Valued at R37 billion, MTN remains the country’s most valuable corporate brand for a fourth consecutive year.

The network provider’s brand value has however deteriorated by 32% over the past year, from R54 billion in 2015, as the effects of the reputational damage caused by the group’s multibillion-dollar infringement fine to its Nigerian business unit came back to haunt it.

Earlier this year, MTN also crashed out of Brand Finance’s list of the top 500 most valuable global brands as a result of the fallout.

READ MORE: Vodacom trumps MTN in market capitalisation

MTN’s biggest rival, Vodacom, retained its position as the second most valuable corporate brand, followed by Sasol, Standard Bank, Woolworths – which grew its brand value by 21% over the past year – FNB, Absa, Nedbank, Investec and the Mediclinic group, which closed off the top 10 brands. MultiChoice, ranked 11th, narrowly missed out on cracking the top 10.

Telkom experienced the greatest growth in brand value, predominantly lifted by the integration of Business Connexion into the group and its improved ratings performance on the South African Customer Satisfaction Index as the best brand in terms of value for money and customer satisfaction.

Woolworths-owned Country Road made its debut on the list this year, ranked the 31st most valuable brand in the county, with a value of R4,64 billion.

Property development group Growthpoint also made its first appearance on the list, rounding off the top 50 corporate brands with a brand value of R1,47 billion.

“The story of the top 50 corporate brands is a good story for the South Africa Nation Brand, as well as the continental story,” said Thebe Ikalafeng, Brand Finance Africa chairman. “Many of these brands have footprints on the continent, and this bodes well for perceptions about business on the continent, its ethics, governance and commitment to social upliftment. Brand Finance salutes the top 50 corporate brands for their excellence in flying the South Africa and African flags.”

READ MORE: MTN crowned SA’s most valuable corporate brand

SABMiller had the most valuable portfolio, with four of its brands – Carling Black Label, Hansa Pilsner, Castle and SABMiller–  featuring on the list with a total value of R29,67 billion.

The collective value of the top 50 corporate brands in the country rose by 3% from last year to R384 billion, with every brand except MTN increasing its value over the past year.