Safaricom emerged as the second-largest listed company on the continent outside South Africa by market capitalization as Morocco dominated the listing with eight firms in the top 20.
Data from African-markets.com, an online capital markets tracking platform shows that the country’s leading telecommunications service provider was valued at Sh1.4 trillion on the last day of trading last year.
The performance of Safaricom was boosted by foreign investors due to its visibility as the most profitable firm in the East Africa region.
Due to the Covid-19 pandemic, Safaricom was also seen as a key safe haven as retail traders dumped other companies in favor of Safaricom, Equity, and KCB Bank. Safaricom was the only Kenyan company that featured in the top 20 biggest counters on the continent, opening a wide gap with KCB, Equity, and East African Breweries Ltd (EABL).
Safaricom controls 87 percent of telecom revenue and 99 percent of mobile money deposits. More than half of Kenya’s gross domestic product (GDP) is transacted on Safaricom services.