 1.1 Trillion. The company made Ksh. 65 billion in the 2018/19 financial period.
2. East Africa Breweries Limited (EABL)
EABL is a company operating under the manufacturing sector in the Kenyan economy. Formerly, the company was known as Kenya Breweries Limited (KBL) since its foundation in 1932. In 1936, KBL merged with Tanganyika Breweries Limited (TBL) hence the name changing to current East Africa Breweries Limited.
The company carries on its operation across the East African countries i.e. Tanzania, Kenya, South Sudan, and Uganda. It is the best and leading alcohol beverage maker in the area.
EABL’s net worth stands at Ksh. 173 billion, making it one of the biggest companies in Kenya. Its success and tremendous growth are not only reflected in Kenya but also in the entire East Africa region.
EABL products include spirit, beer, and adult non-alcoholic beverages. Even though there is much competition from other related companies, EABL has a unique strategy of marketing its products, which ensures it’s always at the top.
3. Kenya Airways
It’s one of the most prominent and most respected companies operating under the transport sector in the country. The airline started its operations in the year 1977 and is currently managed by Titus Naikuni who took office about 12 years ago.
Kenya Airways is ranked as one of the leading carriers in Africa because of its quality services to the public. Individuals partially own the company, but the Government of Kenya is the largest shareholder.
It is branded as the ‘Pride of Africa’ because it connects Africa as a continent with other global destinations, including Europe, China, Japan, among others. Its service provision to many destinations has attracted many investors from different parts of the world than any other airline in East Africa. This has contributed to its tremendous growth over the years.
4. Equity Bank
This is one of the leading commercial banks in Kenya in terms of value, service delivery, and profit-making. With its CEO, James Mwangi, Equity bank has won several international awards, hence attracting investors both locally and internationally. The bank has 173 branches across the country, and 38 of them operates within Nairobi.
It does not only provide financial services to Kenyans but also to the whole of East Africa community including Uganda, Rwanda, Tanzania, and South Sudan. Currently, the company’s net-worth is Ksh. 158 billion. Its significant success has been recognized globally to the extent of being invited to international forums.
5. Bamburi Cement
It’s another large and most profitable company in Kenya. Bamburi cement was established in 1951 but commenced its operations in 1954. It is located in Mombasa but it’s head offices are in Nairobi. It’s the leading cement manufacturer and supplier in Kenya.
Currently, Bamburi Cement is worth Ksh 42.8 billion, with over 800 employees working in different sectors of production.
It has consistently built trust by providing quality products to all its customers in the country. Increase in construction projects in the country has led to significant growth of Bamburi cement. The company exports its products to countries like Madagascar, Seychelles, Congo, Sri Lanka, among other countries.
Kenya Commercial Bank is another big company that provides financial services to Kenyans. It was founded in 1896, making it one of the oldest companies in Kenya. Its headquarters are located in Nairobi and has over 250 branches all over Kenya, serving more than 16 million customers.
KCB has extended its operations to East Africa countries including Tanzania, Uganda, Burundi, Rwanda, and South Sudan. For now, it’s the biggest financial service provider in Kenya with a net worth of Ksh 137 billion. Soon, KCB is set to acquire National Bank of Kenya (NBK), meaning its assets will increase hence its overall net worth.
7. Co-operative Bank of Kenya
Co-op Bank is one of Kenya’s success stories. It was founded in 1965 to provide financial services to co-operative societies, especially farmers. In 2008, the Bank was registered under the country’s company Act hence making it public. Since then, it has experienced tremendous growth, making it one of the fastest-growing and most profitable companies in Kenya.
In the financial period that ended in 2018, the bank made a net profit of Ksh 18.2 billion.
Currently, Co-operative Bank’s net worth is Ksh 81.8 billion. It operates three more subsidiaries, which are Co-op Trust Investment Services Limited, Kingdom Securities Limited and Co-op Consultancy and Insurance Agency Limited.
8. Standard Chartered Kenya
This is a financial institution which has existed in the Kenyan economy since 1911. It’s among the oldest companies in Kenya. It has over 32 branches in different parts of the country and a net worth of Ksh 74 billion.
Stanchart Kenya organizes for annual marathon ‘Standard Chartered Marathon‘ in Nairobi. Its contributions to the public and the Kenyan economy at large are of great value.
9. British American Tobacco Kenya Limited.
British American Tobacco (BAT) is a company that has attracted many investors since it began its operations in the country in 1907. It is involved in the manufacturing of cigarettes for both local consumption and export.
Demand for cigarettes among the consumers has resulted in its significant growth over the years. It has also created a lot of job opportunities for Kenyans. It is estimated to have a value of Ksh 52.5 billion.
10. Nation Media Group.
It’s another big company operating under the communication sector in the country. This company provides its services to the public through media channels such as radios, televisions, and newspapers.
Demand for current affairs by members of the public has led to the growth of this company. Also, businesses and other companies use the media for advertising their products and services. This has also led to its significant growth, making it one of the most profitable companies in Kenya.
Growing Revenues in Kenya
Kenyan citizens own some companies while others belong to foreigners. Also, business environment in Kenya, including all factors of production, and the political environment are relatively good hence the success of the emerging and existing companies.
Most of the companies that make up this list are financial service providers (banks). This means that a country’s economy mostly relies on the value of money circulating in the market as well as the lending business. These companies have a high impact on the Kenyan economy. From the creation of job opportunities to providing quality services to the public, these companies are worth endorsement.