South African financial-services company Old Mutual has climbed 26 places in the Fortune Global 500 list, from 304 in 2004 to 278.
Each year, Fortune magazine publishes the Fortune Global 500, a compilation of the world’s largest corporations, ranked by revenues for the fiscal year ended on or before March 31.
Old Mutual’s rise in the rankings was on the basis of a 21,9% revenue increase versus a 13% average gain in revenues for the top 500 companies. The 2005 ranking is nearly 90 places better than the 2003 ranking of 366.
Old Mutual CEO Jim Sutcliffe said Old Mutual performed well in all its key geographical areas.
Old Mutual’s rise in the rankings was even more impressive, considering that it has become much harder to join the ranks of the world’s largest corporations this year.
According to Fortune, the revenue needed to be ranked number 500 rose by a record 15%, to $12,4-billion — that’s more than the gross domestic product of Jordan or Jamaica, Old Mutual said in a statement.
From a South African perspective, other notable inclusions in the Global Top 500 are resources giants Anglo American and BHP Billiton. — I-Net Bridge