简体中文
Companies
Sinopec enters Fortune Global 500 at No. 3
Last Updated: 2014-07-08 15:53 | Shanghai Daily
 Save  Print   E-mail

Sinopec Group is the first Chinese company to enter the top three of Fortune Global 500 list which also hosts a record 100 Chinese companies.

They include 91 companies based on China's mainland, five in Taiwan, and four in Hong Kong.

China cemented its place as the world's second largest home for powerhouse companies as the number of Chinese entities rose by five from last year. The number of US companies fell to 128 from 132, the magazine said yesterday.

Companies are ranked by total revenues in their respective fiscal years ended on or before March 31, 2014.

Beijing-based Sinopec Group, with 2013 revenue at US$457.2 billion, moved up a rank to replace Exxon Mobil as the world's third largest company. Sinopec was followed by Beijing-based China National Petroleum that also beat Exxon Mobil with a US$432 billion revenue last year.

Wal-Mart toppled Royal Dutch Shell to grab the top spot as its sales approached half-a-trillion dollars. Royal Dutch Shell fell out of the top spot, where it reigned for two years, after its sales dropped 4.6 percent.

Better economic conditions last year have lifted companies' overall performance, though Chinese firms were weaker in profitability.

The combined sales of all 500 largest companies reached US$31 trillion last year, up 2.5 percent from 2012, while their combined profit surged 27 percent to US$1.96 trillion, the magazine said.

But companies on China's mainland and Hong Kong underperformed in terms of profitability as the average profit for the 95 firms was US$3.22 billion, US$700 million short of the world's average and slightly more than half of the US average.

The 128 US firms on the list generated 40 percent of the total profit in 2013.

"The number of Chinese companies in Global 500 list has steadily climbed, and the companies' average income and assets are edging closer with the 500," Fortune China said on its website. "But their corporate profit and profit per capita - key indicators of competitiveness - still lagged behind."

Eight Shanghai-based companies entered the list. SAIC Motor rose 18 places to No. 85, and China United Network Communications climbed to 210 from 258.

State-owned China Development Bank, at No. 122, is the highest among seven Chinese companies debuting on the Global 500 list this year.

0
Share to 
Related Articles:
Most Popular
BACK TO TOP
Edition:
Chinese | BIG5 | Deutsch
Link:    
About CE.cn | About the Economic Daily | Contact us
Copyright 2003-2024 China Economic Net. All right reserved