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Mexico's Top 100 Companies: global interests strike gold; Top Mexican firms speak international language.


High prices for basic commodities and strong consumer demand were the drivers of Mexico's economic growth last year, and it shows in this year's rankings of the country's top companies.

Mexico's gross domestic product (GDP GDP (guanosine diphosphate): see guanine. ), which measures total output of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. , expanded by 4.4 percent in 2004, its fastest growth in four years. The expansion was backed by a recovery in Mexico's industrial production, which rose 3.8 percent after three years of contractions contractions Obstetrics Volleys of tightening and shortening of myometrium–uterine muscle, which occur during labor, cause dilatation and thinning of the cervix and aid in the descent of the infant in the birth canal. See Labor. Cf Decelerations. .

Mexican Mexican

named after or originating in Mexico.


Mexican axolotl
see ambystomamexicanum.

Mexican beaded lizard
(Heloderma horridum
 industry, meanwhile, benefited from a burst of manufacturing activity in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Mexico's main trading partner and the buyer of nearly 90 percent of the country's exports. China's insatiable demand for raw materials, and even finished products like steel, further fueled the industrial recovery.

The local construction industry, which accounts for about 5 percent of GDP, also had a solid year, with output rising 5.3 percent. Manufacturing increased 3.8 percent, while extraction extraction /ex·trac·tion/ (eks-trak´shun)
1. the process or act of pulling or drawing out.

2. the preparation of an extract.
 industries like mining and oil grew 2.5 percent.

Mexico's services sector, for its part, expanded 4.8 percent on the year while retail sales jumped 4.9 percent, backed by greater availability of consumer credit.

All of this growth--coupled with strong corporate earnings--helped push the Mexican Stock Exchange's IPC (1) (InterProcess Communication) The exchange of data between one program and another either within the same computer or over a network. It implies a protocol that guarantees a response to a request.  index to several record high closes, and finish the year 47 percent above its end- end-
pref.
Variant of endo-.
2003 level.

Only publicly listed companies listed company ncompañía cotizable

listed company nsociété cotée en Bourse

listed company list n
 figure in our Top 100 list, which is why you won't won't  

Contraction of will not.


won't will not
won't will
 be reading much about the country's biggest company--state oil monopoly monopoly (mənōp`əlē), market condition in which there is only one seller of a certain commodity; by virtue of the long-run control over supply, such a seller is able to exert nearly total control over prices.  Petroleos Mexicanos--whose annual revenue is more than five times that of our frontrunner front-run·ner also front·run·ner
n.
1. One that is in a leading position in a race or other competition: the front-runner for the presidential nomination.

2.
, phone company Telmex. Pemex may figure in the list in the coming years, however, as company officials are working toward a public listing on the Mexican bourse bourse (brs), term applied to a European stock exchange. The first international bourse was established in Antwerp in the 16th cent. .

[ILLUSTRATION OMITTED]

Currently, the Mexican Stock Exchange Mexican Stock Exchange

The only stock exchange in Mexico. The Indice de Precios y Cotizaciones, or IPC index, consists of the 35 most representative stocks chosen every two months.
 hosts 153 companies' listings. However some of those represent multinationals--like Citigroup Citigroup

U.S. holding company formed in 1998 from the merger of Citicorp (itself a holding company incorporated in 1967) and Travelers Group, Inc. The $70 billion merger included one of the largest U.S. investment banks, Salomon Smith Barney Inc.
, which bought local bank Banamex in 2001--while others haven't have·n't  

Contraction of have not.


haven't have not
haven't have
 reported financial data in years. A few don't don't  

1. Contraction of do not.

2. Nonstandard Contraction of does not.

n.
A statement of what should not be done: a list of the dos and don'ts.
 even have websites.

Methodology

We decided to shake Shake can refer to:
  • Tremor
  • Milkshake
  • Handshake
  • Shake (software), an image compositing package produced by Apple
  • SHAKE algorithm, a time integration algorithm for molecular dynamics simulation.
 things up a bit this year with the Top 100 list. For example, we weeded out holding companies Carso Global Telecom Carso Global Telecom is a conglomerate of companies formed in 1996 after separating all telecommunication-related companies from Grupo Carso. This company does not have any employees as it is only a holder of stocks of companies such as Telmex, Telcel and América Móvil.  and America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name.  Telecom, which are simply alternative investment vehicles for the country's top phone and wireless communications wireless communications

System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data.
 operators, Telmex and America Movil, respectively.

Furthermore, we added a profitability column for our comparisons and dropped information that is not uniformly reported--such as the number of employees on company rosters--to streamline streamline, path of a fluid flowing steadily and without appreciable turbulence. A body is said to be streamlined if its shape offers the least possible resistance to a current of air, water, or other fluid.  the rankings. Factors taken into account include net sales Net Sales

The amount a seller receives from the buyer after costs associated with the sale are deducted.

Notes:
This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight
, operating profit Operating profit (or loss)

Revenue from a firm's regular activities less costs and expenses and before income deductions.


operating profit

See operating income.
, operating margin Operating Margin

A ratio used to measure a company's pricing strategy and operating efficiency.

Calculated by:
 (profit as a percentage of sales) and assets. All data is for the full-year of 2004.

Based on these criteria criteria (krītēr´ē),
n.
, a handful of companies came out with the same number of points. In those cases, we used net profit as the tiebreaker tie·break·er  
n.
An additional contest or period of play designed to establish a winner among tied contestants. Also called tiebreak.



tie
. Companies with both operating and net losses were excluded from consideration out of principle.

The tighter methodology, paired with last year's sector growth, pushed several industrial-related companies higher up in the ranks. Miner Grupo Mexico Mexico, city, Mexico
Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico.
, for one, clawed claw  
n.
1. A sharp, curved, horny structure at the end of a toe of a mammal, reptile, or bird.

