Top 10 Largest Companies
The rise in the price of oil boosted the oil sector, which resumed its position as the largest sector in the Mexican economy, a relevance it had lost seven years earlier.
Sales of Pemex, the largest company in the region, and in the ranking, reached 2.38 trillion pesos, up 41.8% from its all-time high and up 59.4% from the previous year.
2. America Mobile
In second place is Carlos Slim’s America Movil. Mexico’s leading telecommunications company has accelerated the implementation of 5G technology in the country in recent years. Last year it made a net profit of 81,506 million pesos.
Over the past decade, America Movil’s fixed service subsidiary, Telemex, has seen its market share decline. Well, from covering 70% of fixed telephony services in 2013, it now has only 40% of the market (3rd quarter of 2023). This is due to a series of rules, however, which the competition describes as insufficient.
3. Walmart de Mexico
In third place is Walmart de México, the leader in the self-service business in the country with sales of approximately 820,000 million pesos. Walmart has announced new investments in recent months to modernize its stores, consolidate its presence in electronic commerce, automate with applications such as Cashie, and drive financial inclusion.
The NeoLeonese company showed flexibility and adaptation to the high inflation environment and even increased its sales by 21% compared to 2021 numbers. Fomento Económico Mexicano (FEMSA) said in its latest report to the stock market that the increase in revenue came as a result of a general growth in its business divisions.
5. Federal Electricity Commission
The state company achieved sales of 620,202 million pesos in 2022. However, it closed last year with a loss of 39,793 million pesos, without registering a net profit for three consecutive years.
Mexico’s top 10 largest companies include General Motors, Grupo Bimbo, Alfa, Grupo Financiero BBVA and Grupo Financiero Banorte.