TechnologyHuawei Moves Up Ranking in Fortune Global 500 List in 2021 to 44th Position.

Huawei’s ranking in the global top 500 enterprises has improved to 44th this year, up from 49th in 2020. 

Huawei, the privately employee-owned firm, entered the list for the first time in 2010, ranking 397th, and by 2020, when Huawei leapt from 72nd to 49th place broke into the top 50 for the first time.

The Fortune Global 500 annual ranking measures the business revenue of the top businesses across industries. The companies generated revenues totalling more than one-third of the world’s GDP and employ 69.7 million people worldwide; however, their total revenue shrank over the past year.

After reaching a record high of $33.3 trillion in the 2020 edition, total revenue for the world’s biggest 500 companies fell 4.8% to $31.7 trillion this year. It was the first decline in half a decade.

The decline was a result of the global COVID-19 pandemic that slammed huge swathes of the global economy as countries go into lockdown, however, it served as an advantage for technology companies, a sector that not only demonstrated its importance to society but also managed to continue to grow in 2020.

During the recent announcement of their first-half results for 2021, Huawei’s net margin increased from 9.2% to 9.8% compared to the same period last year.

“We’ve set our strategic goals for the next five years. We are confident that our carrier and enterprise businesses will continue to grow steadily.” Eric Xu, Huawei’s Rotating Chairman.

The company has benefitted from its diverse business, operating in all regions globally, in different markets from telecommunications to IT and energy, and from the increase in businesses digitizing across many different industries.

The tech company also benefitted from its large patent portfolio. Earlier this year, Jason Ding, head of its intellectual property department, said that Huawei expects to rake in around $1.2 billion to $1.3 billion in patent and licensing fees between 2019 and 2021. Huawei has one of the largest patent portfolios globally and invested over 15% of its sales revenue in R & R&D Last year into technologies such as 5G and Cloud.

Read also; KBA Inks Deal with Huawei to Deepen Financial Inclusion In the Banking Sector.

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