Fortune magazine has crowned Russia’s state-controlled Gazprom as the most profitable company in the world, based on the most recent annual profits, from 2009. It generated a cool $24.6 billion.
No wonder Russia has so much swagger these days, given that a rich Gazprom is the equivalent of a rich Russian government. That’s because Gazprom accounts for 10% of Russia’s entire GDP (2008), and at times has generated 20% of Russia’s federal budget.
In second place came privately-owned Exxon (XOM), whose profit fell by 57.4% in 2009, compared to Gazprom’s less severe 17.8% drop. 2009 wasn’t exactly a banner year for capitalism.
Meanwhile, the third most profitable company was Industrial & Commercial Bank of China, and the fourth was… BP. BP achieved this spot despite profit falling by 21.6% in 2009, but we can probably predict it will drop by an even larger amount this year.
See the complete Fortune list here.