Kenya sits at the helm of East and Central Africa’s economic ranking thanks to a mix of innovation, entrepreneurship, and a diverse range of industries. From telecommunications to banking and manufacturing, numerous corporations have carved out a significant presence in the region.
In this article, WoK explores the ten largest Kenyan companies by revenue, examining their contributions to the economy, growth trajectories, and the challenges they face in a rapidly changing global market.
1. Safaricom
At the forefront of Kenya’s corporate landscape is Safaricom, the country’s leading telecommunications provider. Established in 2000, Safaricom has revolutionized the way Kenyans communicate and perform financial transactions.
The introduction of M-Pesa in 2007 changed the financial landscape by allowing users to send and receive money via mobile phones, making banking accessible to millions of Kenyans in an instant.
In 2024, Safaricom PLC Group revenue grew by 13.4 per cent to Ksh335.3 billion, with M-PESA contributing 42.4 per cent of revenue at Ksh140 billion and GSM business contributing 52.7 per cent at Ksh173.9 Billion.
The net income increased by 13.7% to Ksh84.74 billion for Safaricom Kenya. While the Group’s net income excluding minority interest increased by 1.2% to Ksh62.99.
The company’s continuous innovation in mobile services, coupled with strategic partnerships, positions it as not just a telecommunications giant but also a fintech leader in Africa.
2. Kenya Airways
Kenya Airways, the national airline, is a significant contributor to the economy, offering both passenger and cargo services. Founded in 1977, the airline connects Kenya to numerous international destinations, promoting tourism and trade.
For the first half of the financial year ending June 30, 2024, the airline achieved a profit after tax of Ksh513 million.
The airline attributed the growth to its strategic turnaround plan, Project Kifaru, which emphasises customer obsession, operational excellence, financial discipline, innovation, and sustainability.
“The impressive performance reaffirms the operational viability of our business and underscores the effectiveness of the collective efforts by our board, management, and staff,” Kenya Airways Chairman, Michael Joseph said on August 19, 2024.
He added: “This achievement underscores the strength and resilience of Kenya Airways as we move forward on our path to sustained profitability.”
Kenya Airways experienced a 10% increase in passenger numbers, totalling 2.54 million. The airline’s capacity, measured in Available Seat Kilometers (ASKs), increased by 16% to 7.991 billion ASKs, while Revenue Passenger Kilometers (RPKs) improved by 14%.
The airline’s total revenue grew by 22% to Kshs 91 billion, driven by higher passenger numbers.
Despite the expansion, operating costs rose by 22%, aligning with the growth in capacity. However, overheads were reduced by 22%, reflecting Kenya Airways’ continued commitment to cost management and operational efficiency.
The airline’s profit after tax saw a remarkable 102% improvement, highlighting the
success of the ongoing recovery strategy.
The carrier leverages its hub at Jomo Kenyatta International Airport to facilitate travel across Africa and beyond, all while adapting to changing industry dynamics and striving for profitability.
3. East African Breweries Limited (EABL)
EABL is a dominant force in the Kenyan beverage sector, known for its high-quality beers, spirits, and non-alcoholic drinks. Originating in 1922, the company has adapted to evolving consumer preferences, launching new products like alcohol-free beverages and craft beers, solidifying its place as an industry leader.
The financial year ended June 2024 was not good for EABL, but the company’s net profit still placed it as one of the largest revenue-generating corporations in the country.
The stable’s net profit for the full year ended June 30 fell by 12 per cent to Ksh10.9 billion compared to Ksh12.3 billion.
“EABL achieved these results on the backdrop of a challenging and unpredictable operating environment characterised by reduced consumer purchasing power driven by the higher cost of living, as well as disruptions brought about by El Nino rains and political unrest,” EABL Group MD Jane Karuku stated.
Its successful marketing strategies reinforce its position as a household name in Kenya.
4. Kenya Commercial Bank (KCB)
KCB is one of the largest financial institutions in East Africa, offering a range of banking products and services. Established in 1896, it has expanded its footprint across the region with subsidiaries in Tanzania, Uganda, Rwanda, Burundi, and South Sudan.
In 2024, KCB Group PLC recorded Ksh45.8 billion in profit after tax for the first nine months of the year, driven by sustained revenue growth. This was a 49% growth from Ksh30.7 billion posted the previous year.
Revenues increased by 22% to Ksh142.9 billion, bolstered by both funded and non-funded lines across the subsidiaries.
The contribution by subsidiaries (excluding KCB Bank Kenya) improved during the period, closing at 36.6% in profit after tax and 34% in total assets, a demonstration of the continued benefits of diversification to other markets outside Kenya.
KCB is continuously engaging in digital banking innovations, enabling financial inclusion in underserved communities. The lender’s focus on customer service and technology positions it as a leader in the fast-evolving banking landscape.
5. Equity Bank
With roots as a small building society in 1984, Equity Bank has transformed into one of Kenya’s leading banks, serving millions of customers. Its innovative approach to banking, particularly for the low-income segment, has earned it significant market share.
Against a backdrop of continued macroeconomic headwinds of high interest rates and volatile exchange rates across the markets that the Group operates in, Equity Group Holdings Plc (EGH) continues to demonstrate resilience, with regional businesses contributing 51% of profit before tax and 48% of total assets to reach Ksh1.7 trillion as at September 30, 2024.