2.
a. A chela or similar pincerlike structure on the end of a limb of a crustacean or other arthropod.

b.
 up 11 notches to No. 3.

[ILLUSTRATION OMITTED]

Departures And New Additions

The Top 100 list suffered further casualties this year as multinationals continued to cherry cherry, name for several species of trees or shrubs of the genus Prunus (a few are sometimes classed as Padus) of the family Rosaceae (rose family) and for their fruits.  pick in the Mexican market. Spanish Spanish, river, c.150 mi (240 km) long, issuing from Spanish Lake, S Ont., Canada, NW of Sudbury, and flowing generally S through Biskotasi and Agnew lakes to Lake Huron opposite Manitoulin island. There are several hydroelectric stations on the river.  financial group Banco Bilbao Bilbao (bēlbä`ō), city (1990 pop. 383,798), capital of Vizcaya prov., N Spain, in the Basque Country, on both banks of the Nervión River, near the Bay of Biscay. A leading Spanish port and commercial center since the 19th cent.  Vizcaya Vizcaya: see Basque Country.  Argentaria (BBVA BBVA Banco Bilbao Vizcaya Argentaria (First Bank of Spain) ) bought out its Mexican unit, BBVA-Bancomer, for US$4.1 billion during 2004, while Swiss cement cement, binding material used in construction and engineering, often called hydraulic cement, typically made by heating a mixture of limestone and clay until it almost fuses and then grinding it to a fine powder.  company Holcim This article or section is written like an .
Please help [ rewrite this article] from a neutral point of view.
Mark blatant advertising for , using .
 Ltd. purchased the shares it didn't did·n't  

Contraction of did not.


didn't did not
didn't do
 already own in local unit Apasco for US$750 million. BBVA-Bancomer and Apasco were Nos. 5 and 30, respectively, on last year's list.

Thankfully thank·ful  
adj.
1. Aware and appreciative of a benefit; grateful.

2. Expressive of gratitude: a thankful smile.
 a string of other Mexican entities stepped up to fill the void, with two homebuilders and an insurance company offering shares on the local exchange during 2004. Newcomer Urbi Desarollos Urbanos joins the list this year at No. 32, while fellow construction company Desarolladora Homex comes in at No. 41 and insurance carrier Qualitas Compania de Seguros enters the ranks at No. 79.

Best Of The Best

The first five entries on our list have more in common than their stellar performances in 2004: they all have significant international presence. When Telmex spun off America Movil, the former state monopoly said the wireless wing would carry on with its international expansion.

Nonetheless, Telmex continued to accumulate Accumulate

Broker/analyst recommendation that could mean slightly different things depending on the broker/analyst. In general, it means to increase the number of shares of a particular security over the near term, but not to liquidate other parts of the portfolio to buy a security
 cash--thanks to hearty heart·y  
adj. heart·i·er, heart·i·est
1. Expressed warmly, exuberantly, and unrestrainedly: a hearty welcome.

2.
 profit margins and a virtual lock on the Mexican market--and succumbed to the temptation Temptation
Terror (See HORROR.)

apple

as fruit of the tree of knowledge in Eden, has come to epitomize temptation. [O.T.: Genesis 3:1–7; Br. Lit.
 of expanding abroad. Just during 2004, the Mexican stalwart Stalwart

A description of companies that have large capitalizations and provide investors with slow but steady and dependable growth prospects.

Notes:
The annual gain that would be viewed as the norm for investing in stalwarts is about 10% to 12%.
 pledged pledge  
n.
1. A solemn binding promise to do, give, or refrain from doing something: signed a pledge never to reveal the secret; a pledge of money to a charity.

2.
a.
 more than US$1 billion to buy stakes in communications companies Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D.  from five different countries in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . The incursion in·cur·sion  
n.
1. An aggressive entrance into foreign territory; a raid or invasion.

2. The act of entering another's territory or domain.

3.
 helped boost Telmex's net sales last year by 12.9 percent, without harming the company's renowned profit margins.

[ILLUSTRATION OMITTED]

Cement maker Cemex, for its part, is a force the world over, with operations in more than 50 countries. Sales outside of Mexico account for around 64 percent of Cemex's revenue and promise to increase even more as the company hunts for new assets around the globe.

"From a Mexican company, to a Latin Lat·in  
n.
1.
a. The Indo-European language of the ancient Latins and Romans and the most important cultural language of western Europe until the end of the 17th century.

b.
 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of  company, to a global company, we have followed a path that no competitor can match. And in the process, we have built a company that is regularly the most profitable global enterprise in our industry," Cemex officials said in the company's 2004 annual report.

Cemex's latest catch--RMC Group of the UK--will factor into the company's 2005 results. The US$5.8 billion cash and debt purchase was completed in March.

[ILLUSTRATION OMITTED]

Mining interest Grupo Mexico swept into the top five this year thanks largely to higher metals prices. The world's third-largest copper company, with operations in Mexico, Peru and the United States, boosted its copper output by 4.6 percent last year to 873,450 metric tons (Transparent Optical Networking Services) A marketing term for providing dark fiber to a customer. The customer is responsible for generating the transmission signal and interpreting it at the other end. See dark fiber. .

America Movil, though, found that it had bitten bit·ten  
v.
A past participle of bite.


bitten
Verb

the past participle of bite
 off more than it could chew chew Chewing tobacco. See Smokeless tobacco. . The phone carrier's acquisition binge in recent years, combined with organic business growth, brought the company 17.2 million new clients last year in the 10 countries it serves. The growth, however, also pushed America Movil's capital expenses above company and analyst estimates.

