African brands surge to 17% of the Top 100 brands
Brand Africa unveiled the 12th annual Brand Africa 100:†Africaís Best Brands 2022 rankings of the Top 100 most admired brands in Africa at a live event hosted by Brand Africa, at Eko Hotel & Suites in Nigeria.†††
Against a backdrop of internal focus as a consequence of an urgent rebuilding of economies devastated by the Covid-19 pandemic and the acceleration of AfCFTAís goal of driving greater intra-African trade, after a 5-year decline, African brands have surged 4% to 17% from an all-time low of 13% in 2020 and 2021 in the 2022 Brand Africa 100 | Africaís Best Brands survey and ranking of the best brand in Africa.
Challenger brands such as South Africaís lifestyle footwear brands, Bathu (#52) and Drip (#65), despite being primarily available in South African but accessible everywhere through e-commerce, massive growth in retail footprint in the middle of the pandemic and unmatched marketing and PR dollars, rocketed into the Top 100 as 17 brands exited, and heralded a notable return of African brands which once dominated the rankings as high as 34% when the rankings started in 2011.
MTN, the perennially leading African brand†has returned to the Top 10 as the highest ranking African brand and switched places with Dangote as the #1 African brand recalled when prompted to consolidate its status as the #1 African brand.
Dangote, the pre-eminent African brand founded in 1981 by Nigerian Aliko Dangote, emerged as the #1 brand that symbolises African pride in a question where Brand Africa sought to establish which brand in Africa is a flag carrier and embodiment of rising optimism and pride in Africa. South Africa, led by MTN, leads the African list, with Nigeria, led by Dangote, the overall #1 brand, at 28%, and Kenya with flag carrier, Kenya Airways, at 8% and Ethiopia, with its flag carrier brand, Ethiopian Airline at 4%.
Non-African brands, led by overall pace-setter Nike for the 5th consecutive year, continue to dominate with a share of 83% of the most admired brands in Africa. In a separate list of the Top 25 most admired financial services brands, African brands dominate with 68% of the share to 32% for non-African brands.
DStv, through its brands across the continent, has consolidated its position as the #1 African media brand for the second year running, in a category that is fast going digital and mobile.
Recognising that while the rebound in African brands is notable, the results will not be sustainable without committed and inspirational leadership, in 2022, Brand Africa recognised those leaders who are the catalyst for growth for Made in Africa brands both in corporate and in those who have championed and supported the development of great local brands in supporting industries.
GT Bankís Group CEO, Segun Agbaje and Nigerian doyenne of marketing, founder and chairman of Troyka Group were awarded the inaugural Africa Brand Leadership Excellence awards for inspiring brand-led excellence that drives the growth of made in Africa brands.
ďAs we emerge out of the pandemic and Africa seeks to assert itself, the results are very inspiring and bode well of an African renaissance led by competitive world class African brands,Ē says Thebe Ikalafeng, Founder and Chairman of Brand Africa and Brand Leadership.
ďWith increased number of countries and greater sample size this year, more than ever, and especially so during the pandemic, mobile proved to be†the effective tool for us to reach and access respondents across the continent,Ē said , Bernard Okasi, Director of Research, GeoPoll, which has been the lead data collection partner since 2015.
Karin Du Chenne, Chief Growth Officer Africa Middle East for Kantar, which has been the insight lead for Brand Africa since inception in 2010 says, ďdespite volumes of brands analysed as a results of increased sample size in terms of respondents and countries, the survey continues to yield a very consistent picture of brands and trends that are transforming the continent.Ē
Now in its 12th year, every year on or around Africa Day, 25 May, Brand Africa releases the results of the survey on the most admired brands in Africa based on a survey across 29 countries that represent as much as 85% of the continentís GDP and population.†The 2022 survey was conducted between March and April 2022 and yielded over 80,000 brand mentions and over 3,500 unique brands.
