Updated on July 10, 2024: Incorporated four new companies into the list (NCBA Group, Stanbic Holdings, BK Group, and I&M Holdings) and refreshed financial data for existing companies to reflect the latest market trends. Kenya Airways Limited has been removed from the list, and Barclays Bank is now referred to as Absa Bank Kenya. Also, Equity Bank is now recognized as Equity Group Holdings. The companies have been rearranged according to updated financial data and market cap.
In this article, we shall look at the biggest companies in Kenya?
The economy of Kenya has grown tremendously in the recent past, making it one of the largest economies in East Africa by GDP.
For this reason, companies worldwide have chosen Kenya as their base so they can exploit the abundant opportunities in the robust market.
Kenyan citizens own some of these companies, while others are foreign Investments.
Kenya being fertile ground for businesses to thrive, has enabled these companies to post impressive performance in terms of profits, service delivery to their clients and employees.
Not only that, their employees are among the best paid, making the companies the most sought after by job seekers.
Below is a list of some of the biggest companies in Kenya, which can be classified into five categories: Private, international, registered, new companies, and multinationals. Also, they specialize in manufacturing, transport, financial services, communication, and farming.
1. Safaricom Limited Company
Safaricom is the leading mobile network operator in Kenya. It was among the first mobile network operators to pitch camp in Kenya, enabling Kenyans to enjoy the use of mobile phones.
It was founded in 1993 as a department of the Kenya Posts and Telecommunications Corporation. Since then, it has been headed by three CEOs. Michael Joseph, the late Bob Collymore, and currently Peter Ndegwa.
Also, read Best companies to work for in Kenya.
Its headquarters is in Westlands Nairobi. It also has branches in most of the urban centers across the country. Its employees are over 5000 nationwide, and it has also invested in dealerships hence ensuring their customers are well taken care of.
Safaricom has approximately 47 million subscribers with a market cap of Ksh639 billion. The Nairobi Securities Exchange (NSE) is the market for its shares, which are traded under the ticker “SCOM.”
2. Equity Group Holdings
Leading financial services provider Equity Group Holdings has operations in Kenya, Uganda, Tanzania, Rwanda, South Sudan, and the Democratic Republic of the Congo. Small and medium-sized businesses (SMEs), corporate clients, and individuals all have their financial requirements met by Equity Bank, which provides a full range of banking, insurance, and investment products.
Serving the underprivileged, especially low-income earners and SMEs, is at the core of Equity’s operations. Equity Bank actively supports the development and prosperity of these essential societal divisions by providing customized services and financial support.
Related: Top Construction Companies in Kenya.
Furthermore, Equity Group Holdings has a strong commitment to environmental and social responsibility. Through programs like the “Equity Group Foundation,” the business supports causes related to entrepreneurship, healthcare, and education. At the same time, Equity places a high priority on sustainability, taking steps to lessen its influence on the environment and encouraging eco-friendly behaviors.
Equity Group Holdings reported a strong KSh162 million in sales with a market cap of KSh161 billion, further solidifying its prominent position in the East African financial services industry.
3. East Africa Breweries Limited (EABL)
Reputable beer company East African Breweries Limited (EABL) has a long history that dates back to the 1920s. With a portfolio that includes well-known brands including Tusker, Pilsner, Guinness, and Allsopps, EABL has made a name for itself as a major force in the beverage sector.
Although beer is still EABL’s major offering, the company also makes a variety of other alcoholic drinks. Being the biggest alcoholic beverage firm in Kenya, EABL expands its operations outside of the country by establishing brewing companies in Tanzania and Uganda.
East African Breweries Limited, which is traded on the Nairobi Securities Exchange (NSE) and is denoted by the ticker “EABL,” has a significant market cap of Ksh122 billion, which is indicative of its standing and longevity in the local market.
4. Kenya Commercial Bank
Financial services conglomerate KCB Group is well-known and operates in Kenya, Tanzania, South Sudan, Uganda, Rwanda, and Burundi. The organization provides a wide range of banking, insurance, and investment products to meet the various demands of corporate clients, small and medium-sized businesses (SMEs), and individuals. Notably, KCB Group prioritizes enabling SMEs by providing customized financial support that fosters their expansion and success.
Consistent with its dedication to the betterment of society and the environment, KCB Group leads several programs, including the “KCB Foundation,” which directs funds to the fields of entrepreneurship, healthcare, and education. Additionally, the business aggressively promotes eco-friendly behaviors and actively works to reduce its carbon footprint to achieve sustainability. With stated revenues of KSh162 million and a market cap of KSh96.2 billion, KCB Group’s financial strength is clear and highlights its significant role as a major participant in the East African financial scene.