The wireless operator now expects to dole out Verb 1. dole out - administer or bestow, as in small portions; "administer critical remarks to everyone present"; "dole out some money"; "shell out pocket money for the children"; "deal a blow to someone"; "the machine dispenses soft drinks"  close to US$2 billion a year through 2006 as it hustles to meet wireless demand across the Americas A·mer·i·cas   , the

See America.
. Analysts were less than thrilled thrill  
v. thrilled, thrill·ing, thrills

v.tr.
1. To cause to feel a sudden intense sensation; excite greatly.

2. To give great pleasure to; delight. See Synonyms at enrapture.
 with the higher cash outlays Outlays

Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons.
, which should mean lower profitability for the company in the near-term near-term
adj.
Of, for, or involving a short period of time in the near future.
.

Aside from a malt plant under construction in Idaho Idaho (ī`dəhō), one of the Rocky Mt. states in the NW United States. It is bordered by Montana and Wyoming (E), Utah and Nevada (S), Oregon and Washington (W), and the Canadian province of British Columbia (N). , brewer Grupo Modelo Grupo Modelo is a large brewery in Mexico. It maintains a large part of the Mexican beer export market and produces top-selling imported beer in the United Kingdom, United States and Canada.  has few assets outside of Mexico. Its beer, however, reaches more than 150 countries and its Corona Corona, city, United States
Corona (kərō`nə), city (1990 pop. 76,095), Riverside co., S Calif.; inc. 1896. The city developed as a primary citrus fruit producer and shipping center. There is also light manufacturing.
 brand is the top-selling export brand in the coveted cov·et  
v. cov·et·ed, cov·et·ing, cov·ets

v.tr.
1. To feel blameworthy desire for (that which is another's). See Synonyms at envy.

2. To wish for longingly. See Synonyms at desire.
 U.S. market. Export sales account for about 30 percent of the brewer's total revenue.

Slim World

Mexico's wealthiest man is still a force to be reckoned with in our list, although we dropped holding companies representing some of Carlos Carlos, prince of the Asturias
Carlos, 1545–68, prince of the Asturias, son of Philip II of Spain and Maria of Portugal. Don Carlos, who seems to have been mentally unbalanced and subject to fits of homicidal mania, was imprisoned by his father in
 Slim's assets so as to give other domestic entities room to shine. Slim's core enterprise--Telmex--remains seriously profitable, while America Movil, conglomerate conglomerate, in business
conglomerate, corporation whose asset growth, often very rapid, comes largely through the acquisition of, or merger with, other firms whose products are largely unrelated to each other or to that of the parent company.
 Grupo Carso Grupo Carso is a conglomerate of companies owned by the Mexican tycoon Carlos Slim. It was formed in 1990 after the merge of Corporación Industrial Carso and Grupo Inbursa. The name Carso stands for Carlos Slim and Soumaya Domit de Slim †, wife of Slim. , retailer Grupo Sanborns Grupo Sanborns is a large retail, pharmacy and department store chain located in Mexico. Few Mexican companies are as steeped in history as Sanborn Hermanos, owners of Sanborns pharmacy.  and financial group Inbursa continue to feature prominently in the list.

As Slim continued to diversify diversify

To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries.
 his assets and invest abroad throughout 2004, he also opted to pass the reins reins
pl.n.
The kidneys, loins, or lower back.
 in various companies over to sons and trusted employees. Carlos Slim Jr. got the chairmanship of Telmex, while brother Patrick became chair of America Movil and Slim's other son, Marco Antonio Antonio

lends money gratis. [Br. Lit.: Merchant of Venice]

See : Generosity


Antonio

schemes against his brother Prospero. [Br. Lit.: The Tempest]

See : Treachery
, assumed the chairmanship of Inbursa.

Slim took on the role of honorary chairman for life of these companies.

Salinas Salinas, city, United States
Salinas (səlē`nəs), city (1990 pop. 108,777), seat of Monterey co., W Calif.; inc. 1874. It is the shipping and processing center of a fertile valley famous for its grain and lettuce.
 Pliego Raises SEC Ire

While we're we're  

Contraction of we are.


we're we are
 on the subject of influential billionaires, we might as well touch on Ricardo Ri·car·do   , David 1772-1823.

British economist whose major work, Principles of Political Economy and Taxation (1817), supported the laws of supply and demand in a free market.

Noun 1.
 Salinas Pliego's continued fall from grace with investors.

Now that the U.S. Securities & Exchange Commission (SEC) has reprimanded Salinas and some of his trusted executives for keeping details of a lucrative 2003 debt deal under wraps, Mexico's black sheep black sheep
n.
1. A sheep with black fleece.

2. A member of a family or other group who is considered undesirable or disreputable.
 billionaire is flirting with the possibility of abandoning the New York Stock Exchange New York Stock Exchange (NYSE)

World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City.
, where shares in three of his companies--broadcaster TV Azteca TV Azteca is the second largest Mexican television network. It was established in 1968 as the state-owned Instituto Mexicano de la Televisión ("Imevisión"), and was privatized under its current name in 1993. Its flagship program is the newscast Hechos. , retailer Elektra and wireless phone operator Iusacell--trade hands.

The companies cite regulatory reg·u·late  
tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates
1. To control or direct according to rule, principle, or law.

2.
 headaches and costs for the possible delisting Delisting

When the stock of a company is removed from a stock exchange.

Notes:
Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange.
, while also questioning the value of maintaining shares on the U.S. bourse. Although many observers view the potential exit as a reaction to the SEC's fraud charges against Salinas, the companies in his kingdom are part of a larger crowd of Mexican entities that are rethinking their stock market strategies.

