LONDON (ICIS)--Germany's BASF has held its position as the world's leading chemical company with $60.1bn in sales in 2016, according to the ICIS Top 100 Chemical Companies listing on Tuesday.
BASF was followed by China's Sinopec at number 2 with $48.3bn, and US-based Dow Chemical in third place with $48.2bn.
Saudi Arabia's SABIC stayed in the number 4 slot with $35.4bn in sales, while INEOS jumped up to fifth with $32.9bn in revenues.
Currency conversions to US dollars for the ranking were based on year-end 2016 exchange rates, or rates at the end of the company's fiscal year.
It was a mixed performance in terms of sales in 2016, with a number of the ICIS Top 100 Chemical Companies experiencing sales declines spurred by lower crude oil prices as well as portfolio changes.
“While top line growth was challenging in 2016, chemical companies did far better in increasing operating profits and net income,” said Joseph Chang, Global Editor of ICIS Chemical Business.
“On the M&A front, with a number of mega deals closing and expected to close through the rest of 2017 and 2018, there should be a significant shift in future rankings.”
The ICIS Top 100 Chemical Companies ranking, sponsored by US Chemicals, a Maroon Group company, is available for download here as a PDF.
The listing is published in ICIS Chemical Business magazine, which will run a series of special reports over the next few weekly issues.The September 8 issue will feature the geographic leaders in North America, Latin America, Europe, Asia, and the Middle East & Africa, while the September 15 issue will highlight the ICIS Company of the Year based on financial metrics.