The Group recorded a 9-month Profit after Tax of Kshs.40.9 billion representing a 13% year-on-year growth, with earnings per share increasing to Kshs.10.4 up from Kshs.9.2. Regional subsidiaries accounted for 51% of the profit for the period. This performance is complemented by strong capital buffers with a core capital ratio of 15.9% and a total capital ratio of 18.3% versus the regulatory threshold of 10.5% and 14.5%, respectively.
By leveraging on the strategic capabilities and partnerships in banking, healthcare, distribution, SMEs, agriculture and technology sectors, the Group aims to provide customer-centric, digital-first and efficient products that are accessible to millions of customers and enable them to bridge the protection gap and fulfil their goals.
Equity Group’s extensive branch network, as well as its unparalleled network of over 1.1 million agents and merchants, continues to play a critical part in the insurance distribution strategy for all customer segments by ensuring ease of access and service for customers.
As of September 30, 2024, the Group had issued over 13.2 million life policies and has served 5.8 million unique customers consuming life assurance and pension products, since inception.
The Group’s transformation is technology-led and is enabling business under its One Equity offering, which enables self-services with unparalleled convenience based on freedom of channel choice. Digital channels dominate with 86% of transactions, Agency channels process 8% of transactions while ATMs, Merchant acquiring and branches each process 2% of transactions.
The Group has rolled out a common Product House that allows cross-selling and bundling of products under the One Equity offering – a one-stop shop for financial services.
6. Cooperative Bank of Kenya
Cooperative Bank is among the largest financial institutions in East and Central Africa.
The lender recorded a net profit of Ksh26.8 billion for the third quarter of 2024, representing an 8.5 per cent year-on-year growth. This performance was driven by increases in customer loans and deposits, supporting growth in both interest and non-interest income.
The bank’s unaudited results for the period ending September 30, 2024, showed total operating income rose to Ksh59.2 billion from Ksh53.4 billion in 2023.
Interest income from loans increased by 24.5 per cent to Ksh39.4 billion, while fee income from transactions such as loan processing and foreign exchange also saw significant growth.
Customer deposits climbed 19.5 per cent to Ksh513.9 billion, with total assets reaching Ksh750.8 billion, supported by investments in government securities. Shareholders’ equity stood at Ksh131.8 billion, with a return on equity (ROE) of 20.3 per cent. The bank maintained a strong liquidity position, positioning it for future growth.
7. Bidco Africa
Bidco Africa is a prevalent manufacturer of consumer goods, particularly edible oils and fats, and has expanded its portfolio to include personal care and industrial products. Founded in 1985, Bidco has established itself as a household name within the East African region.
With revenues of around Ksh60 billion ($540 million), Bidco Africa continuously focuses on improving production efficiency and sustainability.
The company champions local sourcing of raw materials and has invested heavily in environmentally friendly practices.
8. Total Energies Kenya
Total Energies Kenya, a subsidiary of Total S.A., is actively involved in the oil and gas sector, providing fuels, lubricants, and services. The company plays a crucial role in ensuring energy security for the country and supports the transportation and manufacturing sectors.
Total Energies Marketing Kenya Plc has posted a 14.09 per cent growth in net profit to Ksh938.5 million in the half year ended June attributed to a reduced tax burden.
Its net profit rose from Ksh822.6 million recorded a year earlier.
TotalEnergies’ net revenue rose 8.7 per cent to Ksh61.6 billion from Ksh56.6 billion but cost of sales grew faster at 10.2 per cent to Ksh56.9 billion from Ksh51.6 billion.
This resulted in the gross profit falling to Ksh4.7 billion from Ksh5 billion.
The Nairobi Securities Exchange (NSE) listed firm incurred a lower tax charge of Ksh316.8 million –equivalent to 25.2 per cent of the pre-tax profit— and led to the net earnings growth.
The company is increasingly focusing on renewable energy solutions, reflecting a global trend towards sustainability and clean energy.
9. British American Tobacco Kenya (BAT)
As one of the largest tobacco manufacturers in Kenya, BAT has maintained a strong market presence since its establishment in 1907. The company produces a range of tobacco products and has adapted its strategies in response to changing consumer habits and increasing regulation.
With revenues of approximately Ksh50 billion ($450 million), BAT is integrating sustainability into its operations, exploring alternatives to traditional tobacco products.
The company’s ability to navigate the complex regulatory landscape in Kenya has been vital for its continued success.
10. Airtel Kenya
Another telecom provider that competes closely with Safaricom in the mobile services market.
In October 2024, Airtel Kenya rebounded to profitability for the half year ending September, achieving Ksh10.2 billion ($79 million) in profit, representing a 726.3 per cent increase compared to Ksh1.7 billion loss during the same period in 2023.
The turnaround was largely driven by strong growth in Nigeria (38.2 per cent) and Francophone Africa (9 per cent). Mobile services revenue grew by 18.4 per cent, while mobile money revenue saw a 28.8 per cent rise.
“Profit after tax of $79 million was impacted by $151 million in exceptional derivative and foreign exchange losses due to further depreciation of the Nigerian naira,” Airtel said.
Airtel Africa, part of India’s Bharti Airtel, operates in 14 African countries, including Kenya, Malawi, Uganda, and Nigeria. In the fiscal year ending March 2024, East Africa contributed Ksh285.2 billion to its Ksh667 billion revenue.