Conglomerate Desc, steel maker Imsa and tile tile, one of the ceramic products used in building, to which group brick and terra-cotta also belong. The term designates the finished baked clay—the material of a wide variety of units used in architecture and engineering, such as wall slabs or blocks, floor  maker Internacional de Ceramica have all opted in recent months to leave the Big Board to focus instead on their Mexican Stock Exchange listings.

Looking Ahead

Retailers and home builders continue to benefit from strong consumer demand and the availability of credit, although political noise as the 2006 presidential election approaches threatens to put a damper damp·er  
n.
1. One that deadens, restrains, or depresses: Rain put a damper on our picnic plans.

2. An adjustable plate, as in the flue of a furnace or stove, for controlling the draft.
 on spending for the average Jose JOSE Jealous One's Still Envy (song)
JOSE Joint Optics Structures Experiment
.

Higher interest rates, together with nervousness over attempts to keep Mexico City Mexico City
 Spanish Ciudad de México

City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi
 Mayor Andres Andres may refer to:
  • Hurricane Andres
  • Andres, Illinois, an unincorporated community in Will County, Illinois United States
  • Andres, Pas-de-Calais, a commune in Pas-de-Calais, France
People
 Manuel Manuel may refer to:
  • Manuel (name)
People referred to as simply Manuel
  • Manuel I Komnenos (1118–1180), Byzantine emperor
  • Manuel I of Portugal (1469-1521)
  • Manuel I of Trebizond (1218–1263)
 Lopez Lo·pez   , Nancy Born 1957.

American golfer who in 1987 achieved her 35th career victory and was inducted into the Ladies Professional Golf Association Hall of Fame.
 Obrador out of the 2006 race, bruised bruise  
v. bruised, bruis·ing, bruis·es

v.tr.
1.
a. To injure the underlying soft tissue or bone of (part of the body) without breaking the skin, as by a blow.

b.
 consumer confidence and pressured Mexican stocks in the early months of the year.

Even so, financial reports from Mexican companies This is a List of Mexican companies:
  • Aero California, airline
  • Aerolitoral, airline
  • Aeroméxico, airline
  • Aeromexpress, cargo airline
  • Alestra, telecommunications
  • Alfa, conglomerate
  • Alpek, petrochemicals
  • Alpura, dairy
  • América Móvil
 have so far been encouraging and the country is on track to post 3.8 percent GDP growth this year.

Amalia Amalia, a traditional female given name, may mean:
  • Amália Rodrigues, a Fado singer
  • Princess Catharina-Amalia of the Netherlands
  • Queen Amalia of Greece, consort of Otto
  • Princess Anna Amalia of Prussia
  • Amalia von Solms, Dutch countess
 Andrade
This article discusses the origins of the Andrade family in Portugal and Spain. For others with the surname Andrade see Andrade (disambiguation).


Originally, the name Andrade (sometimes Andrada
 is a freelance reporter who has covered the Bolsa Bolsa

Spanish for stock exchange.
 for the past four years, before which she focused on emerging market stocks for a number of years.
Mexico's Top 100 Companies (all figures in billions of pesos)

Ranking  Company Name                                   Sales

  1.     Telefonos de Mexico                            138.8
  2.     Cemex                                           90.78
  3.     Grupo Mexico                                    46.93
  4.     America Movil                                  134.7
  5.     Grupo Modelo                                    48.81
  6.     Grupo Financiero Santander Serfin               17.63
  7.     Grupo Televisa                                  29.31
  8.     Fomento Economico Mexicano                      93.96
  9.     Hylsamex                                        26.76
 10.     Grupo Carso                                     69.72
 11.     Coca-Cola Femsa                                 46.5
 12.     Kimberley-Clark de Mexico                       19.8
 13.     Altos Hornos de Mexico                          20.45
 14.     Alfa                                            58.81
 15.     Grupo Financiero Banorte                        16.78
 16.     Wal-Mart de Mexico                             140.46
 17.     Grupo Financiero Inbursa                         3.93
 18.     Grupo Imsa                                      37.07
 19.     TV Azteca                                        8.32
 20.     El Puerto de Liverpool                          28.99
 21.     Grupo Bimbo                                     51.55
 22.     Grupo Sanborns                                  22.2
 23.     Grupo Elektra                                   26.31
 24.     Industrias CH                                    8.21
 25.     Embotelladoras Arca                             13.87
 26.     Organizacion Soriana                            42.07
 27.     Grupo Financiero Scotiabank Inverlat             6.78
 28.     Almacenes Coppel                                15.67
 29.     Industrias Penoles                              16.56
 30.     Grupo Simec                                      5.68
 31.     Gruma                                           25
 32.     Urbi Desarrollos Urbanos S.A.                    6.58
 33.     Grupo Continental                                9.98
 34.     Controladora Comercial Mexicana                 37.6
 35.     Vitro                                           26.18
 36.     Corporacion Geo                                  7.86
 37.     Corporacion Interamericana de Entretenimiento    7.79
 38.     Corporacion Moctezuma                            3.68
 39.     Consorcio Ara                                    5.78
 40.     Grupo Cementos de Chihuahua                      4.01
 41.     Desarrolladora Homex                             5.3
 42.     Grupo Palacio de Hierro                          8.48
 43.     Grupo Gigante                                   31.72
 44.     Grupo Posadas                                    4.47
 45.     Industrias Bachoco                              13.25
 46.     Cintra                                          36.05
 47.     Grupo Industrial Saltillo                        8.74
 48.     Desc                                            23.83
 49.     Grupo Lamosa                                     3.59
 50.     Grupo Casa Saba                                 20.53
 51.     Empresas ICA Sociedad Controladora              13.1
 52.     GNP Pensiones                                   18.23
 53.     Grupo Aeroportuario del Sureste                  1.98
 54.     Unefon                                           4.29
 55.     Invex Grupo Financiero                           0.635
 56.     G Collado                                        4.73
 57.     Sare Holding                                     2.7
 58.     Grupo Embotelladoras Unidas                      4.98
 59.     Grupo Industrial Maseca                          5.79
 60.     Grupo Financiero GBM                             0.561
 61.     Grupo Financiero Interacciones                   0.581
 62.     Grupo Herdez                                     5.49
 63.     San Luis Corporacion                             6.72
 64.     Corporativo Fragua                               8.07
 65.     G. Accion                                        2.51
 66.     Grupo La Moderna                                 3.41
 67.     Alsea                                            3.59
 68.     Cydsa                                            7.12
 69.     Medica Sur                                       0.952
 70.     Grupo Marti                                      2
 71.     Internacional de Ceramica                        3.94
 72.     Corporacion Durango                              8.19
 73.     Grupe                                            0.63
 74.     Value Grupo Financiero                           0.448
 75.     Grupo Corvi                                     13.79
 76.     Grupo Mexicano de Desarrollo                     0.987
 77.     Grupo Bafar                                      2.85
 78.     Grupo Financiero Finamex                         0.235
 79.     Qualitas Compania de Seguros                     3.23
 80.     Jugos del Valle                                  4.21
 81.     Consorcio Hogar                                  0.956
 82.     Ixe Grupo Financiero                             1.03
 83.     Empresas Cablevision                             1.13
 84.     Grupo TMM                                        2.8
 85.     Farmacias Benavides                              5.4
 86.     Grupo Profesional Planeacion y Proyectos         0.247
 87.     Grupo Radio Centro                               0.552
 88.     Grupo Minsa                                      2.25
 89.     Corporacion Mexicana de Restaurantes             1.07
 90.     Ecko                                             0.513
 91.     Accel                                            1.44
 92.     Dermet de Mexico                                 1.9
 93.     Convertidora Industrial                          0.497
 94.     Tekchem                                          0.388
 95.     Editorial Diana                                  0.116
 96.     Universidad CNCI                                 0.213
 97.     Grupo Qumma                                      0.257
 98.     Campus                                           0.614
 99.     Consorcio Aristos                                0.094
100.     Grupo Nutrisa                                    0.366

