My Blog

Top 100 Companies of the Muslim World

Posted by: Ali Saleh - 14/09/09 @ 3:30AM

With USD 1.21 trillion in total revenues, this list of companies recorded a respectable 12.3% growth in revenue over the previous year (14.5%); While the Fortune 100 global company revenues grew 12% in the same period.

The purpose of this list is to portray as close a picture as possible of the leading domestic business activities in the OIC (Organization of Islamic Conference) member countries while providing its corporate managers and strategists with a tool to benchmark trends and identify opportunities.

Turkish companies continue to lead the list with 23 represented enterprises (compared to 24 last year), followed by 14 from Malaysia, 13 from Saudi Arabia, 8 from Kuwait, 7 from Indonesia, and 6 from UAE and Iran. Other countries represented included the UAE, Iran, Egypt, Pakistan, Oman, Iran, Nigeria, Morocco, Kazakhstan, Bahrain, and Algeria.

Major local currency fluctuations in certain OIC markets affected certain companies’ ability to make the ranking. Between 2007 to 2008, Turkish (-24%), Pakistani (-22%), and Indonesian (-15%) currency lost the largest value to the US dollar. A few additional Turkish companies would have made the list if its currency had not lost major value.

COMPANY	RANK	COUNTRY	REVENUE 2007* US$ (mln)	TYPE	INDUSTRY	% REV. GROWTH* '06-'07
Saudi Arabian Oil Co. (Saudi Aramco)	1	Saudi Arabia	$ 215,985	Government	Oil & Gas - Integrated	8%
National Iranian Oil Company	2	Iran	$ 101,631	Government	Oil & Gas - Integrated	12%
Petroliam Nasional Bhd. (Petronas)	3	Malaysia	$ 66,215	Government	Oil & Gas - Integrated	30%
Kuwait Petroleum Corp.	4	Kuwait	$ 64,913	Government	Oil & Gas - Integrated	9%
Iraq National Oil Co.	5	Iraq	$ 55,060	Government	Oil & Gas - Integrated	22%
Koc Holding A.S.	6	Turkey	$ 39,500	Listed	Diversified - Automotive, Energy, Finance, Other	14%
Abu Dhabi National Oil Co.	7	UAE	$ 38,789	Government	Oil & Gas - Integrated	26%
Saudi Basic Industries Corporation (SABIC)	8	Saudi Arabia	$ 33,659	Listed	Chemical Manufacturing	46%
Sonatrach	9	Algeria	$ 32,211	Government	Oil & Gas - Integrated	13%
Nigerian National Petroleum Corporation	10	Nigeria	$ 30,738	Government	Oil & Gas - Integrated	3%
National Oil Company (NOC)	11	Libya	$ 30,478	Government	Oil & Gas - Integrated	6%
Syrian Petroleum Company	12	Syria	$ 22,200	Government	Oil & Gas - Integrated	-9%
Qatar Petroleum	13	Qatar	$ 21,313	Government	Oil & Gas - Integrated	19%
Pt Pertamina (Persero)	14	Indonesia	$ 21,119	Government	Oil & Gas - Integrated	-2%
Socar (State Oil Co. Of The Azerbaijan Republic)	15	Azerbaijan	$ 19,694	Government	Oil & Gas - Integrated	19%
Petroleum Development Oman (PDO)	16	Oman	$ 15,330	Government	Oil & Gas - Integrated	1%
Egyptian General Petroleum Co. (EGPC)	17	Egypt	$ 13,394	Government	Oil & Gas - Integrated	13%
Sabanci Holding	18	Turkey	$ 11,890	Private	Diversified - Finance, Retail, Comm., Other	14%
Kazmunaygas Exploration And Production	19	Kazakhstan	$ 11,709	Government	Oil & Gas - Integrated	24%
The Emirates Group	20	UAE	$ 11,204	Government	Airline	32%
Perusahaan Listrik Negara, Pt	21	Indonesia	$ 10,070	Government	Electric Utilities	9%
Sime Darby Bhd	22	Malaysia	$ 9,553	Listed	Diversified - Plantations, Heavy equipment, Auto, other	21%
Saudi Telecom Company	23	Saudi Arabia	$ 9,199	Listed	Telecommunications	2%
Iran Khodro Plc	24	Iran	$ 8,902	Listed	Auto & Truck Manufacturing	10%
Ulker	25	Turkey	$ 8,500	Listed	Food Processing	13%
Saudi Oger Company	26	Saudi Arabia	$ 8,000	Private	Construction Services
Iranian Mining Industries (IMIDRO)	27	Iran	$ 7,500	Government	Mining and Manufacturing	39%
Ziraat Bank	28	Turkey	$ 7,452	Government	Commercial Banking	17%
Pakistan State Oil Company Ltd.	29	Pakistan	$ 7,353	Listed	Oil & Gas Operations	41%
Isbank	30	Turkey	$ 7,334	Listed	Commercial Banking	27%
Tenaga Nasional Bhd	31	Malaysia	$ 7,253	Listed	Electric Utilities	10%
Astra International	32	Indonesia	$ 6,396	Listed	Diversified – Auto, Finance, Other	26%
Dogan Holding	33	Turkey	$ 6,381	Listed	Diversified - Finance, Energy, Media, Other	-14%
Turkcell	34	Turkey	$ 6,328	Listed	Telecommunications	35%
Akbank Tas	35	Turkey	$ 6,165	Listed	Commercial Banking	26%
(Zain) Mobile Telecommunications Co.	36	Kuwait	$ 5,912	Listed	Telecommunications	32%
Agility	37	Kuwait	$ 5,895	Listed	General Freight Trucking	26%
Emirates Telecom (Etisalat)	38	UAE	$ 5,810	Listed	Telecommunications	31%
The Lion Group	39	Malaysia	$ 5,658	Listed	Diversified - Steel, Retail, Agriculture, Other	22%
Saudi Electric Company	40	Saudi Arabia	$ 5,594	Listed	Electric Utilities	6%
