Increased rollout of COVID-19 vaccines during 2021 and resilient economic growth in China helped in the gradual recovery of the economic activity in the Asia-Pacific (APAC) region.
As a result, the top 50 APAC companies have reported a 21% year-on-year growth in aggregate revenue to $6,782.9 billion in 2021, reveals GlobalData, a leading data and analytics company.
- China dominates the list with 28 companies
- Xiamen C&D, Reliance Industries, and Wuchan Zhongda Group gained over 45% in revenue
- Financial services sector tops the list with 13 companies
An analysis of GlobalData’s Company Reports Database reveals that seven companies out of the top 50 reported an increase of over 40% in their revenue and three companies reported a decline of more than 3%. The list included 28 companies from China, all of which, registered year-on-year growth.
Murthy Grandhi, Company Profiles Analyst at GlobalData, comments: “Increased industrial production activities in the mining, manufacturing, and utilities sectors are the key drivers for the rebound in Chinese economy.”
The consolidated revenue of the Indian enterprises grew by 29.1%, followed by China (24.6%), South Korea (21.1%), Hong Kong (18.1%), Taiwan (18%), and Japan (11.4%).
Chinese oil and gas and retailing firms topped the revenue growth, with 41.9% and 32% annual growth, respectively.
Grandhi explains: “Despite the challenges, China’s efficient outbreak prevention sustained the steady operation of industrial chains, which resulted in the robust export growth.”
Among the top 50, Xiamen C&D and Wuchan Zhongda Group posted the maximum growth of 74.9% and 49%, respectively, facilitated by improvement in supply chain business.
Grandhi continues: “Increase in customer base, higher customer retention, and rise in annual active customer accounts to 569.7 million propelled the revenue for JD.com, and growth in gross merchandise value of online physical goods in China retail marketplace helped Alibaba achieve an exceptional y-o-y revenue growth.”
Among the Indian firms, Reliance Industries reported a growth of above 45% due to higher income from O2C and oil and gas businesses.
In South Korea, Hyundai Motor clocked a 16.5% rise in revenue at the back of a 17% growth in vehicle segment sales. Samsung Electronics was able to enhance its revenue because of accelerated sales of consumer electronics and semiconductor offerings. SK Inc registered a 25.4% growth in revenue owing to rise in sales in petroleum refining, chemical, lubricating oil, battery and resources development businesses.
Japan Post Holdings registered a 9.3% slump in revenue on the back of a decline in income from postal and life insurance businesses.
On the sectoral basis, financial services topped the list with 13 companies, followed by technology (7), construction (7), oil and gas (7), automotive (5), retailing (5), and others (6).
Grandhi concludes: “Headwinds from the Russia-Ukraine war, tightening global financial conditions, and US-China conflicts over Taiwan will pose various challenges to the economic recovery of the region and can lead to increase in inflation and sovereign debt. It will be interesting to see how the enterprises from the region cope up with external factors.”