top 100 chemical manufacturers ranking, 2024

Values in USD Million

Ranking	Company	Sales 2023	%Change in comparison to 2022	EBIT/Operating Income 2023	%Change in comparison to 2022	Net Income	%Change in comparison to 2022	Total Assets	%Change in comparison to 2022	Capex 2023	%Change in comparison to 2022	R&D 2023	%Change in comparison to 2022
1	BASF	76137	-21.10%	2475	-65.8%	249		77395	-8.4%			2130	-7.3%
2	Sinopec¹	72528	-4.60%	-850
3	Dow	44622	-21.6%	656	-89.2%	660	-85.8%	57,967	-4.3%	2,356	29.2%	829	-2.6%
4	LG chem	42598	8.4%	1950	-15.6%	1583	-6.5%	26286	3.7%	10154	42.7%
5	LyondellBasell	41107	-18.5%			2121	-45.5%
6	SABIC¹	35003	-20.4%	53	-98.4%
7	Henkel	23773	-3.9%	2,222	11.1%	1,481	6.9%	19851	-0.6%	1238	56.4%	649	3.0%
8	Sherwin-Williams	23052	4.1%			2389	18.3%	22,954	1.6%	888	37.8%
9	Sumitomo Chemicals²	20464	4.7%	2	-99.9%	-331		29442	-3.3%
10	Shin-Etsu Chemical²	19853	35.4%	7055	47.6%	5006	41.6%	33434	16.7%	2248	48.7%	475	7.6%
11	Johnson Matthey²	18987	-6.8%	516	59.2%	351		8937	5.4%	385	-32.1%	271	6.0%
12	PPG	18246	3.4%			1270	23.5%	21647	4.4%	549	6.0%	456	-3.0%
13	PTT Global Chemical	18089	-9.1%	417				20923	-0.1%
14	Toray²	17594	11.7%	770	8.3%			22575	4.9%	814	7.9%	487	11.0%
15	Evonik	16870	-17.4%	-269		-514		22034	-8.6%	950	0.5%	490	-3.7%
16	INEOS	16448	-28.9%	781	-64.7%			22510	2.3%	1604	40.0%	46	-1.4%
17	Covestro	15887	-20.0%	206	-30.3%	-219		15069	-6.5%			413	3.6%
18	Indorama Ventures	15756	-17.5%	17	-98.8%			17173	-5.4%	699	-6.3%
19	Sasol³	15732	6.2%	1169	-65.0%	507	-77.6%	23560	3.4%
20	Lotte Chemical	15381	-10.4%	-257		-232		25601	24.0%
21	Ecolab	15320	8.0%	1992	27.5%	1372	25.7%	21847	1.8%	775	8.7%
22	Braskem	14543	-26.9%			-1008		18907	4.2%			79	2.4%
23	AGC	14272	-0.8%	910	-30.0%	798	141.8%	20730	4.2%	1638	-2.0%
24	Sika	13411	7.1%	1849	-1.9%	1268	-8.6%	17960	33.0%
25	Mitsui Chemicals²	13285	16.5%	805	-29.6%	586	-24.6%	14618	6.9%	1187	-18.9%	304	12.7%
26	Bayer¹	12117	-16.8%
27	DuPont	12068	-7.3%	508	-64.9%	462	-92.2%	38552	-6.8%	619	-6.5%	508	-5.2%
28	AkzoNobel	11788	-1.6%	1137	45.3%	488	25.6%	16087	-1.2%	316	-2.1%
29	Chevron Phillips Chemical	11560	-18.5%			1173	-29.4%	19709	5.6%
30	Honeywell¹	11506	7.3%
31	IFF	11479	-7.7%	-2110		-2563		30978	-12.8%			636	5.5%
32	Celanese	10940	13.1%	1687	22.4%	1964	3.3%	26597	1.2%			146	30.4%
33	Arkema	10513	-17.6%	753	-47.1%	470	-56.0%	16041	7.4%			304	1.9%
34	Nippon Paint	10196	10.2%	1193	50.8%	837	49.2%	19178	11.1%	352	0.1%
35	Mitsubishi Chemical^1,2	10108	11.0%	65	-91.0%			8582	-5.7%	462	6.6%
36	Albemarle	9617	31.4%	252	-89.8%	1573	-41.5%	5217	0.6%	2149	70.4%	86	19.1%
37	Asahi Kasei^1,2	9306	8.8%	290	-61.3%
38	Eastman Chemical	9210	-12.9%	1302	12.3%	896	12.6%	14633	-0.2%	828	35.5%	239	-9.5%
39	Borealis	8888	-34.2%	-9945		186	-92.0%	14820	-8.7%	893	11.4%
40	Givaudan	8839	4.1%	1332	0.4%	1066	4.3%	13279	-3.3%
41	Westlake Chemical¹	8336	-24.3%	59	-97.6%
42	Orbia Advance	8204	-15.0%	849	-36.1%	65	-89%	11552	-0.6%	658	19.9%
43	Lonza	8015	7.9%	1050	-42.9%			20105	-2.9%	2007	-10.1%
44	Alpek	7759	-26.5%	-386		-587		6078	-14.0%	277	-67.9%
45	Corteva¹	7754	-8.5%
46	LANXESS	7419	-17.0%	-738		490	77.2%	10680	-14.3%	360	-19.9%	109	-2.9%
47	RPM International (May 2023)	7256	8.2%	759	8.0%	480	-2.6%	6782	1.1%	254	14.4%	17