Telkom Indonesia	41	Indonesia	$ 5,403	Government	Telecommunications	16%
Saipa Corporation	42	Iran	$ 5,318	Government	Auto & Truck Manufacturing	26%
Enka Holdings Yatrim As	43	Turkey	$ 5,283	Listed	Construction Services	31%
Kazakhmys	44	Kazakhstan	$ 5,256	Listed	Metal Mining	4%
Dallah Albaraka Group	45	Saudi Arabia	$ 5,204	Private	Diversified - Finance, Media, Other	-
M.A. Kharafi & Sons	46	Kuwait	$ 5,021	Private	Diversified - Engineering, Construction, other	-
Telekom Malaysia Bhd	47	Malaysia	$ 5,007	Listed	Telecommunications	9%
Saudi Binladin Group	48	Saudi Arabia	$ 5,000	Private	Construction Services, Telecom & Mining	-
Emaar Properties	49	UAE	$ 4,773	Listed	Construction Services	25%
Orascom Telecom Holding S.A.E	50	Egypt	$ 4,720	Listed	Telecommunications	22%
National Petrochemical Company	51	Iran	$ 4,610	Government	Chemical Manufacturing	-
Maybank Group	52	Malaysia	$ 4,503	Listed	Commercial Banking	6%
Saad Group Of Co.s	53	Saudi Arabia	$ 4,352	Private	Diversified - Construction, Healthcare, IT	-
Malaysian Airline System Bhd	54	Malaysia	$ 4,275	Listed	Airline	14%
Consolidated Contractors International Company	55	Saudi Arabia	$ 4,215	Private	Construction Services	5%
IOI Group	56	Malaysia	$ 4,123	Listed	Palm Oil	64%
Suez Canal Authority	57	Egypt	$ 4,100	Government	Misc. Transport	-
Eta - Ascon Group	58	UAE	$ 4,000	Private	Diversified - Engineering, Construction, other	-
Group Ona	59	Morocco	$ 3,930	Listed	Diversified - Mining, Construction, Finance, Other	15%
Halkbank	60	Turkey	$ 3,914	Listed	Commercial Banking	23%
Goldas A.Ş.	61	Turkey	$ 3,854	Listed	Jewelry Manufacturing	72%
Bumiputra-Commerce Holdings Bhd	62	Malaysia	$ 3,848	Listed	Commercial Banking	28%
Vakif Bank	63	Turkey	$ 3,833	Government	Commercial Banking	24%
National Commercial Bank	64	Saudi Arabia	$ 3,708	Government	Commercial Banking	10%
Vestel	65	Turkey	$ 3,558	Listed	Appliance & Tools	-3%
Bank Melli Iran	66	Iran	$ 3,558	Government	Commercial Banking	19%
Dogus Holding Co.	67	Turkey	$ 3,487	Private	Diversified - Finance, Automotive, Retail, Other	8%
Ereğli Iron And Steel Works Co. (Erdemir)	68	Turkey	$ 3,419	Listed	Iron and Steel	11%
Samir Sa	69	Morocco	$ 3,376	Listed	Petroleum Refining	12%
Electricity Generation Company Inc.	70	Turkey	$ 3,371	Government	Electric Utilities	-11%
Tekel	71	Turkey	$ 3,200	Government	Crops	-
Eczacibasi Holdings	72	Turkey	$ 3,200	Private	Diversified - Pharma, Construction, Retail	14%
Turkish Airlines	73	Turkey	$ 3,054	Government	Airline	16%
Saud Bahwan Group	74	Oman	$ 3,000	Private	Retail - Automobile	-
Kuwait Projects Company (Kipco)	75	Kuwait	$ 2,984	Listed	Diversified - Finance, Media, Healthcare	288%⁵
Felda Holdings Bhd	76	Malaysia	$ 2,976	Private	Diversified - Agriculture	31%
Borusan Holding	77	Turkey	$ 2,958	Private	Diversified -Steel, Auto Distribution, IT	29%
Arab Bank Plc	78	Jordan	$ 2,918	Listed	International Trade Financing	15%
Ezz Steel	79	Egypt	$ 2,912	Listed	Iron/Steel/Ferroalloys	40%
Kazkommertsbank	80	Kazakhstan	$ 2,880	Listed	Commercial Banking	107%
Kuwait Finance House	81	Kuwait	$ 2,857	Listed	Commercial Banking	44%
Samba Financial Group	82	Saudi Arabia	$ 2,841	Listed	Commercial Banking	7%
UMW Holdings Bhd	83	Malaysia	$ 2,793	Listed	Diversified - Auto, Oil & Gas, Manufacturing	1%
Savola Group	84	Saudi Arabia	$ 2,775	Listed	Food Processing	14%
DP World	85	UAE	$ 2,731	Listed	Marine Cargo Handling	32%
Al Rajhi Banking And Investment Corp.	86	Saudi Arabia	$ 2,719	Listed	Commercial Banking	-2%
Ciner Group	87	Turkey	$ 2,680	Private	Diversified - Textile, Energy, Mining	-
Public Bank Bhd.	88	Malaysia	$ 2,654	Listed	Commercial Banking	24%
Jordan Petroleum Refinery Company Ltd.	89	Jordan	$ 2,650	Listed	Petroleum Refining	3%
Boydak Holding	90	Turkey	$ 2,600	Private	Diversified - Furniture, Cable and other	44%
National Bank Of Kuwait	91	Kuwait	$ 2,594	Listed	Commercial Banking	22%
Industries Qatar	92	Qatar	$ 2,561	Listed	Integrated petrochemical and steel industries	20%
Gudang Garam Tbk Pt	93	Indonesia	$ 2,547	Listed	Tobacco	7%
Indofood Sukses Makmur Tbk., Pt	94	Indonesia	$ 2,499	Listed	Food Processing	27%
Sisecam	95	Turkey	$ 2,482	Listed	Glass and Glass Product Manufacturing	28%
Genting Berhad	96	Malaysia	$ 2,414	Listed	Diversified - Hospitality, Plantations, Property, Other	32%
Bank Mandiri	97	Indonesia	$ 2,408	Listed	Commercial Banking	-6%
Orascom Construction Industries*	98	Egypt	$ 2,381	Listed	Construction Services	9%
Maxis Communications Berhad	99	Malaysia	$ 2,318	Private	Telecommunications	-
Independent Petroleum Group	100	Kuwait	$ 2,287	Listed	Petroleum/Coal Products	44%

