South Korea’s Samsung Electronics Co. was crowned the 12th largest company title in the world in terms of revenue by U.S. business magazine Fortune, claiming the highest spot since it first joined the list.
The Fortune Global 500 is an annual ranking of the largest 500 corporations worldwide as measured by total revenue by Fortune. The Korean tech giant earned 239.58 trillion won ($212.3 billion) in sales last year on a consolidated basis, ranking 12th in the Fortune Global 500, according to the press release by Fortune on Thursday (local time).
This is the highest score Samsung Electronics has ever made in the list. The Korean tech mogul put its name on the top 500 list first in 1995 by ranking 221st. Over the last decade, the company raised its presence steadily from the 38th in 2008 to 14th in 2013, 13th between 2014 and 2016, and 15th in 2017.
In this year’s top 20 list, Samsung Electronics was only a one spot behind its archrival Apple which was placed in the 11th. It was also the only Korean company in the top 20 list.
Fortune said Samsung faces “increasingly tough competition from Chinese smartphone makers like Xiaomi and Huawei in Asia” amid the slowdown in the global smartphone market that continuously eat into its profits, but the company’s chip business, “which is less known but still giant, is helping boost its overall revenue growth and profits.”
Meanwhile, total 16 Korean companies put their names on the list. The country’s top automaker Hyundai Motor ranked 78th, SK Holdings 84th, LG Electronics 178th, Posco 184th, KEPCO 188th, Kia Motors 219th, Hanwha 244th, Hyundai Mobis 380th, Samsung Life Insurance 421st and GS Caltex 438th. SK Hynix and CJ Corp newly entered the list this year by ranking 442nd and 493rd, respectively.
By Hwang Hyung-gyu and Lee Ha-yeon
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