In this article, we will be taking a look at the 15 biggest Mexican companies in 2022.
Mexico is a developing economy with the potential to be a major economy in the coming decades, but it is plagued by its demons. Mexico has the 15th largest GDP in nominal terms not to mention the 13th largest economy in terms of purchasing power parity. While the country was able to avoid any severe impact from the South American crisis in 2002, it was one of the worst-affected countries among Latin America in the 2008 – 2009 recession which resulted in its GDP contracting by 6%.
While Mexico’s economy has seen a period of strong stability which has resulted in incredibly low interest and inflation rates, there is significant wealth inequality within the country, which has continued to increase in recent years, aligned with global trends. Despite the aforementioned stability, Mexico has been facing some major issues including lack of infrastructure, lack of modernization of tax and labor laws not to mention of course the drug wars which have decimated much of the country, which we’ll discuss later. Despite being a member of the Organization of Economically Developed Countries, it does lag significantly behind most other members of the organization.
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Some of the progress made by Mexico includes increased privatization while improved competition in various major industries such as telecommunications, natural gas and electricity generation has aimed to improve the quality of infrastructure of the country. Exports meanwhile play a major role in the GDP of the country, with its exports to Canada and the United States accounting for more than 90% of its exports and more than half of its imports.
We mentioned earlier that Mexico’s economy and growth is affected by the drug war in the country and the operations of several drug lords. According to one study, the GDP per capita has decreased by 0.5% in states where military operations have been conducted. The dominance of cartels in Mexico cannot be understated: in some cases, their weaponry surpasses even that of the military while they’re definitely more powerful than the police in most areas, resulting in collusion between them.
According to Deloitte, Mexico is yet to recover from the massive losses suffered during the pandemic and just when it looked like the world was about to emerge from the pandemic and start to rebuild, the Russia Ukraine war kicked off plunging the world into further uncertainty. In 2020, the country’s economy contracted by 8.2% as a result of the pandemic, before growing by 4.8% in 2021. While some industries such as agriculture and industrial activities have resumed the growth rate that was being maintained before the pandemic, the services industry has not quite yet recovered. That’s why Mexico isn’t among the fastest growing economies in 2022. In 2022, the expectation is that the GDP will grow only by 1.8% but it is likely that Mexico will return to pre-pandemic levels by 2023. While the level of unemployment is much better than it was at the height of the pandemic, the labor market still remains depressed, which combined with rising inflation, is further going to increase the wealth inequality and affect poverty in the country.
The biggest companies in Mexico in 2022 have been assessed based on their revenue, profits, assets and market cap. For all data, we have consulted Yahoo Finance for the latest information and where the data has been provided in Mexico Peso, we have converted it to USD. So, without further ado, let’s take a look ag the giants of one of the biggest developing countries in the world, starting with number 15:
15. Megacable Holdings
Total revenue of the company (in billions): 1.3
Total profit of the company (in billions): 0.2
Total assets of the company (in billions): 2.8
Total market cap of the company (in billions): 6.1
The cable operator provides internet and phone services in Mexico, with services in over 250 cities located in 25 states.
14. Becle
Total revenue of the company (in billions): 2.0
Total profit of the company (in billions): 0.3
Total assets of the company (in billions): 4.9
Total market cap of the company (in billions): 7.7
Becle is a spirits company and is the biggest tequila company in the world. It currently has more than 30 brands of alcohol beverages while its products are available in 85 countries.
13. Grupo Elektra
Total revenue of the company (in billions): 7.5
Total profit of the company (in billions): 0.7
Total assets of the company (in billions): 21.8
Total market cap of the company (in billions): 12.3
The financial and retailing company is considered to be the biggest non-bank provider of cash advance services in the United States and has operations in Latin America. It operates through more than 7,000 points of contacts across the world and has separate commercial and financial divisions.
12. Arca Continental
Total revenue of the company (in billions): 9.6
Total profit of the company (in billions): 0.6
Total assets of the company (in billions): 13.3
Total market cap of the company (in billions): 15.3
A producer of snacks and beverages, Arca Continental operated in Mexico, Ecuador and the United States. It is the second largest Coca-Cola bottler in Latin America.
11. CEMEX, S.A.B. de C.V. (NYSE:CX)
Total revenue of the company (in billions): 14.5
Total profit of the company (in billions): 0.8
Total assets of the company (in billions): 26.7
Total market cap of the company (in billions): 6.3
The biggest building materials company in Mexico, CEMEX, S.A.B. de C.V. (NYSE:CX) engages in the manufacture and distribution of ready-to-mix concrete, cement and aggregates. CEMEX, S.A.B. de C.V. (NYSE:CX) has operations in more than 50 countries and is considered to be among the biggest cement company in the world. CEMEX, S.A.B. de C.V. (NYSE:CX) currently operates more than 60 cement plants and 1,348 ready-to-mix concrete facilities in addition to hundreds of quarries and distribution centers.