2008 Ranking is based on end of 2007 revenuw data.

* Growth Trend Color Key:
Falling	Revenues fell compared to previous year
Slowing	Revenue grew compared to previous year, but less than previous year's growth
Growing	Revenue grew compared to previous year, and more than previous year

The following is the criteria used to develop the top 100 Companies of the Muslim World:

Only OIC country based, domestic (majority owned) businesses included
Subsidiaries of Foreign Companies not included
Top 100 Ranked by revenue in US$ for End of Year 2005 (Unless noted otherwise)
For Banks- Interest and Non-Interest revenue; For Insurance Companies- Premium, annuity Income, Investment income, gains and losses, excludes deposits
In addition to the Publicly listed Companies, Private and Government held entities are also included
To truly reflect top businesses in the region, it was important to include Private and Government entities. It is recognized that this would leave open the possibility of many companies not included due to non-availibility of public data. Dinar Standard has made extensive attempts to make this list comprehensive. However, we recognize that we may have either missed some companies or the data was simply not available due to company policies not to diclose financial data.
Holding Companies were included (For Holding Companies included, their subsidiaries were not included)
Central Banks not included
Companies that are headquartered in Non-OIC countries but company majority operations in OIC country and shares held majority by OIC member country resident(s)

Sources:
For publicly listed companies Annual Reports or data posted by the Public markets were used. In other cases, various publicly available sources were used. These include sources such as Arab News, Hoovers.com, Forbes Magazine, Financial Times, Bloomberg, Dow Jones News Wires, Privatization Commisions, Chambers of Commerce, and Organizations such as OPEC. In addition many of the companies were contacted directly to verify the data.

Reference notes:
1. Revenue figures are estimates based on 2007 crude oil production (OPEC data) only
2. Based on End of Fiscal Year 2006 or earliest available (EOY 2007 could not be obtained)
3. Groups major subsidiary is Listed
4. Owned by Zorlu Holding, Turkey (Zorlu Holdings' revenue could not be obtained)
5. Biggest revenue gain in Co. history due to sale of its holdings in Wataniya Telecom which was the largest private sector sale in the history of Kuwait, the biggest cross-border deal within the GCC and a record valuation in the telecoms industry.

Source: DinarStandard

Add Comments