Fuel companies in Australia continue to perform strongly, despite the global downturn in crude oil, taking out top spots in a list of top 100 manufacturers.
The Advance Manufacturing Expo’s list, based on IBISWorld’s assessment of data from ASIC-lodged company reports, put Caltex first – for the second year running, BP Australia third (up from fourth last year) and Viva Energy Group Fifth. ExxonMobil just missed the coveted top five, at number six.
This is despite significant challenges due to falling crude oil prices, IBISWorld Australia enterprise researcher Aaron Vaserman said.
“Contrastingly, the expected decline of the world price of crude oil over the past year appears to have had limited impact on Australia’s large petroleum refiners and producers, who have performed strongly over the past year,” he said.
“Caltex, BP Australia and Viva Energy Group have all posted increases in revenue despite a highly volatile market, which is largely attributed to their successful investment in efficiencies, strong domestic demand and global political instability.”
Fonterra Co-op Group (who hold brands Western Star, Bega and Mainland, among others) and Perth Mint rounded out the top five.
The combined revenue of companies on the 2020 list was found to exceed $319 billion. Overall, the manufacturing industry in Australia is estimated at $413.9 billion and employs more than 964,000 Australians. IBISWorld also found the industry is on track to reach its forecast 0.5% growth by 2022.
The list is based on data from IBISWorld’s assessment of ASIC-lodged company reports and of the top 100 companies, the combined revenue exceeds $319 billion across the eight industries, including food, pharmaceutical product, beverage and tobacco and non-metallic mineral product, among others.