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2 Oct, 2023 13:29

Highest-earning foreign companies operating in Russia revealed

French DIY giant Leroy Merlin is top of the updated list, compiled by Forbes
Highest-earning foreign companies operating in Russia revealed

French home-improvement and gardening retailer Leroy Merlin has the most lucrative operation of any Western corporation still operating in Russia, according to the latest ranking issued by Forbes.

The French company’s revenues in Russia amounted to 529.7 billion rubles ($5.4 billion) in 2022, according to Infoline Consultancy, as cited by the magazine.

Earlier this year, ADEO group, the parent company of Leroy Merlin, announced plans to transfer its Russian business to local management.

The Forbes rating includes 50 corporations, more than half of which are owned by foreign investors.

Japanese tobacco company JT Group, with reported revenues of $4.38 billion, and US tobacco giant Philip Morris, which earned $4.04 billion, were ranked second and third on the list.

Rounding out the top five foreign operators currently in Russia are US food and beverage giant PepsiCo ($3.15 billion) and France’s Elo, which runs supermarket chains Auchan and Atak ($3.03 billion).

They were followed by Dutch telecoms multinational VEON ($2.96 billion), German operator of cash-and-carry stores Metro AG ($2.31 billion), and American food company Mars ($2.08 billion).

The top ten also included Swiss food giant Nestle ($2.02 billion) and Chinese carmaker Chery Automobile ($1.49 billion).

The subsidiary of top German energy firm Uniper, whose assets in Russia came under temporary control of local management, placed 19th, with reported revenue of $1.1 billion. The Russian subsidiaries of food major Danone and brewing company Baltika, which became subject to the same decree, are ranked 16th and 20th, respectively.

Carmakers Toyota, Volkswagen and Renault, tech giants Apple and Samsung, have left Forbes’ updated rating. Among the new companies joining the list are Thai CP Foods, which invests in agriculture, Belarusian Trading House BelAZ, and two Chinese manufacturers of household appliances and electronics, BBK Electronics and Haier.

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