10. Grupo Inbursa
Total revenue of the company (in billions): 2.5
Total profit of the company (in billions): 1.1
Total assets of the company (in billions): 29.4
Total market cap of the company (in billions): 11.6
One of the biggest Mexican companies in 2022, Grup Inbursa is a finance company which is owned by Mexican billionaire Carlos Slim. Among the many products offer by the company are general insurance, automobile insurance, health insurance, mortgages, retirement funds and commercial banking.
9. Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México (NYSE:BSMX)
Total revenue of the company (in billions): 3.5
Total profit of the company (in billions): 1.1
Total assets of the company (in billions): 86.3
Total market cap of the company (in billions): 7.9
Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México (NYSE:BSMX) is the Mexican subsidiary of Banco Santander, a major Spanish bank. Founded over 30 years ago, Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México (NYSE:BSMX) is headquartered in Mexico City.
8. Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF)
Total revenue of the company (in billions): 10
Total profit of the company (in billions): 0.8
Total assets of the company (in billions): 14.0
Total market cap of the company (in billions): 13.9
Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) is jointly owned by FEMSA and the Coca-Cola company, with the remaining shares listed on the Mexican and New York stock exchanges. The biggest Coca-Cola bottler in the world, Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) has operations throughout Latin America. In 2015, Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) opened two $500 million bottling plants in Colombia and Brazil while it purchased VONPAR in Brazil in 2016.
7. Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX)
Total revenue of the company (in billions): 28.6
Total profit of the company (in billions): 1.5
Total assets of the company (in billions): 35.2
Total market cap of the company (in billions): 7.7
Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) is a beverage retail company which is headquartered in Monterrey. Operating the biggest independent Coca-Cola bottling group in the world, Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) also runs the biggest convenience store in the country. The multinational has a presence in several countries in Latin America.
6. Grupo Bimbo
Total revenue of the company (in billions): 17.9
Total profit of the company (in billions): 0.8
Total assets of the company (in billions): 15.8
Total market cap of the company (in billions): 18.9
The Mexican multinational is the biggest food processing company in the country and has operations in over 33 countries and five continents including Asia, North America, South America, Africa and Europe. The company has 134,000 employees in addition to 196 bakery plants and a global distribution network which has more than 57,000 routes. There are more than 100 brands owned by the company.
5. Banorte
Total revenue of the company (in billions): 8.3
Total profit of the company (in billions): 1.8
Total assets of the company (in billions): 95.1
Total market cap of the company (in billions): 22.9
The biggest banking and financial services company in Meixco, Banorte has close to 1,300 branches across the country while maintaining its headquarters in Mexico City and Monterrey. It is said to be the biggest retirement fund administrator as well as a part of the four largest commercial banks in the country. Banorte also has over 7,000 ATMs and can receive deposits through over 5,000 commercial establishments.
4. Southern Copper Corporation (NYSE:SCCO)
Total revenue of the company (in billions): 10.9
Total profit of the company (in billions): 3.4
Total assets of the company (in billions): 18.3
Total market cap of the company (in billions): 43.4
Southern Copper Corporation (NYSE:SCCO) is a mining company which was formed in 1952 with the vast majority of the company being owned by Grupo México. Southern Copper Corporation (NYSE:SCCO) is the world’s biggest publicly traded copper mining company and is also among the biggest copper smelting companies in the world. In addition to copper, Southern Copper Corporation (NYSE:SCCO) is also a major producer of molybdenum, silver, gold, lead and zinc, with mines in Mexico and Peru.
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3. Grupo México
Total revenue of the company (in billions): 14.8
Total profit of the company (in billions): 4.0
Total assets of the company (in billions): 32.4
Total market cap of the company (in billions): 30.5
Grupo México is a major Mexican conglomerate which operates in multiple divisions including mining, infrastructure and transportation. One of the biggest copper producers in Mexico, it also operates the biggest rail fleet in the country which consists of more than 11,000 km of rail tracks in addition to 800 engines and over 26,000 coaches combining five major Mexican cities.
2. Wal-Mart de México
Total revenue of the company (in billions): 37.8
Total profit of the company (in billions): 2.3
Total assets of the company (in billions): 18.6
Total market cap of the company (in billions): 65.8
The Mexican branch of the biggest retailer in the world, Wal-Mart de México is Walmart’s largest division outside of the United States, with close to 2,800 stores in the country which include 295 Walmart Supercenter stores and 166 Sam’s Club stores. It is the biggest retailed in Latin America and is the biggest employer in the private sector of Mexico with over 200,000 employees.
1. América Móvil, S.A.B. de C.V. (NYSE:AMX)
Total revenue of the company (in billions): 44.0
Total profit of the company (in billions): 9.9
Total assets of the company (in billions): 83.5
Total market cap of the company (in billions): 63.5
Easily topping the list of the 15 biggest Mexican companies in 2022 is América Móvil, S.A.B. de C.V. (NYSE:AMX). América Móvil, S.A.B. de C.V. (NYSE:AMX) is a Mexican telecommunications company which in 2019 had more than 277 million subscribers and over 84 million fixed revenue generating units. The owner of América Móvil, S.A.B. de C.V. (NYSE:AMX) was ranked as the richest person in the world from 2010 to 2013.
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Disclosure: None. 15 biggest Mexican companies in 2022 is originally published at Insider Monkey.