Ranking  Company Name                                   Operating Profit

  1.     Telefonos de Mexico                            43.66
  2.     Cemex                                          20.63
  3.     Grupo Mexico                                   18.62
  4.     America Movil                                  23.5
  5.     Grupo Modelo                                   13.15
  6.     Grupo Financiero Santander Serfin               7.52
  7.     Grupo Televisa                                  8.56
  8.     Fomento Economico Mexicano                     13.74
  9.     Hylsamex                                        7.39
 10.     Grupo Carso                                     9.04
 11.     Coca-Cola Femsa                                 7.7
 12.     Kimberley-Clark de Mexico                       4.82
 13.     Altos Hornos de Mexico                          3.71
 14.     Alfa                                            5.27
 15.     Grupo Financiero Banorte                        2.74
 16.     Wal-Mart de Mexico                              9.53
 17.     Grupo Financiero Inbursa                        2.2
 18.     Grupo Imsa                                      3.67
 19.     TV Azteca                                       3.26
 20.     El Puerto de Liverpool                          3.48
 21.     Grupo Bimbo                                     4.14
 22.     Grupo Sanborns                                  3.28
 23.     Grupo Elektra                                   2.89
 24.     Industrias CH                                   2.35
 25.     Embotelladoras Arca                             2.3
 26.     Organizacion Soriana                            2.86
 27.     Grupo Financiero Scotiabank Inverlat            1.05
 28.     Almacenes Coppel                                2.24
 29.     Industrias Penoles                              1.86
 30.     Grupo Simec                                     1.81
 31.     Gruma                                           1.94
 32.     Urbi Desarrollos Urbanos S.A.                   1.52
 33.     Grupo Continental                               1.66
 34.     Controladora Comercial Mexicana                 1.77
 35.     Vitro                                           1.57
 36.     Corporacion Geo                                 1.34
 37.     Corporacion Interamericana de Entretenimiento   1.17
 38.     Corporacion Moctezuma                           1.52
 39.     Consorcio Ara                                   1.23
 40.     Grupo Cementos de Chihuahua                     0.962
 41.     Desarrolladora Homex                            1.2
 42.     Grupo Palacio de Hierro                         0.935
 43.     Grupo Gigante                                   0.934
 44.     Grupo Posadas                                   0.678
 45.     Industrias Bachoco                              0.905
 46.     Cintra                                          0.579
 47.     Grupo Industrial Saltillo                       0.634
 48.     Desc                                            1.03
 49.     Grupo Lamosa                                    0.677
 50.     Grupo Casa Saba                                 0.803
 51.     Empresas ICA Sociedad Controladora              0.522
 52.     GNP Pensiones                                   0.282
 53.     Grupo Aeroportuario del Sureste                 0.838
 54.     Unefon                                          0.574
 55.     Invex Grupo Financiero                          0.223
 56.     G Collado                                       0.551
 57.     Sare Holding                                    0.465
 58.     Grupo Embotelladoras Unidas                     0.473
 59.     Grupo Industrial Maseca                         0.451
 60.     Grupo Financiero GBM                            0.352
 61.     Grupo Financiero Interacciones                  0.125
 62.     Grupo Herdez                                    0.424
 63.     San Luis Corporacion                            0.281
 64.     Corporativo Fragua                              0.349
 65.     G. Accion                                       0.316
 66.     Grupo La Moderna                                0.325
 67.     Alsea                                           0.351
 68.     Cydsa                                           0.126
 69.     Medica Sur                                      0.205
 70.     Grupo Marti                                     0.242
 71.     Internacional de Ceramica                       0.264
 72.     Corporacion Durango                             0.451
 73.     Grupe                                           0.106
 74.     Value Grupo Financiero                          0.145
 75.     Grupo Corvi                                     0.157
 76.     Grupo Mexicano de Desarrollo                    0.121
 77.     Grupo Bafar                                     0.252
 78.     Grupo Financiero Finamex                        0.113
 79.     Qualitas Compania de Seguros                    0.177
 80.     Jugos del Valle                                 0.155
 81.     Consorcio Hogar                                 0.099
 82.     Ixe Grupo Financiero                            0.033
 83.     Empresas Cablevision                            0.095
 84.     Grupo TMM                                       0.046
 85.     Farmacias Benavides                             0.055
 86.     Grupo Profesional Planeacion y Proyectos        0.039
 87.     Grupo Radio Centro                              0.046
 88.     Grupo Minsa                                     0.062
 89.     Corporacion Mexicana de Restaurantes            0.052
 90.     Ecko                                            0.045
 91.     Accel                                           0.039
 92.     Dermet de Mexico                                0.041
 93.     Convertidora Industrial                         0.035
 94.     Tekchem                                         0.032
 95.     Editorial Diana                                 0.01
 96.     Universidad CNCI                                0.015
 97.     Grupo Qumma                                     0.003
 98.     Campus                                         -0.006
 99.     Consorcio Aristos                              -0.001
100.     Grupo Nutrisa                                  -0.0003

