South Korea has been the over-embellished and busiest tech hotspot over the course of time as it is a sanctuary for tech goliaths. Recently, South Korea’s top 500 firms saw a drastic change in sales last year due to the rise of K-pop and virtual currency firms.
A corporate tracker shared the demographics on Wednesday. New companies have secured a sweet spot in the listings. Notably, firms with annual revenue of above one trillion fizzled out from putting their branding on the list because of the gradual increase in the overall revenue growth of companies.
The reports from the regional business insider CEO Score on Wednesday showcase that Samsung Electronics Co. received a whopping 279.65 trillion won in revenue last year, which made Samsung pick up the top spot in the country’s top 500 companies list. Presumably, it wasn’t the abrupt situation in South Korea, Samsung has brought about its appearance almost in all departments of the tech industry, so it is no wonder to see the company at the top place in the table.
Subsequently, Hyundai Motor Co. Bagged the No.2 spot with a massive revenue of 117.61 trillion won, whereas POSCO Holdings slightly climbed up three branches to hold the third position with 76.33 trillion won. LG Electronics, Kia Motors, and KEPCO have leaped down to the fourth, fifth, and sixth place. Whilst Hanwha stayed still in the same seventh place as it was in the previous year’s table.
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Chip shortage has played a pivotal part in the table rankings; battery and chip makers have seen a slight leap. SK Hynix racked up to the eighth, and LG Chem chalked up to the ninth. Oil producers climbed up in the list amidst the increase in oil prices.
GS Caltex, S-Oil, SK Energy, and Hyundai Oilbank notches up to the thirteenth place to No. 12, twenty steps to No. 21; seven notches to No. 24; and fourteen steps to No. 37, respectively. “Oil refiners which had been hit by the pandemic are recovering, and at the same time, we are seeing structural changes in local industries,” an official at CEO Score said.