• 2023 Most Profitable Global Firms were dominated by players in the Energy, Finance and Technology sector. 
  • Saudi Aramco, with $159.1 billion in profits dominates as the world’s most profitable energy company, capitalizing on vast oil reserves.
  • Energy sector leads with a 24.56 per cent profit share, amassing $711.6 billion from 88 companies, highlighting its dominance in the global market.

A study on the 2023 Fortune 500 reveals that most profitable global companies amassed a colossal US$2.9 trillion in profit. The Most Profitable Global Firms 2023 were dominated by players in the energy, finance and technology sector.

The top 10 companies alone accounted for $689.8 billion, or 24 per cent, of this total. Each company in this elite group averages an impressive $69 billion in profit. Leading the pack are Saudi Aramco, Apple, and Microsoft, respectively, as the most profitable.

The research conducted by growandconvert.com further uncovers that the top three sectors—Energy (24.56 per cent), Financials (23.07 per cent ), and Technology (15.54 per cent )—collectively contribute 63 per cent  of the profits of these global 500 companies.

Remarkably, half of the top 10 most profitable companies are based in the US, underscoring the formidable presence of American corporations in the global economic arena.

Top 10: 2023 Most Profitable Global Firms

Saudi Aramco (Energy, Saudi Arabia)

With $159.1 Billion in profits, it dominates as the world’s most profitable energy company, capitalizing on vast oil reserves. As of January 2024 Saudi Aramco has a market cap of $2.133 Trillion. This makes Saudi Aramco the world’s third most valuable company by market cap according to companies marketcap.com.

Apple (Technology, US)

Profiting $99.8 Billion, Apple leads in tech innovation and consumer electronics, with a strong global brand presence. The firm is US owned but they contracted Foxconn to produce the phones which is based in China.

Apple owns the Intellectual property of what is known as the iPhone. Apple is a US based company that was started and incorporated in the United States. It is owned by its shareholders as it is a public company traded on the stock exchange.

Microsoft (Technology, US)

With $72.7 Billion in profits, it excels in software, cloud services, and AI, maintaining a significant impact in tech industry. Microsoft is the largest vendor of computer software in the world. It is also a leading provider of cloud computing services, video games, computer and gaming hardware, search and other online services.

Microsoft’s corporate headquarters is located in Redmond, Wash., and it has offices in more than 60 countries.

Alphabet (Technology, US)

Earning $60 Billion in profit, Alphabet, Google’s parent company, thrives in digital advertising, cloud computing, and AI technologies.

Postal Service (Transportation, US)

An unexpected contender with $56 Billion in profits, showing resilience and adaptability in logistics and delivery services.

Exxon Mobil (Energy, US)

With $55.7 Billion profit, it’s a key player in the oil and gas sector, benefiting from global energy demands and efficient operations.

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Industrial & Commercial Bank of China (Financials, China)

Profiting $53.6 Billion, this bank leads in the financial sector with a strong customer base and diverse services.

China Construction Bank (Financials, China)

With $48.1 Billion in profits, it plays a pivotal role in China’s financial landscape with extensive banking operations.

Samsung Electronics (Technology, South Korea)

Achieves $42.4 Billion in profit, excelling in consumer electronics, semiconductors, and telecommunication.

Shell (Energy, Britain)

With $42.3 Billion profit, Shell remains a global leader in oil and gas, focusing on sustainable energy solutions alongside traditional operations.

Most Profitable Sectors Top 2023 Most Profitable Global Firms

The technology sector emerges as the powerhouse for the top US companies, contributing significantly to the country’s total profit of $1.3 trillion.

With a remarkable $306 billion in profit, the technology sector commands a substantial 28 per cent share of the overall profit generated by all sectors. Impressively, the Technology sector also showcases a robust profit margin of 19.76 per cent, underscoring the efficiency and profitability of tech companies within the US corporate landscape.

Saudi Aramco and TotalEnergies during the launch of the first two service stations of their joint retail network in Riyadh, Saudi Arabia’s capital /COURTESY

The top four sectors—Technology, Energy, Healthcare, and Financials—stand out as major contributors, collectively accounting for 75 companies and generating a substantial $779 billion in profit, representing 72 per cent of the total profit across all sectors in the US.

Energy Sector: Leads with a 24.56 per cent profit share, amassing $711.6 billion from 88 companies, highlighting its dominance in the global market.

Finance Sector: Close behind with a 23.07per cent profit share, contributed by 101 companies, underlining its significant financial influence.

Technology Sector: Comprises 35 companies, securing a notable 15.54 per cent share, emphasizing its ongoing importance in the profit landscape.

Healthcare Sector: With 30 companies, holds a 7.51per cent share, translating to $217.6 billion, signifying its substantial role in profitability.

Transportation Sector: Encompasses 22 companies, accounting for 5.54 per cent of total profit, amounting to $160.5 billion, essential for global movement.

Motor Vehicle and Parts Sector: Includes 34 companies, contributing 5.36 per cent to the global profit, with $155.4 billion, reflecting the automotive industry’s impact.

Other Sectors: Comprising 14 diverse sectors with 190 companies, these sectors collectively contribute $533.6 billion, accounting for 18per cent of the global profit.

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