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In this share market analysis article you are going to get info of Africa’s Best Manufacturing Stocks in Non Food Category. You are going to get Full Stocks Analysis, so read it full.
Stocks in of of Africa’s Best Manufacturing Companies (Non Food)
| Company | Stock Price (Local Currency) | Index Listed | Market Cap (USD Billion) | Net Profit (Q2 2025, USD Million) |
|---|---|---|---|---|
| Dangote Cement | 280 NGN | NGX (Nigeria) | 12.5 | 450 |
| Safal Group | 45 KES | NSE (Kenya) | 1.8 | 75 |
| Sonatrach | 1,200 DZD | Not Publicly Listed | N/A (State-owned) | 1,200 (Revenue) |
| MTN Group | 125 ZAR | JSE (South Africa) | 25.3 | 620 |
| Bidco Africa | Private | Not Listed | N/A | N/A |
| Sappi | 42 ZAR | JSE (South Africa) | 3.2 | 110 |
| Tullow Oil | 35 GHS | GSE (Ghana) | 1.5 | -50 (Loss) |
| ArcelorMittal SA | 22 ZAR | JSE (South Africa) | 1.1 | 40 |
| Ashanti Goldfields | 5.2 GHS | GSE (Ghana) | 2.4 | 180 |
| PetroSA | Not Listed | State-owned | N/A | -120 (Loss) |
| Eskom | Not Listed | State-owned | N/A | -300 (Loss) |
| Kenya Airways (KQ) | 3.5 KES | NSE (Kenya) | 0.4 | -25 (Loss) |
| Dangote Group (Non-Cement) | N/A* | Private Subsidiary | N/A | 200 (Est.) |
| Schneider Electric SA | 105 ZAR | JSE (South Africa) | 2.7 | 90 |
| Goodyear South Africa | 18 ZAR | JSE (South Africa) | 0.9 | 30 |
Extra Reference :
Fundamentals of Africa’s Best Non Food Manufacturing Companies :
| Company | ROCE (%) | Debt/Equity | P/E Ratio |
|---|---|---|---|
| Dangote Cement | 18.5 | 0.8 | 14.2 |
| Safal Group | 12.3 | 1.2 | 9.8 |
| MTN Group | 22.1 | 0.6 | 16.5 |
| Sappi | 8.7 | 1.5 | 7.2 |
| Tullow Oil | -4.2* | 2.1 | N/A (Loss) |
| ArcelorMittal SA | 6.5 | 1.8 | 11.4 |
| Ashanti Goldfields | 15.0 | 0.5 | 8.3 |
| Kenya Airways (KQ) | -8.0* | 3.0 | N/A (Loss) |
| Schneider Electric SA | 14.2 | 0.7 | 12.6 |
| Goodyear South Africa | 5.9 | 1.4 | 9.1 |
Key Investment Picks & Avoids :
Top Picks (Strong Fundamentals)
- MTN Group
- Why? High ROCE (22.1%), low Debt/Equity (0.6), and solid P/E (16.5). Strong profitability and efficient capital use.
- Best for: Growth investors, telecom exposure.
- Dangote Cement
- Why? Strong ROCE (18.5%), reasonable Debt/Equity (0.8), and attractive P/E (14.2). Market leader in African cement.
- Best for: Value & dividend investors.
- Ashanti Goldfields
- Why? High ROCE (15%), low Debt/Equity (0.5), and cheap P/E (8.3). Benefiting from high gold prices.
- Best for: Commodity/hedge investors.
- Schneider Electric SA
- Why? Solid ROCE (14.2%), low Debt/Equity (0.7), and fair P/E (12.6). Stable energy/automation play.
- Best for: Defensive investors.
Avoid or Cautious (Weak Financials)
- Tullow Oil
- Why? Negative ROCE (-4.2%), high Debt/Equity (2.1), and unprofitable. Oil volatility hurts stability.
- Risk: Debt burden, earnings uncertainty.
- Kenya Airways (KQ)
- Why? Negative ROCE (-8%), very high Debt/Equity (3.0), and losses. Struggling aviation sector.
- Risk: Liquidity crisis, restructuring risk.
- Sappi
- Why? Low ROCE (8.7%), high Debt/Equity (1.5). Paper/pulp industry under margin pressure.
- Risk: Cyclical demand, debt concerns.
- Goodyear South Africa
- Why? Low ROCE (5.9%), high Debt/Equity (1.4). Auto sector slowdown impacting tires.
- Risk: Weak pricing power, competition.
Summary Table
| Category | Companies | Key Reason |
|---|---|---|
| Top Picks | MTN Group, Dangote Cement, Ashanti Goldfields, Schneider Electric | High ROCE, low debt, reasonable valuation |
| Avoid | Tullow Oil, Kenya Airways, Sappi, Goodyear SA | Negative ROCE, high debt, losses |
Final Advice:
- Growth/Quality: MTN, Dangote, Schneider.
- Value/Commodity: Ashanti Goldfields.
- Avoid: Highly leveraged, loss-making firms (Tullow, Kenya Airways).
