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Egypt boasts 60 companies among Forbes top 500 in Arab world Ranked Egyptian companies nearly double while financial institutions EFG-Hermes and Beltone, real estate developer SODIC drop out of annual list
Sixty Egyptian companies were ranked among the top 500 companies in the Arab world in 2014, up from just 35 in the previous year, according to Forbes Middle East. The rankings, based on financial performance as of December 2013, feature publically-listed companies across 11 countries from the Middle East and North Africa whose combined revenues reach $383.67 billion and net profits $71.68 billion, as well as aggregated total assets of $2.64 trillion. Egypt lead the healthcare sector, with four Egyptian companies out of 12 making the cut across the region, and came second to Saudi Arabia in the industrial sector, with 20 companies out of the 107 listed. The top ten spots were dominated by Gulf Cooperation Council countries, with Saudi Arabia's Saudi Basic Industries Corporation (SABIC) retaining the number one spot. SABIC is a Riyadh-based manufacturer of petroleum byproducts, with a market value of $94.4 billion, revenues totaling $50.4 billion, net profit of $6.7 billion, and total assets of $90.4 billion. It is 70 percent-owned by the Saudi Arabian government. The highest-ranked Egyptian company was Commercial International Bank (CIB), Egypt's largest private-sector lender and largest listed corporation, which came in 49th with a market value of $4.8 billion, revenues of $1.3 billion, net-profit of $437.2 million and total assets of $16.4 billion. Next is 80 percent state-owned fixed-line operator Telecom Egypt (TE) ranking 60th after it dropped from 45th place in last year's list, with a market value of $4.2 billion, revenues of $1.6 billion, net profit of $424.8 million and total assets worth $4.7 billion. A fairly distant third is real estate developer TMG Holding, ranking 89th with a market value of $2.4 billion, revenues of $697 million, net profit of $77.5 million, and total assets worth $4.7 billion. Competitor and third largest-listed real estate firm Six of October for Development and Investment Company (SODIC) was absent from the list, after ranking 201st last year. SODIC had posted a net loss of $64 million in 2013, compared to a net profit of $36.8 million a year earlier, which the company blamed on "two extraordinary, one-off cancellations and a 100% impairment of its investment in Syria which impacted the company's revenues, gross profit and net income." Leading Cairo-based investment firms EFG-Hermes and Beltone Financial Holding, which ranked 142nd and 491st respectively in last year's list, also dropped out entirely. EFG-Hermes reported a net-loss of $48 million in 2013, compared to a profit of $30.3 million the year before, due to impairment charges related to acquisitions which the bank had previously made at home and in Kuwait and Oman, the firm told Reuters at the time. http://english.ahram.org.eg/News/104181.aspx
