The 2010 DS100 ranking, which is based on companies' fiscal years that ended on or before June 2010, fully captures the impact of the 2008-09 global financial crisis.
With $1.12 trillion in aggregate revenue, the DS100 list of companies recorded a cumulative 26.47 percent decline in annual revenue over the previous reporting period.
Saudi Aramco, the world's top oil producer, continues to lead the DS100 as the largest business enterprise of the Muslim world.
The 19 oil and gas companies featured on the list continued to exert their fiscal dominance, representing 64 percent of the combined DS100 company revenues. However, these same companies tallied a 38 percent drop in yearly revenue from the previous term, accounting for most of the aggregate revenue decline of this year's DS100 list.
Rafiuddin Shikoh, managing director of the New York-based Dinar Standard, said Saudi Aramco's investments in developing the still to be built refinery capacities and entry into petrochemicals are sure to further strengthen the diversification process.
"The key is how Saudi Aramco's downstream diversification feeds other industries’ competitive global advantage that use these petrochemical products as feedstock," he said.
"The drop in Saudi Aramco revenue should naturally not come as a surprise given the sharp correction we saw in the oil price as Saudi Arabia's key position as the world swing producer of oil, which played a leading role in ensuring that the OPEC quota cuts were observed. With the outlook for the oil generally brighter and the demand for it growing, Saudi Aramco should be well positioned to reap the returns of its ongoing investments as the cycle turns," Jarmo T. Kotilaine, chief economist at the National Commercial Bank, said.
The fastest growing companies on the 2010 DS100, by annual revenue, were YTL Corp. (+85.48 percent, Malaysia), PT Adaro Energy (+48.89 percent, Indonesia), Savola Group (+29.64 percent, Saudi Arabia), Etihad Airways (+29.15 percent, UAE), Proton (+26.20 percent, Malaysia), Bank Rakyat Indonesia (+26.02 percent, Indonesia), BIM Birlesik (+25.48 percent, Turkey), Public Bank (+24.30 percent, Malaysia), Selçuk Ecza Deposu (+24.28 percent, Turkey), and Pakistan State Oil (+21.48 percent, Pakistan).
The 13 Saudi companies on the DS100 list in 2010 were Saudi Aramco (No. 1), Saudi Basic Industries Corporation (11), Saudi Telecom Company (13), Saudi Oger Company (29), Saudi Electricity Company (36), Dallah Albaraka Group (44), Saudi Binladin Group (49), Savola Group (52), Consolidated Contractors International Company (54), Saad Group of Companies (59), National Commercial Bank (73), Al-Rajhi Bank (85) and Tasnee (National Industrialization Company) (94).
Shikoh said there is much effort around economic diversification. Savola Group is proving to be Saudi Arabia's corporate torchbearer of diversification success. Based on the 2010 DS100, Savola has been the third fastest growing company in the OIC (29.6 percent growth).
Another proof of diversification success, he said, has been Tasnee's entry this year on the DS100, which is fast developing an industrial base that leverages the Kingdom's oil and petrochemical advantages.
Turkish companies continue to lead the list with 20 represented enterprises, followed by 16 from Malaysia, and 11 from Indonesia. Other countries represented include the UAE, Iran, Kuwait, Egypt, Morocco, Oman, Algeria, Azerbaijan, Brunei, Jordan, Kazakhstan, Libya, Pakistan, Qatar, Syria, Nigeria, Morocco and Bahrain.
Turkey-based Koc Holding — a diversified electronics, automotive, energy, finance, and retail giant — is the largest publicly traded company on the list. It is followed by SABIC (No. 8, chemical), and Saudi Telecom Company (No. 13, services).
The Dinar Standard said in its report the important and sizable finance sector recorded a 6 percent increase in 2009 revenues while utilities, consumer cyclical, telecom and retail sectors all recorded a 7 percent increase during the same period. All these sectors had recorded double-digit growth in the previous term.