48	Wacker	7074	-22.0%	447	-75.9%	362	-74.5%	9784	-5.8%	785	29.8%	203	5.3%
49	Olin	6833	-27.1%	712	-60.0%	452	-65.9%	7713	-4.1%	236	-0.4%	20	9.3%
50	ICL (Israel Chemicals Limited)¹	6738	-23.8%	1048	-64.8%
51	Tosoh^1,4	6243	15.5%	380	-58.2%
52	Petronas Chemicals Group	6239	-1.0%	469	-67.5%			6406	8.2%
53	Huntsman	6111	-23.8%	84	-87.5%	101	-78.0%	7248	-11.8%	230	-15.4%
54	Chemours	6027	-11.3%			-237		8251	8.0%	370	20.5%	108	-8.5%
55	Teijin^1,2	5588	15.9%
56	Kuraray	5520	3.2%	533	-13.4%	299	-24.0%	3900	3.3%
57	Orica⁵	5398	12.0%	474	23.8%	171	413.1%	5957	4.8%	276	31.7%
58	Solvay	5392	-11.9%	1023	-10.8%	650	-20.5%	7759	-66.0%	497	18.4%	52	2.2%
59	Occidental Chemical¹	5321	-21.3%
60	Clariant	5223	-15.8%	337	291.7%	214	54.3%	4035	-13.2%			191	0%
61	Nouryon Chemicals Holding B.V.	5188	-10.1%							392	9.2%
62	Axalta Coating Systems	5184	6.1%	588	38.8%	269	39.7%	7272	3.0%			74	11.4%
63	Formosa Plastic Corp	4893	-22.9%	224	-83.8%			16105	1.2%
64	FMC	4486	-22.7%			1321	78.3%	11926	6.8%	134	-5.9%	329	4.6%
65	Exxonmobile¹	4351	-27.0%
66	Daicel²	3944	3.7%	441	31.3%	395	37.2%	5931	9.6%	547	37.6%	165	6.9%
67	Cabot⁵	3931	-9.0%	526	35.2%	484	99.2%	3604	2.2%	214	81.4%	57	3.6%
68	Hanwha Solutions¹	3931	-13.7%	466	-34.6%
69	FUCHS PETROLUB	3913	3.8%	456	13.2%			2677	-4.0%
70	Kemira	3739	-5.2%	372	-3.2%	233	-11.8%	3856	-4.4%	229	4.5%	38	3.0%
71	Methanex	3723	-13.6%			284	-38.5%	6427	-3.1%	178	21.9%
72	Trinseo	3675	-26.0%	-455		-701		3026	-19.5%	70	-53.2%	240	15.4%
73	Resonac¹	3649	-2.2%	54	-69.1%
74	Entegris	3524	7.4%	499	4.0%	181	-13.5%	8813	-13.1%	457	-2.0%	277	21.1%
75	H.B. Fuller	3511	-6.4%	355	10.0%	145	-19.6%	4724	5.8%
76	NOVA Chemicals	3350	-25.1%			360	-64.7%	10081	-2.7%	510	-49.0%
77	Tessenderlo	3236	13.2%	133	-58.1%	126	-49.6%	3221	26.7%	197	57.4%	33	125.2%
78	Avient	3143	-7.5%	197	-19.1%	76	-89.2%	5969	-1.9%	119	13.2%	90	6.4%
79	Nippon Shokubai²	2966	13.6%	166	-19.0%			3699	1.0%	125	7.3%	112	3.9%
80	JSR²	2890	19.9%	208	-32.9%			5050	-11.7%	310	9.7%
81	Tronox	2850	-17.5%	186	-59.4%	-314		6134	-2.7%	261	-39.0%	12	0%
82	Denka²	2751	-4.5%	95	-58.6%	84	6.4%	4356	4.1%
83	Zeon²	2747	7.4%	192	-38.8%	75	-68.4%	3696	7.9%	241	48.7%	124	10.8%
84	NewMarket	2698	-2.4%	483	36.0%	389	39.1%	2309	-4.1%	48	-14.0%	138	-1.6%
85	Incitec Pivot ^1,5	2637	4.0%	527	-15.8%
86	Ube^1,2	2513	4.3%	91	-63.2%			2440	-1.0%
87	Synthomer	2506	-15.5%	-45		-85		3442	-11.2%	107	-7.5%	43	6.3%
88	Kaneka^1,2	2360	11.3%	194	3.8%
89	Ashland	2191	-8.4%	172	-48.3%	178	80.8	5939	-4.4%			51	-7.3%
90	Minerals Technologies	2170	2.1%	172	-20.0%	88	-30.1%	3347	-1.6%	93.5	13.6%	21	3.9%
91	Tata Chemicals	2045	32.1%					4218	3.7%
92	Petkim	2026	-38.4%	-248				3082	-7.3%
93	Quaker Chemical	1953	0.5%	214	310.1%	113		2714	-3.8%	4	59.1%	50	9.3%
94	Innospec	1949	-0.8%	162	-13.7%	139	4.6%	1707	6.5%	62	56.8%	42	7.8%
95	Orion Engineered Carbon	1894	-6.7%	205	4.2%	104	-2.5%	1833	-2.9%	173	-25.8%	25	12.9%
96	Ingevity	1692	1.4%			-5		2623	-4.1%	110	-22.9%	32	5.0%
97	Kronos Worldwide	1667	-13.7%	-56		-49		1838	-5.0%	47	-25.0%	18	20.0%
98	AdvanSix	1534	-21.2%			55	-68.2%	1496	0.0%	23	52.3%
99	SK Global Chemical	1348	-4.4%	64	-63.9%	37	-79.3%	3,206	5.4%
100	OCI	995	-39.9%	44	-72.9%	40	-60.0%	1,535	-47.3%

