Sub-Saharan African ex South Africa H1 2023 earnings down 17% over H1 2022 (update 2)

Published On: October 13, 2023By Tags: Pan-African

Earnings of the 98 companies that have so far reported for the six months ended June 2023 amounted to US$4.3bn, down 17% on H1 2022.

H1 2023 vs H1 2022 US$ earnings by market

9 out of 13 markets in the report have H1 2023 earnings up from H1 2022:

  1. Zambia: US$190m up 171%
  2. Malawi: US$118m up 74%
  3. Zimbabwe: US$308m up 50%
  4. Mauritius: US$63m up 48%
  5. BRVM – West Africa: US$410m up 27%
  6. Namibia: US$28m up 15%
  7. Tanzania: US$246m up 10%
  8. Uganda: US$128m up 10%
  9. Botswana: US$103m up 1%

Companies with the highest earnings increases:

Below are the companies in the report with positive earnings.

Please click on the company name for up to date share price information, market capitalisation and 52-week liquidity.

  1. UBA: US$489m up 199.8%
  2. National Salt: US$8m up 105.6%
  3. GTB: US$364m up 99.2%
  4. First Bank Nigeria: US$243m up 81.1%
  5. Société Générale-CI: US$74m up 65.3%
  6. Zenith Bank: US$381m up 42.0%
  7. BUA Foods: US$124m up 31.3%
  8. Coris Bank Int’l: US$55m up 27.7%
  9. NSIA Banque – CI: US$19m up 23.6%
  10. ETI: US$161m up 23.5%
  11. BICI-CI: US$12m up 23.5%
  12. Stanbic IBTC: US$87m up 22.7%
  13. StanChart Ghana: US$37m up 20.5%
  14. SONATEL: US$209m up 20.3%

Download the full report

Sign up to The Investor Mailing List to receive equities reports for listed companies in Sub-Saharan African markets in your email inbox, and to AfricanFinancials’ Equity Valuation Insights LinkedIn page for access to African stock market valuation insights, annual and earnings reports.

About the Author: Hartland-Peel Africa Equity Research

Sub-Saharan Africa ex SA: Equity, debt and FX research covering sixteen countries and advising institutional investors. Proprietary data base of sixteen African stock markets, 250+ companies which is one of the most extensive and complete. New issues, IPO’s and distribution of equity on privatisation. Development of lending and corporate finance opportunities for the bank, privatisation and asset management. An ‘A’ rated equity analyst by South African institutional investors as polled by the Financial Mail in 1998 and 1999.