The Brand Africa 100 results will be published in the June issue?African Business?magazine which on sale globally in June 2022 and will be available online to subscribers on www.africanbusinessmagazine.com.
The 2022 Brand Africa 100: Africaís Best Brands were organised by Brand Africa partners in Nigeria, AT3 Resources and Open Squares Africa, and supported by the Central Bank of Nigeria, South African Tourism and NQR, Africa Media Agency and BCW Africa.
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Grit divests from Letlole La Rona
Grit Services Limited, a member of the pan African real estate group, London Stock Exchange listed Grit Real Estate Income Group is divesting from Letlole La Rona Limited (LLR), a local real estate company established by government investment arm Botswana Development Corporation over a decade ago.
The Board of Directors of Letlole La Rona Limited this week announced in a statement to Unitholders that Grit Services Limited (‚ÄėGrit‚Äô) has informed them of its intention to exit its investment in the company.
Grit has been a material shareholder in LLR since 2019. On 07 March 2023, Grit sold 6 421 000 linked units, representing 2.29% of the Company‚Äôs total securities in issue, at a market value of BWP 22 537 710.
This trade follows previous sales of 6.79% in December 2022, as communicated to Unitholders on 10 January 2023, as well as a further sale of 4.78% (representing 13 347 068 linked units) on 24 February 2023 to various shareholders.
In aggregate, Grit has sold 13.9% shareholding in the Letlole La Rona between December 2022 and March 2023, resulting in current shareholding of 11.25% in the Company.
Letlole La Rona said in the statement that the exit process will take place in an orderly manner so as to maintain stability of the Company‚Äôs share price.
The statement explained that Grit‚Äôs sale of its entire shareholding in LLR is in line with its decision to exit investments where it does not have majority control, or where it has significant exposure to currencies other than US dollar, Euro or hard-currency-pegged revenue streams.
‚ÄúGrit has announced similar decisions pertaining to certain of its hospitality assets in Mauritius recently. The Company would like to advise Unitholders that it remains focused on long-term value delivery to all stakeholders‚ÄĚ LLR said
In July last year as part of their Go-to-Africa strategy Letlole La Rona acquired an initial 30% equity stake in Orbit Africa Logistics, with an option to increase this investment to 50%. OAL is a special purpose vehicle incorporated in Mauritius, owning an industrial asset in a prime industrial node in Nairobi, Kenya.
The co-investment was done alongside a wholly owned subsidiary of London listed Grit. The Orbit facility is situated on a prime industrial site on Mombasa Road, the principal route south of Nairobi center, serving the main industrial node, the port of Mombasa and the industrial town of Athi River and is strategically located 11 kilometers south of the international airport and 9.6 kilometers from the Inland Container Depot.
Grit shareholding in Letlole La Rona was seen as strategic for LLR, for the company to leverage on Grit‚Äôs already existing continental presence and expand its wings beyond Botswana borders as already delivered by Kenya transaction.
Media reports have however suggested that LLR and Grit have since late last year had fundamental disagreements on how to go about the Go-to-Africa strategy amongst other things, fuelled by alleged Botswana government interference on the affairs of LLR.
Government through LLR founding shareholder – Botswana Development Corporation has a controlling stake of around 40 percent in the company. Government is the sole shareholder of Botswana Development Corporation.
Letlole La Rona recently released their financial results for the six months ended December 2022, revenue increased by 4% to P50.2 million from P48.4 million in the prior comparative six months, whilst operating profit was up 8% to P36.5 million. Profit before tax of P49.7 million was reported, an increase of 8% on the prior comparative six months.
‚ÄúWe are encouraged by the strong results, notwithstanding a challenging economic environment. Our performance was mainly underpinned by annual lease escalations, our quality tenant base and below average market vacancy levels, especially in our warehouse portfolio,‚ÄĚ Kamogelo Mowaneng, Letlole La Rona Chief Executive Officer commented.