Ranking  Company Name                                   Operating Margin

  1.     Telefonos de Mexico                            31.46%
  2.     Cemex                                          22.73%
  3.     Grupo Mexico                                   39.68%
  4.     America Movil                                  17.45%
  5.     Grupo Modelo                                   26.94%
  6.     Grupo Financiero Santander Serfin              42.65%
  7.     Grupo Televisa                                 29.21%
  8.     Fomento Economico Mexicano                     14.62%
  9.     Hylsamex                                       27.62%
 10.     Grupo Carso                                    12.97%
 11.     Coca-Cola Femsa                                16.56%
 12.     Kimberley-Clark de Mexico                      24.34%
 13.     Altos Hornos de Mexico                         18.14%
 14.     Alfa                                            8.96%
 15.     Grupo Financiero Banorte                       16.33%
 16.     Wal-Mart de Mexico                              6.78%
 17.     Grupo Financiero Inbursa                       55.98%
 18.     Grupo Imsa                                      9.90%
 19.     TV Azteca                                      39.18%
 20.     El Puerto de Liverpool                         12.00%
 21.     Grupo Bimbo                                     8.03%
 22.     Grupo Sanborns                                 14.77%
 23.     Grupo Elektra                                  10.98%
 24.     Industrias CH                                  28.62%
 25.     Embotelladoras Arca                            16.58%
 26.     Organizacion Soriana                            6.80%
 27.     Grupo Financiero Scotiabank Inverlat           15.49%
 28.     Almacenes Coppel                               14.29%
 29.     Industrias Penoles                             11.23%
 30.     Grupo Simec                                    31.87%
 31.     Gruma                                           7.76%
 32.     Urbi Desarrollos Urbanos S.A.                  23.10%
 33.     Grupo Continental                              16.63%
 34.     Controladora Comercial Mexicana                 4.71%
 35.     Vitro                                           6.00%
 36.     Corporacion Geo                                17.05%
 37.     Corporacion Interamericana de Entretenimiento  15.02%
 38.     Corporacion Moctezuma                          41.30%
 39.     Consorcio Ara                                  21.28%
 40.     Grupo Cementos de Chihuahua                    24.00%
 41.     Desarrolladora Homex                           22.64%
 42.     Grupo Palacio de Hierro                        11.02%
 43.     Grupo Gigante                                   2.94%
 44.     Grupo Posadas                                  15.17%
 45.     Industrias Bachoco                              6.83%
 46.     Cintra                                          1.61%
 47.     Grupo Industrial Saltillo                       7.25%
 48.     Desc                                            4.32%
 49.     Grupo Lamosa                                   18.86%
 50.     Grupo Casa Saba                                 3.91%
 51.     Empresas ICA Sociedad Controladora              3.99%
 52.     GNP Pensiones                                   1.55%
 53.     Grupo Aeroportuario del Sureste                42.30%
 54.     Unefon                                         13.39%
 55.     Invex Grupo Financiero                         35.11%
 56.     G Collado                                      11.65%
 57.     Sare Holding                                   17.22%
 58.     Grupo Embotelladoras Unidas                     9.50%
 59.     Grupo Industrial Maseca                         7.79%
 60.     Grupo Financiero GBM                           62.75%
 61.     Grupo Financiero Interacciones                 21.58%
 62.     Grupo Herdez                                    7.72%
 63.     San Luis Corporacion                            4.18%
 64.     Corporativo Fragua                              4.32%
 65.     G. Accion                                      12.61%
 66.     Grupo La Moderna                                9.54%
 67.     Alsea                                           9.77%
 68.     Cydsa                                           1.77%
 69.     Medica Sur                                     21.52%
 70.     Grupo Marti                                    12.11%
 71.     Internacional de Ceramica                       6.69%
 72.     Corporacion Durango                             5.50%
 73.     Grupe                                          16.78%
 74.     Value Grupo Financiero                         32.34%
 75.     Grupo Corvi                                     1.14%
 76.     Grupo Mexicano de Desarrollo                   12.21%
 77.     Grupo Bafar                                     8.85%
 78.     Grupo Financiero Finamex                       48.1%
 79.     Qualitas Compania de Seguros                    5.46%
 80.     Jugos del Valle                                 3.68%
 81.     Consorcio Hogar                                10.33%
 82.     Ixe Grupo Financiero                            3.17%
 83.     Empresas Cablevision                            8.43%
 84.     Grupo TMM                                       1.63%
 85.     Farmacias Benavides                             1.01%
 86.     Grupo Profesional Planeacion y Proyectos       15.63%
 87.     Grupo Radio Centro                              8.30%
 88.     Grupo Minsa                                     2.76%
 89.     Corporacion Mexicana de Restaurantes            4.88%
 90.     Ecko                                            8.84%
 91.     Accel                                           2.74%
 92.     Dermet de Mexico                                2.17%
 93.     Convertidora Industrial                         7.03%
 94.     Tekchem                                         8.37%
 95.     Editorial Diana                                 8.97%
 96.     Universidad CNCI                                6.95%
 97.     Grupo Qumma                                     1.25%
 98.     Campus                                         -0.93%
 99.     Consorcio Aristos                              -1.50%
100.     Grupo Nutrisa                                  -0.09%

