In the wake of eased COVID-19 restrictions and China's robust resurgence, the Asia-Pacific (APAC) region staged an economic rebound in 2022. The revitalization of international tourism and a continued expansionary climate within APAC played integral roles in rejuvenating the area's economic landscape. Consequently, the top 50 publicly listed APAC companies collectively posted a 4.7% year-on-year (y-o-y) increase in total revenue, amounting to an impressive $7.1 trillion for the year 2022.
A comprehensive evaluation of GlobalData's Company Reports Database reveals noteworthy trends within this cohort. Among the top 50, five firms achieved revenue surges exceeding 20%, while three entities reported declines surpassing 10%. An imposing presence on the list was held by China, contributing 28 enterprises, with an impressive 75% of them achieving y-o-y growth.
According to Murthy Grandhi, an astute Analyst specializing in Company Profiles at GlobalData, the relaxation of COVID-19 measures within China, coupled with subdued global demand and a dip in property market activity, culminated in a more gradual pace of economic expansion. As a result, the average growth rate for Chinese businesses in 2022 settled at 4.5%, a considerable drop from the preceding year's robust 25% surge in 2021.
Among standout performers, PTT PCL and Indian Oil, active in the Oil and Gas sector, emerged as frontrunners with y-o-y revenue expansions of 36.1% and 21.5% for 2022, respectively. PTT PCL's exceptional performance was underpinned by remarkable growth in its upstream petroleum and natural gas, as well as downstream petroleum segments, which notched up 57.1% and 45.6% y-o-y growth, respectively. The ascension of Indian Oil's revenue stemmed from elevated oil prices and amplified sales volumes.
Grandhi elaborates on PCCC's outstanding performance, noting that the company's new contracts surged by 12% y-o-y in 2022, reaching CNY1,126 billion ($167.3 billion). The burgeoning new energy sector played a significant role, accounting for 34% of the total value of new orders. Notably, the energy and power sector garnered 75% of these new contracts, driving a substantial 22.3% rise in revenue for PCCC. SK Inc., another notable entity, achieved a robust 21.3% growth in revenue, bolstered by increased sales in various sectors, including petroleum refining, chemical, lubricating oil, battery, and resource development.
Among Indian counterparts, Oil and Natural Gas Corp (ONGC) demonstrated a commendable revenue growth of 21.2%, propelled by heightened income from refining and marketing activities.
Japan Post Holdings, however, faced a contrasting narrative, registering a 17.9% dip in revenue due to diminishing returns from postal and life insurance operations.
Sectorally, the financial services domain emerged triumphant, securing the top spot with an impressive presence of 12 companies. Following closely were oil and gas (9), technology (8), miscellaneous sectors (7), construction (6), automotive (5), and retailing (3).
In closing, Grandhi underscores the forthcoming challenges tied to the region's economic recovery, including enduring ramifications from the Russia-Ukraine conflict, escalating interest rates and inflation, China's deflationary trajectory, evolving regional free-trade agreements, and concerted efforts to curtail reliance on the US dollar. The navigation of these external influences by businesses within the region presents future prospect.
