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8th February 2023

Food, Beverages & Tobacco companies have had the biggest profit increases in the past year. 

Food, Beverages & Tobacco companies have had the biggest profit increases in the past year. 

New research by Tipalti, has looked at the annual profit figures of 500 of the world’s best-known companies to see how well different sectors performed in 2021 compared to 2020 and revealed the 10 industries and companies with the biggest increase in profits. 

 

The biggest increase in profits by sector

RankIndustry2020 Average Profit2021 Average ProfitChange in Average Profit
1Household Products$946,909,091$1,949,709,091$1,002,800,000
2Food, Beverages & Tobacco$1,424,440,000$1,778,666,667$354,226,667
3Retailing$1,402,479,167$1,583,174,468$180,695,301
4Industrials$1,500,333,333$1,663,505,263$163,171,930
5Engineering & Construction$564,500,000$668,742,857$104,242,857
6Technology$5,746,272,727$5,849,457,447$103,184,720
7Business Services$2,046,388,889$2,030,550,000-$15,838,889
8Chemicals$871,384,615$804,042,857-$67,341,758
9Materials$317,052,632$218,510,526-$98,542,106
10Wholesalers$278,190,476$133,372,727-$144,817,749

The companies with the biggest increase in profits

RankCompanySector2020 Profit2021 ProfitProfit Change
1General ElectricIndustrials-$4,979,000,000$5,704,000,000$10,683,000,000
2Meta PlatformsTechnology$18,485,000,000$29,146,000,000$10,661,000,000
3AmazonRetailing$11,588,000,000$21,331,000,000$9,743,000,000
4Procter & GambleHousehold Products$3,897,000,000$13,027,000,000$9,130,000,000
5PG&EEnergy-$7,656,000,000-$1,318,000,000$6,338,000,000
6AlphabetTechnology$34,343,000,000$40,269,000,000$5,926,000,000
7Altria GroupFood, Beverages & Tobacco-$1,293,000,000$4,467,000,000$5,760,000,000
8Frontier CommunicationsTelecommunications-$5,911,000,000-$402,000,000$5,509,000,000
9MicrosoftTechnology$39,240,000,000$44,281,000,000$5,041,000,000
10SalesforceTechnology$126,000,000$4,072,000,000$3,946,000,000
  • The biggest increase in profits was seen in the Household Products sector, which more than doubled its year-on-year profits with an increase of $1,002,800,000
  • This huge profit boom far outperforms any other sector, as companies within the Food, Beverages and Tobacco grouping took second place having increased their average profits by $354,226,667.
  • Business Services, Chemicals, Materials and Wholesalers industries have seen a considerable decrease in their profits over the last year.

The research also revealed:

  • Apple is one of the world’s most profitable businesses, generating over $157 million a day, which equates to $1,820 every single second and $6,553,767 every hour.
  • Uber Technologies made a huge loss of $6.8 billion in 2021, equating to $215 every second. Despite being the world’s largest ride-hailing app, Uber has famously never turned a profit.
  • General electric saw the biggest profit increase over the past year, increasing their profits by over $10.6 million from 2020. 
  • The transportation industry made a huge average loss of over $1.1 billion.

You can view all the companies and industries featured in the research and their profit breakdown in the full report here.