By SOLOMON NDA ISAIAH
The Financial Times, a leading world business newspaper and renowned digital publication has released its annual ranking list of Africa’s fastest growing Companies.
The ranking listed Neveah Limited, an indigenous commodities export company ahead of several top brands in Africa. Neveah ranked high on the list leading renowned companies like Julius Berger, Dangote PLC, MTN, Sterling Bank, Flour Mills, amongst others. The publication was released on Tuesday, 2nd May 2023.
Neveah was ranked 18 on the list of FT/Statista 2023 Africa’s Fastest-growing companies. Known for commodities export, the organisation places priority on delivering quality products at great prices.
According to Financial Times and Statista, the compound annual growth rate (CAGR) in revenue from 2018 to 2021 was a major criterion for listing.
In five years, Neveah Limited has recorded a Compounded Annual Growth Rate (CAGR) of 68% and 176% on revenue and profitability respectively. It has also registered a N10 billion commercial paper with FMDQ Exchange in 2021, raised a total of N14.96 billion and has currently repaid N14.54 billion.
“We are delighted to be recognized as one of the fastest growing firms in Africa by Financial Times” says Mr. Ibidapo Lawal, CEO Neveah Ltd.
According to him, “this great feat has been achieved through an ability to take calculated risks, consistent business and human development, and our commitment to best practices.
We hope to keep achieving greater milestones as we go ahead to build a world class commodities export firm but nevertheless, this ranking goes to show just how far we have come in the last 9 years.”