South Africa’s 10 biggest companies – 2014 vs 2024

The makeup of South Africa’s top ten listed companies has transformed from 2014 to 2024, but the change is not as drastic as it seems.

In 2014, global giants dominated the JSE. BHP Billiton, British American Tobacco, and SABMiller led the rankings, with their operations and revenues largely driven by international markets. 

The presence of resource-heavy companies like Sasol, Anglo American, and MTN in the top 10 highlighted the reliance on commodities and telecommunications. 

Naspers, then a burgeoning tech investor, ranked fourth with its stake in China’s Tencent. In 2004, Naspers also made history by overtaking Johann Rupert-owned Richemont in the rankings.

Fast forward to 2024, and Naspers’ Prosus tops the list, showing South Africa’s shift towards technology and finance in the past decade. 

However, when taking a deeper look at the modern list, it becomes clear that the more things change, the more they stay the same.

While the top 10 now may look different compared to 10 years ago, many of the same companies are still present.

For example, SABMiller is still represented in the top 10 through Anheuser-Busch InBev, which bought the company in 2016. 

This acquisition introduced the world’s largest brewer to the list, replacing the former South African beer giant. 

In addition, while Naspers may have fallen a few rungs, its subsidiary, Prosus, now tops the list.

MTN and Sasol are the only companies completely disappearing from the top 10 list over the past few decades. This is likely because both companies have struggled significantly over the past few years.

In the past 10 years, MTN’s share price has declined by almost 64%, while Sasol’s has fallen by nearly 82%.

When looking at what has stayed the same over the past few years, it becomes clear which companies have been more resilient than others in South Africa’s tough trading environment.

For example, financial heavyweights like FirstRand and Standard Bank remain enduring pillars of the JSE, retaining their spots in both years. 

Meanwhile, British American Tobacco, a consistent performer, has seen its rank decline slightly but remains a JSE behemoth with a market cap of around R1.49 trillion.

Despite a tough few years with wildly fluctuating prices, mining and commodities companies have also retained their positions, with Glencore joining stalwart Anglo American.

Below is the top 10 biggest companies on the JSE by market cap in 2014 compared to 2024: