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Morocco ‘big newcomer’ among Africa’s rapidly growing companies list

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Morocco has made a significant presence in The Financial Times’ list of Africa’s 125 rapidly growing companies, where the kingdom was described as the “big newcomer” with 12 firms present on the list, an important increase compared to just three previous editions.

These Moroccan companies were present in different sectors, including E-commerce, Financial Services, Healthcare, IT, Agriculture, Chemicals, Construction, Manufacturing, and Cosmetics.

The leading Moroccan firm was Chari, an e-commerce company ranked as the sixth fastest-growing African company with a growth rate of 244% and a total revenue of $6.4 million in 2022. Followed by Marchiche Global Solutions, which was ranked 22nd with a compound annual growth rate (CAGR) of 122% and an annual revenue of $10.3 million in 2022.

To qualify for this ranking, companies had to have generated at least $100,000 in revenue in 2019 and $1.5 million in 2022, be independent, and be headquartered in an African country. The rankings are based on each company’s CAGR from 2019 to 2022.

This ranking presents businesses that have challenged the trend of slow economic growth across Africa in 2022, when real GDP expanded by an average of only 3.8%, down from 4.8% in 2021.

At the top of the list is Nigeria’s Omniretail, with an impressive growth rate of 722% and a revenue of $139 million.

Countries such as Morocco, Nigeria, South Africa, and Egypt had the most companies on the list, with South Africa leading with 41 companies.

Abebe Selassie, head of IMF’s Africa department, told The British paper That the setbacks were caused by COVID-19, and he expressed concern over the pandemic’s impact on poverty, particularly in the most fragile countries.

Something to note is that The Financial Times conducted this ranking in a challenging period as African economies strive to recover from the pandemic.

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