¹Only Chemicals Segment
²Year ending March 2023
³Year ending June 2023
⁴Year Ending May 2023
⁵Year ending September 2023

The year 2023 presented significant challenges for the global petrochemical industry, impacting financial performances and reshaping the competitive landscape among the top 100 chemical manufacturing companies. The backdrop of the global economy in 2023 sets the stage for understanding the performance and strategic decisions of these industry leaders. Globally, economic conditions were tumultuous, with major economies experiencing varied but interconnected difficulties. China's economy grew by 5.2%, slightly surpassing the official target, yet the recovery was less robust than anticipated due to a deepening property crisis, deflationary risks, and weak consumer and business confidence. Similarly, Europe narrowly avoided a recession, with the eurozone's GDP stagnating amidst high inflation, rapid interest rate hikes, and persistent energy cost challenges exacerbated by the Russia-Ukraine conflict.

Germany's economic contraction and marginal growth in Italy and Spain reflected the broader regional struggles. Meanwhile, the U.S. economy exhibited resilience, with significant GDP growth driven by strong household consumption, although signs of a slowdown emerged towards the end of the year. The petrochemical industry, in particular, faced declining profit margins and sales figures globally. Manufacturers contended with supply chain disruptions, fluctuating demand, and inflationary pressures impacting input costs.

This report delves into the financial performance of the top 100 chemical manufacturing companies in 2023, focusing on key financial indicators. It examines how these global economic conditions and industry-specific challenges influenced the strategic decisions and financial outcomes of key players, providing valuable insights into the competitive dynamics and future prospects of the sector.

Top Performers

ChemAnalyst has conducted a comprehensive analysis and ranking of companies based on their performance, considering key indicators such as net income, operating income, total assets, capital expenditures (Capex), and research and development (R&D) expenses in 2023 compared to 2022.

The performance of the leading chemical companies in 2023 has been marked by significant financial outcomes, driven by varying factors across different market conditions and geographies. Here, we delve into the financial performance of some of the top chemical companies, shedding light on their net income, key achievements, and challenges faced during the year.

