The fastest-growing companies in South Africa

 ·15 May 2024

South Africa’s economy may be puttering along, but several South African companies are seeing substantial growth.

According to the Financial Times’ third list of the fastest-growing companies in Africa, 41 South African companies comprise a significant party of the top 125 on the continent.

This comes despite the low-growth environment that South Africa currently faces, with GDP only expected to improve marginally from 0.6% in 2023 to around 1.0% in 2024.

Considering that South Africa’s population is growing at around 1.5% per year, the population is living in a per capita recession.

The Financial Times notes that Africa’s overall growth in 2023 was 3.2%, which was lower than Asia’s 5%.

“And, given the African continent’s fast population expansion, this underperformance is even starker in per capita terms. Rather than closing the gap with wealthier regions, on aggregate, Africa is falling further behind,” said the UK-based publication.

Despite the low growth, Sandton-based Resourgenix still recorded an annual growth rate of 542.65%, which was the best in South Africa and third-best in Africa.

Healthcare company HearX Group was tenth overall on the continent, with an annual growth rate of 178.36%.

Deimos Cloud (growth rate of 121.38%) was the best of all the South African-based IT companies on the list, of which there are many.

Looking further down the list, the most widely-known company is presumably Tymebank, which saw an annual growth of 114.41%.

The digital bank now has over 8 million customers in the country, and reached its first month of profitability in December 2023, four years after it launched.

The 41 fastest-growing companies in South Africa can be found below:

SA RankAfrica RankCompany BrandSectorAbsolute Growth Rate Annual Growth Rate
13ResourgenixEmployment Services26 441.42%542.65%
210HearX GroupHealth Care 2 056.82%178.36%
315Deimos CloudIT1 196.11%134.9%
417Balancell EnergyManufacturing984.95%121.38%
520Evolution Foods InternationalFood & Beverages911.04%116.23%
727AuraIT 596.45%90.97%
832The Herholdt’s GroupEnergy405.66%71.64%
933Open VantageIT 362.22%66.58%
1035AcesEnergy 336.65%62.49%
1136Innovo NetworksMedia316.41%60.88%
1237CSSi South AfricaIT 315.02%60.7%
1338FleetcamIT 311.63%60.26%
1546Solar MDElectrical 272.10%54.96%
1650AfriGrownProf services260.63%53.35%
1853CFO360Prof services246.33%51.3%
2164ImpowerEnergy 189.43%42.51%
2266ElectrumIT 186.51%42.03%
2469Elenjical SolutionsIT 169.46%39.15%
2781TruckFuelNetLogistics 131.94%32.37%
2883Abear IndustrialManufacturing131.38%32.26%
2985iLearnEducation 126.33%31.3%
3196AvengConstruction 103.49%26.72%
3298Routed HostingIT 100.99%26.2%
33100Rhino Earthmovers Metals & Mining99.76%25.94%
34103Jachris Hose + CouplingsMetals & Mining96.49%25.25%
36111Raubex GroupConstruction 75.25%20.56%
37112Dynamic DNAEducation 72.47%19.92%
38116FroozelsFood & Beverages142.72%17.49 %
39118SPARK SchoolsEducation 55.24%15.79%
40119OpennetworksIT 52.71%15.16%
41122Easy DebitFintech44.98%13.18%
Source: The Financial Times

Read: Maserati and Jeep owner launching R3 billion investment in South Africa

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