Ranking  Company Name                                   Net Profit

  1.     Telefonos de Mexico                            27.5
  2.     Cemex                                          14.8
  3.     Grupo Mexico                                    8.74
  4.     America Movil                                  16.5
  5.     Grupo Modelo                                    6.18
  6.     Grupo Financiero Santander Serfin               6.01
  7.     Grupo Televisa                                  4.32
  8.     Fomento Economico Mexicano                      9.25
  9.     Hylsamex                                        6.18
 10.     Grupo Carso                                     6.71
 11.     Coca-Cola Femsa                                 5.4
 12.     Kimberley-Clark de Mexico                       2.92
 13.     Altos Hornos de Mexico                          3.49
 14.     Alfa                                            4.35
 15.     Grupo Financiero Banorte                        2.62
 16.     Wal-Mart de Mexico                              7.83
 17.     Grupo Financiero Inbursa                        5.38
 18.     Grupo Imsa                                      2.93
 19.     TV Azteca                                       1.54
 20.     El Puerto de Liverpool                          2.49
 21.     Grupo Bimbo                                     2.57
 22.     Grupo Sanborns                                  2.36
 23.     Grupo Elektra                                   1.92
 24.     Industrias CH                                   1.93
 25.     Embotelladoras Arca                             1.85
 26.     Organizacion Soriana                            2.62
 27.     Grupo Financiero Scotiabank Inverlat            2.37
 28.     Almacenes Coppel                                1.68
 29.     Industrias Penoles                              1.04
 30.     Grupo Simec                                     1.41
 31.     Gruma                                           0.923
 32.     Urbi Desarrollos Urbanos S.A.                   1.02
 33.     Grupo Continental                               1.08
 34.     Controladora Comercial Mexicana                 1.74
 35.     Vitro                                           -.267
 36.     Corporacion Geo                                 0.803
 37.     Corporacion Interamericana de Entretenimiento   0.054
 38.     Corporacion Moctezuma                           1.19
 39.     Consorcio Ara                                   1.01
 40.     Grupo Cementos de Chihuahua                     0.784
 41.     Desarrolladora Homex                            0.578
 42.     Grupo Palacio de Hierro                         0.64
 43.     Grupo Gigante                                   0.393
 44.     Grupo Posadas                                   0.312
 45.     Industrias Bachoco                              0.718
 46.     Cintra                                          0.573
 47.     Grupo Industrial Saltillo                       0.418
 48.     Desc                                           -0.196
 49.     Grupo Lamosa                                    0.425
 50.     Grupo Casa Saba                                 0.647
 51.     Empresas ICA Sociedad Controladora              0.093
 52.     GNP Pensiones                                   0.997
 53.     Grupo Aeroportuario del Sureste                 0.607
 54.     Unefon                                          0.749
 55.     Invex Grupo Financiero                          0.174
 56.     G Collado                                       0.355
 57.     Sare Holding                                    0.234
 58.     Grupo Embotelladoras Unidas                     0.192
 59.     Grupo Industrial Maseca                         0.406
 60.     Grupo Financiero GBM                            0.29
 61.     Grupo Financiero Interacciones                  0.154
 62.     Grupo Herdez                                    0.113
 63.     San Luis Corporacion                           -0.062
 64.     Corporativo Fragua                              0.355
 65.     G. Accion                                       0.121
 66.     Grupo La Moderna                                0.245
 67.     Alsea                                           0.15
 68.     Cydsa                                          -0.958
 69.     Medica Sur                                      0.132
 70.     Grupo Marti                                     0.119
 71.     Internacional de Ceramica                       0.181
 72.     Corporacion Durango                            -0.160
 73.     Grupe                                           0.067
 74.     Value Grupo Financiero                          0.158
 75.     Grupo Corvi                                     0.143
 76.     Grupo Mexicano de Desarrollo                    0.228
 77.     Grupo Bafar                                     0.16
 78.     Grupo Financiero Finamex                        0.075
 79.     Qualitas Compania de Seguros                    0.259
 80.     Jugos del Valle                                -0.024
 81.     Consorcio Hogar                                -0.022
 82.     Ixe Grupo Financiero                            0.164
 83.     Empresas Cablevision                            0.013
 84.     Grupo TMM                                      -0.26
 85.     Farmacias Benavides                             0.131
 86.     Grupo Profesional Planeacion y Proyectos        0.034
 87.     Grupo Radio Centro                             -0.038
 88.     Grupo Minsa                                    -0.369
 89.     Corporacion Mexicana de Restaurantes            0.033
 90.     Ecko                                            0.024
 91.     Accel                                          -0.003
 92.     Dermet de Mexico                               -0.042
 93.     Convertidora Industrial                         0.023
 94.     Tekchem                                         0.004
 95.     Editorial Diana                                -0.004
 96.     Universidad CNCI                               -0.03
 97.     Grupo Qumma                                     0.002
 98.     Campus                                          0.017
 99.     Consorcio Aristos                               0.002
100.     Grupo Nutrisa                                   0.0001

