Eight of the nine biggest listed companies in North Africa are Moroccan, while there are 11 Moroccan companies in Africa’s Top 20.
The upper reaches of our table of the biggest companies in North Africa is overwhelmingly dominated by Morocco. While Egyptian companies previously jostled with their Moroccan counterparts for dominance, they are now largely outshone by firms based at the other end of North Africa. Attijariwafa Bank’s value has broadly plateaued over the past 12 months but it remains the biggest company in the region at $15.7bn.
Miner Managem now moves up to second, with a huge rise in market value from $6.1bn to $10.8bn on the back of a 55% rise in revenue last year to 13.7bn dirham ($1.48bn) driven by surging gold and silver prices. It also brought the Tizert copper project in Morocco and Boto gold mine in Senegal into production, and ramped up its critical mineral operations, including by signing a seven-year deal to supply cobalt sulphate to Renault.
It leapfrogs Maroc Telecom, which has recorded a big fall in market capitalisation from $11.1bn to $8.8bn over the past 12 months. The company’s results were hit in 2024 and last year when it was forced to settle a network unbundling dispute with one of its competitors, Wana Corporate, with a 6.4bn dirham ($694m) payment. Maroc Telecom is the dominant player in the domestic telecoms sector but is being forced to open up infrastructure to allow access for its competitors. However, the company’s market capitalisation is likely to rebound after its profits recovered strongly to 7bn dirham ($748m) in 2025, up 288% on the 2024 figure.
Although ranked just 14th in our regional table, the value of Telecom Egypt has more than doubled over the past year from $1.2bn to $2.5bn. It recorded a 31% rise in income and 123% increase in net profits in 2025, as data revenue increased by 46% and international revenue grew 30%. Telecom Egypt benefits from Egypt’s position as a major global digital hub, with 14 subsea cables allowing it to benefit from growing internet traffic between Africa and Asia.
Eight of the nine biggest listed North African companies are Moroccan, while there are 11 Moroccan companies in the Top 20 overall. Eight of the others are Egyptian and there is just Banque Internationale Arabe de Tunisie from outside the region’s two big economies. Algerian and Libyan companies are notable by their absence, with Algerian economic activity concentrated in the hands of state owned companies and private sector activity restricted in many sectors. The situation in Libya is similar but is compounded by years of conflict and political and security instability.
Egypt’s Abou Kir Fertilizers & Chemical Industries Company secured the final slot in our regional table with a value of $1.9bn, only slightly up on the $1.7bn recorded by its Egyptian rival Misr Fertilizers Production Company in our 2025 survey.
