Wednesday 17 August 2022

Aramco tops listed firms' ranking; $2.3trn market value

DUBAI, June 22, 2022

Aramco, the world’s largest oil and gas giant, tops the Forbes Middle East Top 100 Listed Companies for 2022 for the third consecutive year with $400.5 billion in sales and a market value of $2.3 trillion.
Saudi industrials titan Sabic follows second with $46.6 billion in sales and a valuation of $100.5 billion, while QNB Group rounds up the top three with $14 billion in sales and $59.1 billion in market capitalisation, making it the only Qatari company to appear among the top 10. 
Others in the top 10 are: Saudi National Bank (SNB) - 4; Al Rajhi Bank -5; First Abu Dhabi Bank (FAB) -6; Saudi Electricity (SEC) -7; Emirates NBD -8; e& -9; Taqa Group -10 and Saudi Telecom Company (stc) -10.
Aluiminium Bahrain (Alba) is ranked 47 on the list.
Forbes Middle East’s annual ranking of the Top 100 Listed Companies highlights the region's largest, most valuable, and most profitable companies. 
To construct the list, data was gathered from listed stock exchanges in the Arab world and evaluated companies based on sales, profits, assets, and market value. Listed subsidiaries of other listed companies and companies that hadn't disclosed their 2021 audited financial statements as of April 20, 2022, were excluded, Forbes Middle East said.
Of the 100 firms, 33 are listed in Saudi Arabia, making it the dominant origin in the list. UAE-based firms rank second with 25 entries, followed by Qatar with 16. Combined, these three Gulf nations make up nearly 75% of the ranking. Kuwait accounts for 8, Bahrain 5, Morocco 5, Jordan 3, Egypt 3 and Oman 2.
Amongst sectors, banking and financial services remains the most represented in this year's ranking with 42 entries, the same as 2021. Of the top 10 companies in the list, 50% are banks. Industrials and telecommunications comprised the second most-populated category, with 11 entries each. Still, the companies operating in energy, industrials, and petrochemicals generated the bulk of the net income, accounting for over 65% of the aggregate net income of the 100 companies. 
Thanks to the surge in oil prices, Gulf countries have recovered fast, with the Middle East's listed companies outperforming. The top 100 listed companies pocketed $201.7 billion in total net income during 2021, marking a surge of over 121% compared to the $91 billion in total net income from 2020. Overall, the market value of the 100 companies totaled $4 trillion, up from $3 trillion a year ago. The total value of assets spiked to $4.2 trillion, while sales climbed 44% to $794 billion. 
A booming business environment has also led 24 newcomers to join this year's list, including recent listings such as Dubai Electricity & Water Authority (DEWA), Alpha Dubai, Fertiglobe, Adnoc Drilling, ACWA Power, AD Ports, Solutions, and Nahdi Medical. 
This year, Forbes Middle East also revealed its first Top 50 Listed Companies in Egypt ranking, featuring the country's most valuable and profitable players. The aggregate market value of the top 50 stands at $28.5 billion, while the value of assets exceeds $142 billion. The companies generated $39.1 billion in aggregate revenues and $5.4 billion in net income. -TradeArabia News Service


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