Top 50 APAC listed firms report modest growth of 4.7% in 2022 aggregate revenue

The Asia-Pacific (APAC) region experienced a resurgence in economic growth in 2022 as China regained its momentum following the relaxation of COVID-19 restrictions. The continued expansionary environment in APAC, coupled with the revival of international tourism, played a pivotal role in facilitating the gradual recovery of economic activities in the region. As a result, the top 50 APAC public companies have reported 4.7% year-on-year (y-o-y) growth in aggregate revenue to $7.1 trillion in 2022, says GlobalData, the data and analytics company.

An analysis of GlobalData’s Company Reports Database shows that five companies from the top 50 reported an increase of more than 20% in their revenue, while three companies reported a decline of more than 10%. The list included 28 companies from China, out of which, 75% registered year-on-year growth.

Murthy Grandhi, Company Profiles Analyst at GlobalData, comments: “The easing of COVID-19 measures in China, along with a decline in property market activity and subdued worldwide demand, combined to yield sluggish economic expansion. Consequently, Chinese enterprises registered an average growth rate of 4.5% in the year 2022, a notable drop from the 25% seen in the preceding year of 2021.”

Oil and Gas firms PTT PCL and Indian Oil registered annual revenue growth of 36.1% and 21.5% in 2022, respectively. PTT PCL’s upstream petroleum and natural gas and downstream petroleum segments reported 57.1% and 45.6% y-o-y growth, respectively, while Indian Oil’s revenue growth was due to higher oil prices and increased sales volume.

Grandhi continues: “PCCC’s new contracts rose 12% y-o-y in 2022 to CNY1,126 billion ($167.3 billion), with new energy businesses accounting for 34% of total new orders by value. The company saw 75% of its new contracts in the energy and power business resulting in a 22.3% rise in its revenue. SK Inc. registered a 21.3% growth in revenue owing to rise in sales in petroleum refining, chemical, lubricating oil, battery, and resource development businesses.”

Among the Indian firms, Oil and Natural Gas Corp (ONGC) reported a revenue growth of 21.2% due to higher income from refining and marketing.

Japan Post Holdings continued to register a 17.9% slump in its 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 12 companies, followed by oil and gas (9), technology (8), others (7), construction (6), automotive (5), and retailing (3).

Grandhi concludes: “The economic recovery of the region will face challenges due to multiple factors, including the prolonged Russia-Ukraine war, escalating interest rates and inflation, China’s deflationary trend, the emergence of regional free-trade agreements, and efforts to reduce dependence on the US dollar. It will be interesting to see how businesses in the region navigate these external influences.”