Numbers crunched: Top 10 Transnational Corporations in the world vs Kenya's economy
By Valentine Kondo | January 4th 2019
According to statistics from global business tracker Trading Economics, Kenya’s GDP in 2017 stood at $74.94 billion (Sh7.65 trillion). In 2018, The International Monetary Fund put it at $85.98 billion (Sh8.78 trillion).
The corporations' size, and therefore ranking, have been measured by computing a combination of their sales, profits, assets and market value.
Below, Forbes Global 2000 10 biggest multinationals in the world in relation to Kenya’s budget and gross domestic product (GDP).
Industrial and Commercial Bank of China
Offering banking and financial services, the bank has a market value of Sh31.80 trillion.
The financial service provider, therefore, can finance Kenya’s 2018/2019 Sh3 trillion budget over 10 times in a row.
China Construction Bank
Headquartered in Beijing, China, CCB is valued at Sh26.71 trillion in 2018 with total sales increasing to $143.2 billion.
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The banking and financial service provider market value is equivalent 3 times of Kenya’s GDP.
JP Morgan Chase
The banking and financial service provider is headquartered in NewYork, USA.
In 2018, the company recorded a profit of Sh2.7 trillion that can fund Kenya’s budget for a year.
The profits can also finance Kenya’s Universal Health Care (UHC) of Sh34 billion 71 times.
Headquartered in Omaha, US, the conglomerate registered total sales of Sh24.04 trillion with a market value of Sh491.9 billion in 2018.
Headed by Warren Buffet, the company’s profits of Sh4.05 trillion is half Kenya’s latest GDP as reported by International Monetary Fund.
Agricultural Bank of China
The financial service provider is located in Beijing, China.
By the end of 2018, the banking company’s market value was Sh18.81 trillion with Sh13.20 trillion total sales.
The value of its sales is 400 times the amount of revenue collected by Kenya Revenue Authority of Sh33 billion as of April 2018, according to the figures from the National Treasury.
Bank of America
The banking and financial service provider is at number six in Forbes 2000 Global companies.
With a market value of Sh23.70 trillion, BoM registered total sales of Sh9.41 trillion by 2018.
The total sales during the period are equivalent to three times Kenya’s Budget for the financial year 2018/19.
According to Forbes, the US financial service provider registered a Sh10.52 trillion overall sales in 2018. Market value of the banking company stands at Sh27.11 trillion.
According to CNBC, Wells Fargo collected revenue of Sh2.23 trillion in the third quarter of 2018. The revenue is 80 times Kenya’s projected Sh27.5 billion revenue collection for 2018/19 fiscal year.
The computer hardware and software giant is headquartered in Cupertino, US, with a market value of Sh92.69 trillion with total sales of Sh25.27 trillion.
Apple’s market value is, therefore, over 10 times Kenya’s 2018 GDP of 8.78 trillion.
Bank of China
Headquartered in Beijing, China, the financial service provider as well as banking service provider is worth Sh16.21 trillion with total sales recorded in 2018 reaching Sh12.07 trillion.
Total profit for the year was Sh2.69 trillion.
The banks’ profits can develop 6,725 leather industrial parks of Sh0.4 billion each as outlined by Kenya’s 2018/19 Budget.
Ping An Insurance Group
Situated in Shenzen China, the insurance company is worth Sh18.54 trillion with total sales of Sh14.46 trillion in 2018.
The revenue of Ping can establish 360 Cancer Institutes that have been allocated Sh400 million by the Treasury in 2018/19 financial year.
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