5. Co-operative Bank of Kenya
The well-known financial institution Co-operative Bank provides a wide range of services, such as money transfers, investment management, and banking. It also offers practical mobile money solutions through its MCoop Cash app.
Co-operative Bank serves individuals, companies, and governmental organizations among its diverse clientele, operating in both South Sudan and Kenya. Its services are available throughout Kenya thanks to its extensive network of ATMs and bank locations.
By adding to its extensive range of services, Co-op Bank’s subsidiaries – like Kingdom Bank – further solidify its standing in the financial services industry.
With a substantial market cap of Ksh81 billion, Co-operative Bank is listed on the Nairobi Securities Exchange (NSE) under the ticker code “COOP,” firmly establishing its position as one of Kenya’s biggest financial organizations.
6. Absa Bank Kenya (ABSA)
The Barclays Bank went through some transformations that saw it change its name to Absa Bank. Until then, Barclays Bank has provided financial services for more than 100 years. Absa Bank Kenya became a full-service financial services provider with a large selection of banking, investment management, and money transfer options. Absa is committed to serving its clients through traditional and digital channels, including online and mobile platforms. It has a long past and a significant position in the market.
With 200 ATMs and about 100 bank branches across the country, Absa makes sure its customers can easily reach it. The business concept of the organization comprises corporate and consumer units, each specifically designed to cater to the unique requirements of its wide range of clientele.
Absa provides corporations, government agencies, and non-profits with a range of services via its corporate unit, including financing, investment banking, insurance, and advisory services. The consumer banking division, on the other hand, promotes financial inclusion and empowerment by offering personal loans, money transfer services, card facilities, and individual bank accounts.
Under the ticker code “ABSA,” Absa is listed on the Nairobi Securities Exchange (NSE), and its market cap of Ksh73 billion reflects its prominence as a major participant in the Kenyan financial scene.
7. NCBA Group
The NCBA Group, which was established in 2019 as a result of the merger of NIC Bank and Commercial Bank of Africa, is a well-known provider of financial services in Kenya, Tanzania, Uganda, and Rwanda. The corporation provides a wide range of services, including investment solutions, insurance, and banking, to more than 40 million customers.
One of NCBA Bank’s unique selling points is its focus on digital innovation, which is demonstrated by its innovative offerings such as M-Shwari, a mobile banking platform, and other online banking services. These advancements improve accessibility and convenience while meeting the changing needs of the company’s wide range of clients.
Furthermore, by providing significant finance to important industries including real estate, agriculture, and SMEs, NCBA Group plays a critical role in promoting economic growth. This strategic focus demonstrates its dedication to promoting wealth and development in the area.
With a substantial revenue of KSh82.3 million and a market cap of KSh72 billion, NCBA Group’s impressive performance highlights its leading position in the financial services industry in East Africa. A customer-centric culture, a portfolio of cutting-edge goods and services, and a solid reputation as a brand all contribute to its success.
8. Standard Chartered Kenya
Standard Chartered was the first international bank to open in Kenya in 1911 and provides a wide range of banking services, such as lending, money transfers, and savings accounts.
Three main business sectors of the bank are used to suit the various needs of its clientele. Large corporations, other banks, and both domestic and international institutions are served by its corporate and institutional banking segment. Its commercial client unit, meanwhile, provides medium-sized and small enterprises with financial growth and development support. Finally, the company’s retail division concentrates on giving each customer individualized services that improve their banking experience.
With more than 100 ATMs and two dozen bank branches nationwide, Standard Chartered’s vast network makes itself widely accessible to its clientele.
With a market cap of Ksh65 billion, Standard Chartered, which is listed on the Nairobi Securities Exchange (NSE) and is denoted by the ticker “SCBK,” is a major player in the Kenyan financial sector.
9. Stanbic Holdings (SBIC)
In Kenya and South Sudan, Stanbic Holdings, a vibrant financial services organization, provides a wide range of services, including banking, wealth management, insurance, securities trading, and advisory services.
Three main business divisions inside the group, each serving different customer categories, are how it functions. Its corporate and investment banking division specializes in offering specialized financial solutions to support the expansion and development of major enterprises and governmental organizations.
The business and commercial unit provides medium-sized and small businesses with the financial resources and tools they need to succeed in their particular markets. Furthermore, the consumer unit provides individualized attention and all-inclusive support by catering to specific clients and offering specialist banking services designed for high-net-worth individuals.
Stanbic Holdings has a substantial market cap of Ksh46 billion, giving it a prominent position in the financial sector. With the ticker symbol “SBIC,” its stock is traded on the Nairobi Securities Exchange (NSE), indicating its importance and worth to investors.
