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Fortune Global 500 list: Apple now the world’s most profitable company, Reliance slips 59 places

The Fortune Global 500 list 2021 is here. Apple continues to climb the Fortune Global 500 list of the world’s top companies. According to new rankings released, Apple is now the most profitable firm on the list, up from third place last year, and is currently in sixth place in terms of sales, up from 12th place last year.

According to Fortune, Apple made $57 billion in profit in the fiscal year 2020, making it the most profitable company in the world. Saudi Aramco’s two-year reign as the most lucrative corporation came to an end with Apple’s ascension to the top. Its earnings for fiscal 2021 is $57 billion, up from $55 billion the previous year.

Fortune Global 500 list

Fortune pens that the pandemic created both new difficulties and chances for Apple, and notwithstanding the emerging antitrust concerns, Apple hit a new record for revenue at $275 billion.

The pandemic created challenges and opportunities for Apple. CEO Tim Cook had to close stores and send home engineers. But with Apple customers worldwide working and learning from home, iPad and Macintosh computer sales skyrocketed to their highest levels ever. And fiscal-year revenue hit an all-time record too, of $275 billion. That helped Apple’s stock price soar; it gained 80.7% in 2020. As that year wound down, regulators fixed their sights on Apple for potentially abusing its power over the iOS app store. A House Judiciary antitrust subcommittee report in October concluded that Apple “exerts monopoly power” in its app store to harm competition and increase prices for consumers. Meanwhile, testimony in an antitrust lawsuit filed by Fortnite developer Epic Games will likely increase pressure on legislators to limit Apple’s power.

Here is the breakdown of the top 10 companies on the Fortune Global 500 list in terms of revenue. This marks the eighth year in a row that Walmart has topped the list in terms of revenue:
  1. Walmart (US)  
  2. State Grid (China)
  3. Amazon.com (US)
  4. China National Petroleum (China)  
  5. Sinopec (China) 
  6. Apple (US)
  7. CVS Health (US)
  8. UnitedHealth Group (US) 
  9. Toyota Motor (Japan) 
  10. Volkswagen (Germany) 

Reliance Industries Ltd, the oil-to-telecom giant founded by billionaire Mukesh Ambani, fell 59 places to 155th position on Monday’s Fortune Global 500 list. Reliance took a hit in the rankings as a result of the COVID-19 pandemic, which resulted in lower revenues. This is the lowest position it has held since 2017.

Fortune Global 500 list

Walmart is still at the top of the Fortune list, with $524 billion in revenue, followed by China’s State Grid with $384 billion. Amazon came in third with $280 billion in revenue, displacing Chinese behemoths. China National Petroleum and Sinopec Group were placed fourth and fifth, respectively.

Other Indian oil businesses on the list have also slid in the rankings as a result of the drop in oil prices.

State Bank of India (SBI) rose 16 spots to 205th place; while Indian Oil Corporation (IOC) fell 61 spots to 212th place. SBI has improved its position for the second year in a row. Last year, it had risen to 15 positions.

The Oil and Natural Gas Corporation (ONGC) was rated 243rd, down 53 places from the previous year. Another company that improved its standing was Rajesh Exports, which jumped 114 places to 348th place. Tata Motors plummeted 20 spots to 357th place; while Bharat Petroleum Corporation Ltd (BPCL) dropped to 394th place from 309th place last year.

SBI had $52 billion in revenue, whereas IOC had $50 billion in revenue. ONGC made $46 billion in income, whereas Rajesh Exports made $35 billion.