No show for African companies as Fortune releases its Global 500 list

david nganga

July 21, 2017 8:23 AM

There were no African companies in the list that saw largest firms generate $27.7 trillion in revenues and $1.5 trillion in profits in 2016

___7025970___https:______static.pulse.com.gh___webservice___escenic___binary___7025970___2017___7___21___9___20140718-Fortune500_article_main_image

There were no African companies listed as Fortune revealed its Global 500 list for 2017.

The list is a ranking of the world's largest companies by revenue and according to Fortune,the listed companies generated $21.7 trillion in revenues and $1.5 trillion in profits during the 2016 financial year.

Africa has some of the fastest growing companies in the world but not even the growth by companies like Algeria's Sonatrach,Angola's Sonangol,MTN and the Bidvest Group could see them break into this year's list.

This year's list saw companies from 34 countries listed with China the most impressive performer with 115 companies listed,boosted by ten new entrants including e-commerce colossus Alibaba Group Holding. Social media giant Facebook also made the list for the same time.

American tech giant Apple,was the most profitable during the 2016 followed by four other Chinese companies all of whom were banks. Overall,American retailer Walmart,retained its place at the top of the list for the fourth year in a row,raking in almost $500 million in revenues,followed by three Chinese companies; China State Grid($315m), SINOPEC ($267m) and China National Petroleum ($262m).

david nganga