Top 10 By Operating Income

Shin Etsu reported impressive financial growth for the fiscal year ending March 31, 2023 (FY2022). The company achieved a 35.4% increase in consolidated net sales compared to the previous fiscal year, maintaining over 30% growth for two consecutive years. This growth was primarily driven by an increase in sales volume of PVC resin and effective price negotiations reflecting market fluctuations. Consolidated operating income surged by 47.6%, with all business segments recording double-digit profit growth. Notably, the Infrastructure Materials business led the growth with a 70.3% increase in profit.

FMC experienced a challenging year with a 23% decrease in revenue, amounting to $4.49 billion. This decline was attributed to a significant volume decline and lower pricing, despite favourable cost controls and lower input costs. However, on a GAAP basis, FMC reported a substantial increase in full-year net income, reaching $1.32 billion, up 78% from the previous year. This surge was mainly due to one-time tax benefits realized in the fourth quarter.

LyondellBasell reported a net income of $2.1 billion for 2023, with earnings of $6.46 per share. The company faced several market headwinds, including soft global demand and economic uncertainty, which impacted margins in various segments such as Olefins & Polyolefins, Intermediates & Derivatives, and Advanced Polymer Solutions. Despite these challenges, the oxyfuels segment experienced record annual earnings due to tight supply and strong gasoline crack spreads. Full-year EBITDA was $4.5 billion, increasing to $5.2 billion when excluding identified items.

Albemarle's operations in China played a crucial role in its financial performance, with net sales to China accounting for 30% of total net sales in 2023. The company faced significant geopolitical and regulatory risks, including tariffs and trade restrictions between the U.S. and China, as well as energy consumption targets imposed by the Chinese government. These factors, coupled with environmental regulations and the Uyghur Forced Labor Prevention Act, posed challenges to Albemarle's supply chain and operational efficiency. Despite these challenges, Albemarle continues to focus on its strategic investments in China and the commissioning of a new lithium conversion plant in Meishan.

Top 10 Increments in Operating Income

The financial performance of leading chemical companies in 2023 highlights significant variations in net income growth, influenced by both internal management strategies and external economic conditions. Here we examine the comments from selected companies to gain insight into their performance, focusing on those with notable increases in net income. Quaker Houghton experienced a remarkable turnaround in 2023, recording a net income of $112.7 million or $6.26 per diluted share, compared to a net loss of $15.9 million or $0.89 per diluted share in 2022. This improvement was largely driven by a recovery in gross margins and the absence of non-recurring impairment charges that had impacted the previous year. On a non-GAAP basis, the company's net income increased to $137.6 million from $105.3 million in 2022, and adjusted EBITDA rose by 25% to $320.4 million. The company's operating income increased significantly to $214.5 million from $52.3 million, reflecting higher gross profits and strategic cost management. Despite higher SG&A expenses due to inflation and labour costs, the company benefited from favourable pricing and product mix across its geographical segments.

Clariant faced a challenging year marked by geopolitical tensions and a slowing global economy. Despite these difficulties, the company managed to defend its pricing, although volumes sold decreased by 7%. EBITDA declined to CHF 607 million from CHF 696 million, with an EBITDA margin of 13.9% compared to 15.6% last year. However, the Catalysts segment showed strong performance, with sales increasing by 9% in local currency and an improvement in the EBITDA margin to 10.3% from 9.4%. Excluding operational and exceptional effects, the Catalysts segment's underlying EBITDA margin rose to 20.8% from 13.8% in the previous year, highlighting a significant turnaround driven by positive pricing, higher volumes, and a favourable business mix.

Johnson Matthey reported an operating profit of £406 million, significantly higher than the previous year's results. This increase was primarily due to the absence of a one-off impairment related to Battery Materials in the prior period. Profit before tax for continuing operations rose to £344 million from £195 million, reflecting the higher operating profit. The company's performance was influenced by lower precious metal prices and reduced auto-related volumes, but these were offset by effective pricing strategies and transformation savings. Despite the challenges of cost inflation, Johnson Matthey's focus on efficiency and commercial sharpening helped improve their financial performance.

Top 10 by Net Income

The financial performance of leading chemical companies in 2023 reflects varying levels of success and challenges across different market segments and geographical regions. Below, we analyze the comments from selected key companies to provide insight into their performance, focusing on those with significant net income.