LLR reported a weighted average lease expiry period of 3.3 years and escalation rates averaging 6.8% per annum for the period ended 31 December 2022.Its investment portfolio value increased by 14% year-on-year to close the period at P1.4 billion, mainly driven by the acquisition of a 30% stake in OAL in July 2022.
The Company also recorded a significant increase in other income, predominantly due to foreign exchange gains on the OAL shareholder loan. ‚ÄúWe continue to explore pipeline opportunities locally, and regionally in line with our Go-to-Africa strategy and our interest remains on value-accretive investments,‚ÄĚ Mowaneng said.
An interim distribution of 9.11 thebe per linked unit was declared on the 6th of February 2023 for the half-year period to 31 December 2022, comprising of a dividend of 0.05 thebe and debenture interest of 9.06 thebe per linked unit which will be paid to linked unit holders registered in the books of the Company at the close of business on 24 February 2023.
Stargems Group establishes Training Center in BW
Internationally-acclaimed diamond manufacturing company StarGems Group has established the Stargems Diamond Training Center which will be providing specialized training in diamond manufacturing and evaluation.
The Stargems Diamond Training Institute is located at the Stargems Group Botswana Unit in Gaborone.
‚ÄúIn accordance with the National Human Resource Development Strategy (NHRDS) which holds the principle that through education and skills development as well as the strategic alignment between national ambitions and individual capabilities, Botswana will become a prosperous, productive and innovative nation due to the quality and efficacy of its citizenry. The Training Centre will provide a range of modules in theory and in practice; from rough diamond evaluation to diamond grading and polishing for Batswana, at no cost for eight weeks. The internationally- recognized certificate offered in partnership with Harry Oppenheimer Diamond Training School presents invaluable opportunities for Batswana to access in the diamond industry locally and internationally. The initiative is an extension of our Corporate Social Investment to the community in which we operate,‚ÄĚ said Vishal Shah, Stargems Group Managing Director, during the launch of the Stargems Diamond Training Center.
In order to participate in this rare opportunity, interested candidates are invited to submit a police clearance certificate and a BGCSE certificate only to the Stargems offices.¬† Students who excel in these programs will have the chance to be onboarded by the Stargems Group. This serves as motivation for them to go through this training with a high level of seriousness.
‚ÄúCommunity empowerment is one of our CSR principles. We believe that businesses can only thrive when their communities are well taken of. We are hoping that our presence will be impactful to various communities and economies. In the six countries that we are operating in, we have contributed through dedicating 10% of our revenues during COVID-19 to facilitate education, donating to hospitals and also to NGOs committed to supporting women and children living with HIV. One key issue that we are targeting in Botswana is the rate of unemployment amongst the youth. We are looking forward to working closely with the government and other relevant authorities to curb unemployment,‚ÄĚ said Shah.
Currently, Stargems Group has employed 117 Batswana and they are looking forward to growing the numbers to 500 as the company grows. Majority of the employees will be graduates from the Stargems Diamond Training Center. This initiation has been received with open arms by the general public and stakeholders. During the launch, the Minister of Minerals and Energy, ¬†Honorable Lefoko Moagi, stated that the ministry fully endorses Stargems Diamond Training and will work closely with the Group to support and grow the initiative.
‚ÄúAs a ministry, we see this as an game changer that is aligned with one of the United Nations’ Six Priority Sustainable Development Goals, which is to Advance Opportunity and Impact for Diversity, Equity, and Inclusion (DEI). What Stargems Group is launching today will have a huge impact on the creation of employment in Botswana. An economy‚Äôs productivity rises as the number of educated workers increases as its skilled workmanship increases. It is not a secret that low skills perpetuate poverty and widen the inequality gap, therefore the development of skills has the potential to contribute significantly to structural transformation and economic growth by enhancing employability and helping the country become more competitive. We are grateful to see the emergence of industry players such as Stargems Group who have strived to create such opportunities that mitigate the negative effects of COVID-19 on the economy,‚ÄĚ said the Minister of Minerals and Energy.