Ranking  Company Name                                   Assets

  1.     Telefonos de Mexico                            267.5
  2.     Cemex                                          193.62
  3.     Grupo Mexico                                    84.05
  4.     America Movil                                  188.22
  5.     Grupo Modelo                                    76.36
  6.     Grupo Financiero Santander Serfin              312.6
  7.     Grupo Televisa                                  70.18
  8.     Fomento Economico Mexicano                     120.96
  9.     Hylsamex                                        35.16
 10.     Grupo Carso                                     76.34
 11.     Coca-Cola Femsa                                 67.07
 12.     Kimberley-Clark de Mexico                       25.6
 13.     Altos Hornos de Mexico                          36.17
 14.     Alfa                                            93.96
 15.     Grupo Financiero Banorte                       169.94
 16.     Wal-Mart de Mexico                              71.4
 17.     Grupo Financiero Inbursa                       102.1
 18.     Grupo Imsa                                      36.21
 19.     TV Azteca                                       18.24
 20.     El Puerto de Liverpool                          31.86
 21.     Grupo Bimbo                                     34.57
 22.     Grupo Sanborns                                  26
 23.     Grupo Elektra                                   40.59
 24.     Industrias CH                                   13.65
 25.     Embotelladoras Arca                             13.8
 26.     Organizacion Soriana                            29.07
 27.     Grupo Financiero Scotiabank Inverlat           104.5
 28.     Almacenes Coppel                                15.65
 29.     Industrias Penoles                              23.49
 30.     Grupo Simec                                      8.95
 31.     Gruma                                           24.84
 32.     Urbi Desarrollos Urbanos S.A.                   10.32
 33.     Grupo Continental                               10
 34.     Controladora Comercial Mexicana                 25.96
 35.     Vitro                                           31.23
 36.     Corporacion Geo                                 10.17
 37.     Corporacion Interamericana de Entretenimiento   15
 38.     Corporacion Moctezuma                            7.47
 39.     Consorcio Ara                                    8.63
 40.     Grupo Cementos de Chihuahua                      9.62
 41.     Desarrolladora Homex                             7.51
 42.     Grupo Palacio de Hierro                         12.13
 43.     Grupo Gigante                                   21.36
 44.     Grupo Posadas                                   10.69
 45.     Industrias Bachoco                              13.49
 46.     Cintra                                          19.81
 47.     Grupo Industrial Saltillo                       12.15
 48.     Desc                                             7.74
 49.     Grupo Lamosa                                     4.95
 50.     Grupo Casa Saba                                  9.08
 51.     Empresas ICA Sociedad Controladora              20.77
 52.     GNP Pensiones                                   32.29
 53.     Grupo Aeroportuario del Sureste                  1.39
 54.     Unefon                                           7.22
 55.     Invex Grupo Financiero                           7.29
 56.     G Collado                                        3.95
 57.     Sare Holding                                     3.67
 58.     Grupo Embotelladoras Unidas                      4.73
 59.     Grupo Industrial Maseca                          7.47
 60.     Grupo Financiero GBM                             1.4
 61.     Grupo Financiero Interacciones                   8.29
 62.     Grupo Herdez                                     4.3
 63.     San Luis Corporacion                             7.76
 64.     Corporativo Fragua                               3.97
 65.     G. Accion                                        2.85
 66.     Grupo La Moderna                                 3.89
 67.     Alsea                                            2.35
 68.     Cydsa                                            9.32
 69.     Medica Sur                                       1.39
 70.     Grupo Marti                                      2.63
 71.     Internacional de Ceramica                        4.38
 72.     Corporacion Durango                              0.962
 73.     Grupe                                            3.15
 74.     Value Grupo Financiero                           0.935
 75.     Grupo Corvi                                      4.18
 76.     Grupo Mexicano de Desarrollo                     3.75
 77.     Grupo Bafar                                      2.34
 78.     Grupo Financiero Finamex                         0.42
 79.     Qualitas Compania de Seguros                     4.08
 80.     Jugos del Valle                                  2.67
 81.     Consorcio Hogar                                  1.44
 82.     Ixe Grupo Financiero                            11.06
 83.     Empresas Cablevision                             2.14
 84.     Grupo TMM                                        8.16
 85.     Farmacias Benavides                              2.52
 86.     Grupo Profesional Planeacion y Proyectos         0.237
 87.     Grupo Radio Centro                               1.48
 88.     Grupo Minsa                                      2.17
 89.     Corporacion Mexicana de Restaurantes             1.04
 90.     Ecko                                             0.532
 91.     Accel                                            1.72
 92.     Dermet de Mexico                                 1.14
 93.     Convertidora Industrial                          0.790
 94.     Tekchem                                          0.401
 95.     Editorial Diana                                  0.193
 96.     Universidad CNCI                                 0.534
 97.     Grupo Qumma                                      0.848
 98.     Campus                                           0.140
 99.     Consorcio Aristos                                0.976
100.     Grupo Nutrisa                                    0.152
COPYRIGHT 2005 American Chamber of Commerce of Mexico A.C.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Author:Andrade, Amalia
Publication:Business Mexico
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Geographic Code:1MEX
Date:Jun 1, 2005
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