Karm Solar, EFG Hermes, GB Auto are among Africa’s fastest-growing companies, according to the FT
Karm Solar has been named as one of Africa’s 20 fastest-growing companies in the Financial Times’ inaugural Africa edition of its ‘fastest-growing’ lists. The solar energy player placed #19 in the ranking after more than tripling its revenues between 2017 and 2020, making it the second-fastest growing energy company on the continent. Also representing Egypt on the list are Alexandria Pharma (#40), Arab Contractors (#54), EFG Hermes (#55), MM Group (#71) and GB Auto (#72).
Our friends at EFG Hermes released a statement (pdf) following the publication of the list: CEO Karim Awad said the bank’s inclusion demonstrated its “agility” and “success in achieving business growth.” The survey period covers the years during which EFG Hermes completed its transformation from an Egyptian investment bank into a leading frontier emerging markets financial services powerhouse with operations around the globe and a thriving Egyptian NBFS arm.
Egypt isn’t well represented on the list, with only six firms making the grade. By comparison, 24 South African firms and 20 Nigerian companies are featured.
Take the list with a cup or two of salt: Plenty of Egyptian companies grew much faster than, say, #75, Morocco’s Hightech Payment, which posted a revenue CAGR of just 8% in the survey period. Take Fawry: The Egyptian payments giant posted a revenue CAGR in the same period of nearly 42%, which would have placed it in the top 25 (presuming there were no other changes to the list). Hell, little old Enterprise would (on the basis of our consolidated financials) handily make the list as it stands.
So why are so few Egyptian companies represented here? Because more South African and Nigerian companies applied. The FT’s partner reached out by “post and email” to companies to ask them to participate by registering on a website. Those companies make up the majority of the list. The FT has chosen to include only 27 “high profile” publicly traded companies that didn’t apply, but that met its screening criteria.
MEANWHILE- More Egyptian success in Malmo: From Cairo won the documentary film jury prize award at the Swedish Malmo Arab Film Festival. Actor Mohamed Mamdouh won best actor at the festival earlier this week for his role in the film Abu Saddam.