Billionaire Mukesh Ambani's Reliance Industries jumped 10 places to break into the world's top 100 companies on the Fortune Global 500 list. The oil-to-telecom conglomerate is ranked 96th in the 2020 ranking released by Fortune on Tuesday. This is the highest any Indian company has been ranked on the Fortune Global 500 list.
According to the report, Tesla may have recently overtaken Toyota Motor Corporation as the world's most valuable automaker, but the Camry- and Prius-maker is still more than 10 times the size of Elon Musk's company by sales ($275 billion vs. $25 billion last year).
Amazon’s 21 per cent revenue growth in 2019, to $281 billion, is the reason the Seattle company has moved up four spots on the Global 500.
The British energy giant fell one spot on this year’s list, as revenue dropped 7 per cent to $283 billion, and profits dropped 57 per cent to $4 billion, thanks to weak oil prices.
Volkswagen, the highest-ranking automaker in this year's list, has had a turbulent year.
In December 2019, Saudi Aramco made its much-anticipated debut on the Saudi Stock Exchange, becoming the world’s largest initial public offering on record. Within days after its listing, the company reached a market capitalization of $2 trillion.
Amid weaker oil and gas prices, Royal Dutch Shell, the Anglo-Dutch oil and gas multinational, fell two spots in the Global 500 rankings this year as revenue took an 11 per cent hit and profits fell by more than a third to $15.8 billion.
Even before the pandemic began, PetroChina announced a 58% drop in profits in the third quarter of last year, caused by overcapacity in China’s market for natural gas.
According to the report, China’s state-owned power company, as sales dipped just under 1 per cent in 2019. Beijing appointed Mao Weiming as State Grid's chairman at the start of 2020, marking the first time the massive utility has been led by a chairman with no prior experience in the industry.
Sinopec bet big on expanding production capacity last year just as oil prices grew volatile, and 2020 has been even bumpier.