Most valuable telecommunications companies in South Africa

Vodacom is the most valuable listed telecommunications company in South Africa, with a market cap of R221. MTN closely follows it at R209.8 billion.

Market capitalisation figures represent the value of a publicly traded company’s outstanding common shares owned by stockholders and help provide an understanding of a company’s value relative to others.

While Vodacom is the largest mobile operator in South Africa, with more than 40 million customers in the country, MTN is the largest on the continent.

The MTN Group offers voice, data, and digital services to approximately 203 million customers across 22 African countries.

Other valuable South African telecoms companies listed on the Johannesburg Stock Exchange include Telkom and Blue Label Telecoms, Cell C’s biggest shareholder.

Below is an overview of the value of South Africa’s top telecommunications companies.

Vodacom — R221.1 billion

Vodacom holds the top spot on the list of South Africa’s most valuable telecommunications companies, with a market cap of R221.1 billion.

The network operator launched in 1994 and has since accumulated over 44 million customers.

Vodacom has expanded its operations to countries like Mozambique, Lesotho, and the Democratic Republic of Congo.

It also offers business services in over 47 African nations, such as Egypt, Kenya, Cameroon, and Nigeria.

MTN — R209.8 billion

MTN is South Africa’s second-most valuable telecoms company, with a market cap of R209.8 billion.

MTN launched its first mobile products in South Africa in 1994, and the network operator now provides services to more than 203 million people in 22 countries across Africa and the Middle East.

These include Benin, Botswana, Cameroon, Ghana, Iran, Liberia, Nigeria, Rwanda, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen, and Zambia.


Telkom SA — R15.3 billion

Telkom SA is a partially state-owned company that was founded in 1991. Its current market cap sits at R15.3 billion.

Its ownership is split three ways, with the South African government holding an effective stake of 54.11%, the Government Employees Pension Fund owning 13.6%, and a 40.51% holding in its own name.

Since its inception, Telkom has expanded its operations to 38 African countries, from regional hubs in Nigeria and Kenya, using an integrated service provider strategy.

Editorial credit: VladanRadulovicjhb /

Blue Label Telecoms — R3.4 billion

Blue Label Telecoms was founded in 2001, and its market cap currently sits at R3.4 billion.

The company is the majority Cell C shareholder, having increased its stake from 49.53% to 53.57%.

Brett and Mark Levy, Blue Label Telecoms co-CEOs

Huge Group Limited — R362.4 million

Huge Group Limited was founded in South Africa in 1993 as an investment company that invests in organisations that operate in the converging connectivity, cloud, software and xTech markets.

Its market cap currently sits at R362.4 million.

In its latest big move in the telecoms market, Huge Group acquired Tethy’s Mobile, formerly known as Virgin Mobile South Africa, in July 2022.

Telemasters Holdings — R46 million

Telemasters Holdings was founded in South Africa in 2001 and listed on the Johannesburg Stock Exchange in March 2007.

There are 42 million Telemasters shares in issue, and it has traded profitably every year since inception. Its market cap currently sits at R46 million.

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Most valuable telecommunications companies in South Africa