State Grid Ranked Second on Fortune Global 500 for the Third Consecutive Year
On 19th July, Fortune Magazine released 2018 Fortune Global 500. State Grid ranked second with a revenue of 348.903 billion USD.
In recent years, State Grid has been firmly implementing the decisions and initiatives of the Central Committee of the Communist Party of China and the State Council to maintain the safe and stable operation of power grids, make new progress in grid construction, improve the business environment for the power industry and support economic growth and energy transition in China. State Grid has been promoting innovation to lead the scientific and technological development of global power grid with a large number of world-leading innovation outputs with independent IPR achieved in UHV transmission, smart grid and renewable energy. Besides, State Grid has also been expanding the global market to serve and promote the development of the “Belt and Road” Initiative, with outstanding performance in overseas power infrastructure investment and operation, grid connectivity, international production capacity cooperation and the development of international standards. Meanwhile, State Grid has also been committed to fulfilling its social responsibilities to creative economic, social and environmental value, and sticking to brand-led growth to become stronger, better and bigger for continuous improvement in comprehensive strength, innovation capability, value creation and brand influence. With the goal of building world-class energy intergrid enterprise with outstanding competitiveness, State Grid has ranked second on Fortune Global 500 for three consecutive years.
This year, 120 Chinese companies made their names on the list, slightly fewer than US companies (126) and far outnumber Japanese companies (52). Among the Top 10, there are two other Chinese companies: Sinopec Group and China National Petroleum ranked third and fourth following State Grid with a revenue of 326.953 billion USD and 326.008 billion USD respectively.
Fortune Global 500 is widely regarded as the most well-known and authoritative list to evaluate the performance of large global companies. It is released by Fortune Magazine on an annual basis. The total revenue of Fortune Global 500 companies this year reached nearly 30 trillion USD with a total net profit of 1.88 trillion USD. The entry threshold for Fortune Global 500 this year is 23.5 billion USD.
Source: Department of International Cooperation, State Grid; State Grid News