Sherwin-Williams achieved a strong financial performance in 2023, particularly in the Paint Stores Group. Net sales for this segment increased by 7.3% to $12.8 billion, driven by volume growth and effective price realization. Same-store sales in the U.S. and Canada grew by 6.8%, showcasing the company's ability to expand its market presence despite economic pressures from high interest rates and inflation. Segment profit surged by 21.8% to $2.9 billion, with a margin increase of 270 basis points to 22.3%. This growth was attributed to sales volume increases and moderating raw material costs, although higher employee-related expenses and growth investments also played a role. In the Consumer Brands Group, net sales saw a slight decrease of 0.7% to $3.4 billion, as price realization partially offset lower volumes and divestitures. Despite softer DIY sales due to inflation, the Pros Who Paint segment grew by a double-digit percentage. The Performance Coatings Group also set a new record with a 0.7% increase in sales to $6.8 billion, driven by pricing discipline and acquisitions, particularly in the Automotive Refinish division. Overall, Sherwin-Williams' strategic investments in new stores, sales reps, innovation, services, and digital enhancements contributed significantly to its robust financial performance.

Celanese faced several operational challenges in 2023 but managed to deliver solid financial results. The Acetyl Chain (AC) achieved a fourth-quarter adjusted EBIT of $300 million and operating EBITDA of $354 million, maintaining strong margins despite unanticipated issues such as rapid declines in China pricing and operational disruptions in the U.S. Gulf Coast network. The company's 2023 AC adjusted EBIT was $1.3 billion, with operating EBITDA at $1.5 billion. These results highlight the resilience of Celanese's earnings despite a 17% decline in pricing compared to 2022, which created a nearly $1 billion headwind. Celanese's success in mitigating these challenges was due to its strategic focus on reducing fixed costs and building optionality within its supply chain. By leveraging downstream extensions such as acetate tow and redispersible powders, the company offset two-thirds of the pricing headwind, demonstrating robust foundational earnings. The full-year adjusted EBIT margin only compressed by 220 basis points to 26%, indicating strong operational management.

LG Chem faced a challenging year in 2023, recording a loss due to sluggish demand in the construction and home appliances segments, coupled with rising raw material costs. The battery materials segment also saw a decline in sales and profitability due to weak EV demand in Europe and falling metal prices. Despite these setbacks, the Engineering and IT materials segment maintained solid profitability by focusing on high-value-added products, even during the off-season. Sales of key products increased, but the fourth quarter saw a QoQ decrease due to the impact of declining metal prices and conservative year-end inventory management by customers. Profitability was further affected by lagging raw material prices and reduced utilization of European plants. The market condition was worsened by an increase in supply from Northeast Asia and a global economic slowdown, creating a challenging environment for LG Chem.

Top 10 Increments in Net Income

Orica reported a strong financial performance for 2023, with an underlying EBIT of $698 million, marking a 24% increase from the previous year. The company's statutory NPAT was $296 million, despite a $73 million expense in significant items after tax. The return on net operating assets improved to 12.6%, driven by enhanced earnings and favorable market conditions. Orica attributed its success to its commercial discipline, strong market demand, supply security, technology advancements, and a diversified customer and commodity mix. Additionally, proactive debt management, including the issuance of $350 million in fixed-rate unsecured notes, bolstered the company's financial position, enabling continued growth and improved shareholder returns.

AGC Group's financial performance was mixed in 2023. Despite a challenging global economy, AGC managed to strategically optimize its business portfolio. The company's net sales amounted to 2,019.3 billion yen, a slight decrease of 0.8% from the previous year. However, profit before tax surged by 109.8% to 122.8 billion yen, primarily due to the absence of impairment losses recorded in the previous fiscal year. Profit attributable to owners of the parent increased significantly by 69.0 billion yen to 65.8 billion yen. This increase was driven by strong performance in the automotive business and favorable exchange rates, despite lower sales prices for essential chemicals and higher manufacturing costs.

Cabot Corporation reported a substantial increase in net income for fiscal 2023, achieving $445 million, compared to $209 million in fiscal 2022. This improvement was largely due to a partial release of the valuation allowance on U.S. deferred tax assets ($152 million) and the absence of a significant loss on the sale and asset impairment charge from the previous year. The Reinforcement Materials segment contributed an additional $74 million in segment EBIT, although this was partially offset by a $109 million decrease in the Performance Chemicals segment. Despite lower volumes and the unfavorable impact of foreign currency movements, higher unit margins in the Reinforcement Materials segment due to improved pricing and product mix significantly boosted overall performance.

