The world’s 722 biggest companies collectively are making more than $1tn a year (£780bn) in windfall profits on the back of soaring energy prices and rising interest rates, according to research by development charities. Windfall profits are defined as those exceeding average profits in the previous four years by more than 10%. Energy companies recorded the highest windfall profits. The analysis found:18 food and beverage companies made on average about $14bn a year in windfall profits in 2021 and 2022. 28 pharmaceutical companies made on average $47bn a year in windfall profits, and 42 major retailers and supermarkets made on average $28bn.

Source: Forbes July 06, 2023 01:22 UTC