MANILA, Philippines–Eight big Philippine companies led by SM Investments Corp. (SMIC) made it to the Forbes Global 2000, touted to be the roster of the world’s “largest, most powerful public companies.”
SMIC ranked 911th on the list. International publication Forbes drew up the list based on a composite index that weighed four metrics: Revenues, profits, assets and market value.
In a statement on Thursday, Forbes said this year’s Global 2000 companies came from 61 countries. Collectively, the companies accounted for $39 trillion in revenues, $3 trillion in profits, $162 trillion worth of assets, with market value of $48 trillion.
SMIC was founded by tycoon Henry Sy, the wealthiest man in the Philippines, according to Forbes.
Through its operating units, SMIC has become the Philippines’ largest player in banking, property development and retailing. With the consolidation of its property businesses, the group also became a leading player in Southeast Asia. To date, it has 50 shopping malls in the Philippines apart from a growing presence on mainland China.
The magazine noted SMIC’s annual turnover of $5.9 billion, profits of $640 million, assets of $15.9 billion and market value of $16.7 billion.
Joining SMIC on the Forbes roster were Bank of the Philippines Islands (ranked 1243rd), Philippine Long Distance Telephone Co. (1259th), Metropolitan Bank and Trust Co. (1297th), Ayala Corp. (1344th), JG Summit Holdings (1525th), San Miguel Corp.’s parent firm Top Frontier Investment Holdings (1792nd) and Manila Electric Co. (1808th).
“Thanks to a bull market, the total market value of Global 2000 companies grew 9 percent year-over-year, the most among the four metrics,” Forbes said.
For the first time, it said, China’s four biggest banks grabbed the top four spots. Industrial and Commercial Bank of China topped the list for a third consecutive year, while Bank of China jumped five notches to land on the No. 4 spot, edging out JP Morgan Chase. Berkshire Hathaway remained in fifth place, making Warren Buffet’s conglomerate the largest US company this year.
The 13th annual snapshot of the world’s largest companies reflected the dominance of the United States and China in the global business landscape. The number of firms from China exceeded that of Japan for the first time.
There were 200 newcomers to this year’s Global 2000, including Expedia, video games publisher Electronic Arts and luxury jeweller Tiffany & Co.
“Thanks to a rising stock market and strong investor demand, the boom of the global IPO [initial public offering] market added more than 20 notable newcomers to the list. In particular, Asian companies took the lead by raising capital, such as Alibaba’s IPO, the world’s largest IPO ever,” the magazine said.