Despite a tough economy, some South African companies are thriving and expanding at a staggering rate.
News24 joined the Financial Times and international data company Statista in a search for South Africa’s fastest-growing companies, based on revenue growth between 2019 and 2022.
Companies that generated at least $100 000 (about R2 million) in revenue in 2019 and at least $1.5 million (about R25 million) by 2022, were encouraged to apply for consideration.
Other criteria for the rankings included that revenue growth had to be primarily organic (in other words, “internally” stimulated).
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Both JSE-listed and privately held companies entered, and submitted revenue figures had to be personally certified by the CFO, CEO, or a member of the executive committee of the company.
Through research in company databases and other public sources (including published financial results), Statista also identified hundreds of companies as potential candidates, which were added to the rankings.
A list of South Africa’s Growth Champions 2024 was compiled, with rankings based on their compound annual growth rate (CAGR) in revenues between 2019 and 2022.
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The Sandton-based recruitment company Resourgenix ranked first in the country, with an average year-over-year growth of 543%.
HearX Group was in the second position. The Pretoria company’s flagship product is a mobile app that performs accurate hearing screenings.
The cloud software developer, Deimos Cloud, based in Cape Town, was third, followed by another Cape Town company, Balancell. Balancell designs and produces lithium iron phosphate (LFP) batteries for a range of industries.
The dried fruit and nuts export group Evolution in Stellenbosch ranked sixth.
Tyme Bank is in the seventh position. The digital bank, backed by billionaire Patrice Motsepe’s African Rainbow Capital group, was launched in 2019, and has some 12 million customers. It broke even at the end of last year and recently said that it is expected to “achieve sustained profitability” by June 2024.