10. British American Tobacco Kenya Plc (BAT)
BAT Kenya focuses on tobacco product sales, serving both local and international customers. The company, well-known for well-known brands including Rothmans, Pall Mall, and Dunhill, provides customers with a wide selection of cigarettes. BAT Kenya also produces both conventional and electronic cigarettes, broadening its range of offerings to accommodate changing consumer demands.
In addition to producing cigarettes, BAT Kenya supplies tobacco to other businesses, which is a crucial part of the tobacco industry. The company sources its tobacco from a nationwide network of contracted growers, guaranteeing the supply chain’s sustainability and quality.
With a market cap of Ksh41 billion, BAT Kenya, which is listed on the Nairobi Securities Exchange (NSE) and goes by the ticker code “BAT,” is a significant player in the Kenyan market as well as internationally.
11. BK Group (BKG)
Formerly known as the Bank of Kigali, BK Group is Rwanda’s leading financial services provider. Thanks to its extensive network of more than 60 bank offices and an equal number of ATMs, the company provides its customers with unmatched accessibility.
The business offers a wide range of financial services to meet the needs of both corporate and retail clients, including money transfer services, credit facilities, and savings accounts. Its corporate and retail banking divisions are committed to offering both individuals and companies specialized services and support.
BK Group, which is traded on the Nairobi Securities Exchange (NSE) with the ticker “BKG,” has a market cap of Ksh31 billion, indicating its importance and prominence in the Rwandan financial industry.
12. I&M Holdings
Providing a broad range of banking, insurance, and investment products to individuals, SMEs, and corporations, I&M Holdings is a well-known financial services company with operations in Kenya, Tanzania, Rwanda, and Mauritius.
Notably, I&M Bank prioritizes helping SMEs by offering critical funding and other services to enable their expansion and success in the economy.
In addition, I&M Holdings actively participates in initiatives for environmental sustainability and community development. The “I&M Foundation” is one example of its dedication to promoting environmental conservation, healthcare, and education programs, all of which benefit society and the environment.
I&M Holdings, with its KSh46.1 million in reported revenue and a market cap of KSh28.6 billion, continues to be a major player in the East African financial services sector thanks to its commitment to environmental stewardship, community development, and customer service.
13. Bamburi Cement
Chances are the floor in your house or office is made from cement from the Bamburi Cement. Bamburi Cement makes it to the list of the biggest companies in Kenya. The company is based in the limestone-rich coastal region, and the company produces cement for export to other countries.
Established in 1951, the company started its operations in 1954. Its headquarters are in Nairobi, Kenya, and employs over 800 people. Bamburi Cement produces high-quality products, which is why it can export to other countries. Its primary clientele in Africa is Comoros, Madagascar, Sri Lanka, Congo, and Seychelles, and has a market cap of KSh17 billion.
FAQs – Biggest Companies In Kenya
How Does Safaricom Contribute To Kenya’s Economy?
As the top telecom provider in Kenya, Safaricom’s M-Pesa mobile money service and telecom infrastructure have a major positive economic impact on the nation.
What Sectors Do The Biggest Companies In Kenya Operate In?
The largest corporations in Kenya are involved in a variety of industries, such as consumer products, manufacturing, banking and finance, aviation, and telecommunications.
Which Company Is The Largest Bank In Kenya By Market Cap?
Based on market cap, Equity Group Holdings is recognized as the biggest bank in Kenya.
How Does Kenya’s Largest Companies Affect Employment Generation?
The biggest businesses in Kenya play a significant role in creating jobs by offering work opportunities in a variety of industries, such as manufacturing, finance, and telecommunications.
Does The Biggest Companies In Kenya Affect The Stock Market?
Since the largest firms in Kenya often account for a large share of market capitalization and trading activity, their performance has a significant impact on both the Nairobi Securities Exchange (NSE) and the stock market as a whole.
What Are Some Challenges The Biggest Companies In Kenya Face?
Regulatory changes, market competition, technology improvements, economic swings, and operational hazards are some of the issues that Kenya’s largest corporations confront. To be competitive, these organizations must adapt strategically and innovate.
Conclusion
The list above is of the biggest companies in Kenya though other companies fall in this category too. Other companies such as the Nation media group, Britam, Total Kenya Cocacola Kengen, and ICEA Lion Group alongside the companies listed above are companies that shape the economy of Kenya.
They hold an essential part in the country’s economic stability. Kenya enjoys peace, making it an ideal place for business growth. Also, the companies are run by competent administrative structures whose primary purpose is to ensure that their productivity is maintained.
