The latest edition of the top 5,000 companies in the Philippines compiled by the Securities and Exchange Commission (SEC) and CIBI Information Inc. showed Napocor practically dominating the list, together with Southern Energy (now known as Mirant Philippines).
Last year, Napocor ranked first in terms of sales, assets and equity but was also the biggest money loser and had the most liabilities. The power agency retained its position as the biggest revenue-maker as it generated sales worth P116.6 billion, or 16 percent more than its previous record in 1999.
But with total liabilities amounting to P878.6 billion, Napocor also ended up as the worst income performer as it closed the year with losses of nearly P13 billion, more than double from year-ago levels.
Meanwhile, Southern Energy Philippines, another power generation company whose plants are located in Sual in Pangasinan, Pagbilao in Quezon and Navotas, emerged as the biggest money maker for the year 2000 as its profits reached P8.5 billion, on total sales of almost P9 billion. In 1999, Southern Energy did not even land in the top 5,000 list.
Despite the surprising performance of Southern Energy, another multinational company – US electronics exporter Texas Instruments (Phils) Inc. – recorded the biggest sales increase during the period as it gained P33.6 billion out of its total sales of P94.8 billion.
It was a big (but expected) reversal in the sales and profit picture for the Gokongwei-owned JG Summit Holdings Inc. last year, as it revenues dropped the most in peso terms, or by P9.8 billion to P3.7 billion. Its net income also plunged over 70 percent to about P3 billion, after the company amassed one-time gains from the sale of selected assets such as Apo Cement and equity interests in the former PCI Bank and Far East Bank.
The SEC report said the successful attempts last year of many of the country’s top corporations to cut costs and payoff dollar-denominated debts enabled them to post a combined 13 percent increase in their net profit levels from P105.25 billion to P118.7 billion, a turnaround from a 26 percent contraction in 1999.
Meanwhile, the gross revenues of the top corporations increased by a marginal 2.4 percent from P3.202 trillion to P3.278 trillion. With five (Napocor, Meralco, Petron, Shell, Caltex) of the top six in sales belonging to the energy, gas and water supply sector, the industry posted the biggest increase in revenues mainly on account of the increase in fees charged by the petroleum refining companies and electric power distributors following the deterioration of the peso against the US dollar and the rise in the crude oil prices in the world market.