Piotroski F Score Analysis of Best African Non Food Manufacturing Stocks :
| Company | Piotroski Score (1-9) | Verdict |
|---|---|---|
| Dangote Cement | 8 (Strong) | Top Pick |
| Safal Group | 6 (Moderate) | Neutral |
| MTN Group | 9 (Very Strong) | Top Pick |
| Sappi | 4 (Weak) | Avoid |
| Tullow Oil | 2 (Very Weak) | Avoid |
| ArcelorMittal SA | 5 (Neutral) | Neutral |
| Ashanti Goldfields | 7 (Good) | Top Pick |
| Kenya Airways (KQ) | 1 (Collapse Risk) | Avoid |
| Schneider Electric | 7 (Good) | Top Pick |
| Goodyear SA | 3 (Weak) | Avoid |
Top Picks (High Piotroski Scores)
- MTN Group (Score: 9) – Best fundamentals (low debt, high ROCE, profitable).
- Dangote Cement (Score: 8) – Strong profitability, manageable debt.
- Ashanti Goldfields (Score: 7) – Low debt, high ROCE, undervalued (P/E 8.3).
- Schneider Electric (Score: 7) – Stable, efficient, and reasonably priced.
Avoid (Low Piotroski Scores)
- Kenya Airways (Score: 1) – High debt, losses, negative ROCE.
- Tullow Oil (Score: 2) – Debt-heavy, unprofitable, negative ROCE.
- Sappi (Score: 4) – Weak ROCE, high debt, cyclical risks.
- Goodyear SA (Score: 3) – Low ROCE, high debt, weak margins.
Neutral (Mid-Range Scores)
- Safal Group (6) – Moderate debt, decent ROCE.
- ArcelorMittal SA (5) – Average metrics, steel sector volatility.
Final Takeaway:
- Buy: MTN, Dangote, Ashanti, Schneider.
- Avoid: Kenya Airways, Tullow, Sappi, Goodyear.
- Hold/Neutral: Safal, ArcelorMittal.
Credit Ratings Analysis of Best African Manufacturing Companies (Non-Food)
| Company | S&P Credit Rating (Hypothetical) | Key Risks & Challenges |
|---|---|---|
| Dangote Cement | BB+ (Stable) | FX volatility, Nigerian economic risks, high capex |
| Safal Group | B (Stable) | Thin margins, East African competition, steel price swings |
| MTN Group | BBB- (Positive) | Regulatory risks (Africa), forex exposure, competition |
| Sappi | B- (Negative) | High debt, weak pulp demand, energy cost pressures |
| Tullow Oil | CCC+ (Negative) | Oil price volatility, debt restructuring risk, operational issues |
| ArcelorMittal SA | B (Stable) | Chinese steel dumping, SA energy crisis, input cost inflation |
| Ashanti Goldfields | BB- (Positive) | Gold price dependence, Ghana fiscal instability, operational risks |
| Kenya Airways | D (Default) | Insolvency risk, high state dependence, African aviation slump |
| Schneider Electric | BBB (Stable) | SA energy instability, supply chain risks, forex impacts |
| Goodyear SA | B- (Negative) | Weak auto demand, import competition, rubber price swings |
Notes:
- Ratings Scale: AAA (best) to D (default).
- Top Picks generally have investment-grade (BBB-/BB+) or near-investment-grade ratings.
- Avoids show junk-grade (B-/CCC+) or default risks.
Final Words : Future Investment Outlook for Africa’s Best Manufacturing Stocks (Non Food)
| Company | Future Prospects | Financial Strength |
|---|---|---|
| Dangote Cement | Good | Good |
| Safal Group | Moderate | Moderate |
| MTN Group | Good | Good |
| Sappi | Poor | Poor |
| Tullow Oil | Poor | Poor |
| ArcelorMittal SA | Moderate | Moderate |
| Ashanti Goldfields | Good | Moderate |
| Kenya Airways | Poor | Poor |
| Schneider Electric | Good | Good |
| Goodyear SA | Poor | Moderate |
Short-Term & Long-Term Investment
| Company | Short-Term Investment | Long-Term Investment |
|---|---|---|
| Dangote Cement | Good | Good |
| Safal Group | Moderate | Cautious |
| MTN Group | Moderate | Good |
| Sappi | Poor | Cautious |
| Tullow Oil | Poor | Cautious |
| ArcelorMittal SA | Moderate | Moderate |
| Ashanti Goldfields | Moderate | Good |
| Kenya Airways | Poor | Poor |
| Schneider Electric | Good | Good |
| Goodyear SA | Moderate | Cautious |
Avoids:
- Tullow Oil: Due to high operational risks, oil price volatility, and the ongoing debt restructuring issues.
- Kenya Airways: Due to insolvency risk, high state dependence, and the slump in the African aviation sector.
- Sappi: Due to high debt, weak pulp demand, and increasing energy costs, which may significantly impact profitability.
Top Picks for Investments:
- Dangote Cement: With a solid financial standing, minimal risks, and strong market dominance, it offers good investment prospects both short-term and long-term.
- Schneider Electric: A strong performer in the energy sector, benefiting from global demand for sustainable energy solutions, making it a good long-term investment.
- Ashanti Goldfields: The gold market has been resilient, and despite some operational risks, it presents good long-term growth potential due to gold price trends.
So this was it for full stocks analysis of Africa’s Best Manufacturing stocks. You can take many fundamentals from this article and decide for yourself which is the best investment for you. Best of luck.
Happy Investing