Top 10 by Total Assets

BASF's total assets decreased by €7.1 billion in 2023, bringing the year-end total to €77.4 billion. This decline was primarily due to lower working capital and a reduction in current assets. Noncurrent assets slightly decreased to €45.9 billion, with significant amortization and impairments affecting intangible assets. Despite these reductions, property, plant, and equipment increased by €1.1 billion, largely due to substantial investments in the construction of the Verbund site in Zhanjiang, China.

Key Points:

Decrease in total assets by €7.1 billion.
Reduction in current assets by €5.95 billion, notably in inventories.
Increase in property, plant, and equipment by €1.1 billion, driven by new investments.

Dow reported total assets of $57.0 billion as of December 31, 2023, a decrease of $5.6 billion from the previous year. The company successfully completed $1 billion in targeted cost savings, which helped mitigate the impact of the global recessionary environment. Despite these challenges, Dow's diverse and cost-advantaged portfolio enabled the company to deliver net sales of $44.6 billion and a net income of $660 million.

Key Points:

Completion of $1 billion in cost savings.
Net sales of $44.6 billion and net income of $660 million.
Restructuring actions to improve long-term competitiveness.

DuPont faced a challenging macroeconomic environment in 2023, which led to a significant non-cash goodwill impairment charge of $804 million. This impairment was due to reduced market demand, particularly in construction and industrial end-markets. Despite these challenges, DuPont focused on aligning production rates with demand to manage inventory levels effectively.

Key Points:

Significant non-cash goodwill impairment charge of $804 million.
Reduced production rates to align inventory with market demand.
Impacted by challenging macroeconomic conditions, particularly in construction markets.

These companies illustrate varied strategies in managing their total assets and navigating economic challenges. Their focus on strategic investments, cost management, and operational adjustments highlights their efforts to maintain financial stability and support long-term growth.

Top 10 decline in Total Assets

Solvay's total assets experienced a notable decrease in 2023, primarily driven by several key factors. The sale of the Group’s 50% equity stake in the RusVinyl joint venture reduced investments in associates and joint ventures by €432 million. Additionally, fair value adjustments of energy-related financial assets and liabilities due to price decreases in gas and electricity contributed to the overall decrease. The distribution of Syensqo accounted for a decrease of €303 million in other provisions, partially offset by a new restructuring provision of €34 million. OCI's adjusted income in 2023 reflected various financial maneuvers, including gains on the sale of assets and associated tax impacts. The company reported a gain of KRW 122.5 billion from asset sales and a tax expense of KRW 66.9 billion related to these gains. These factors played a role in the overall financial adjustments for the year. Trinseo announced several asset closures and restructuring actions during 2023, which are anticipated to enhance profitability by approximately $100 million in 2024. These strategic decisions were part of the company's efforts to streamline operations and improve financial performance amid challenging market conditions.

Research Methodology

The research methodology employed involved compiling a comprehensive list of major chemical manufacturing companies worldwide and analysing their balance sheets for the year 2023. The ranking of companies was based solely on their sales or revenue earned during 2023. However, some companies released their financial reports according to their fiscal year ending in 2023. Companies that had multiple businesses were included in the list, but only the chemical segment was taken into consideration for the ranking. Companies that were involved in manufacturing fertilizers, pharmaceuticals, and specialty gases were either excluded from the list or had their chemical segment focused upon. Several companies, which had chemical manufacturing as a major business segment, had to be excluded from the list due to an unclear segmentation of the chemical domain in their annual financial releases.

The ranking was based on the percentage change in performance compared to the previous year (2022). However, companies that faced losses during the previous year were skipped, as an improvement shown in percentage change would give a wrong indication of their performance. Only important financial aspects, such as sales or revenue, EBIT (earnings before interest and taxes)/Operating Income, R&D (research and development) expenses, Capital expenditures (CAPEX), and net income, were taken into consideration. These financial indicators were also compared with the previous year (2022), and a percentage change was calculated. Analysing these financial indicators can help to understand the actual performance of the company. However, some important financial indicators had to be skipped due to different approaches by some companies in demonstrating their financials, as they were not clearly mentioned in their annual press releases.

Furthermore, all currencies were converted into USD, based on the conversion rate on December 31, 2023, in order to maintain a level playing field for all the companies.

Disclaimer

The information provided in this ranking is intended to be informative and should not be relied upon as the sole factor in making any financial decisions. It is important to note that each country may have its own unique financial reporting regulations and that companies may use various methods to present their financial performance. Therefore, discrepancies in reported values may occur. While every effort has been made to generate this ranking using the most appropriate and relevant approach, any suggestions or feedback to improve its accuracy are welcome.