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MOL ranked second on Deloitte CE Top 500 list

Hungarian oil and gas company MOL is ranked second on the Deloitte CE Top 500 list of the region's leading companies following Poland's PKN Orlen. The ranking is based on 2009 sales revenues.

There are altogether 63 Hungarian firms on the Deloitte CE Top 500 list. The top 50 companies include telecommunication firm Nokia Komárom (11), car maker Audi (14), GE Hungary (26), energy company E.ON Földgáz Trade (29), Samsung Electronics (31), Magyar Telecom (42), Philips Industries and electricity company MVM (50).

According to the fourth edition of the CE Top 500 report, indications from the first quarter of 2010 suggest that a gradual economic recovery is already underway, demonstrated by widespread increases in company revenues following a year of steep decline, Deloitte said. Several factors are at play in supporting the recovery, including economic stimulus packages from western governments and international organisations, national action to reduce deficits and company programs to streamline and modernise their operations.

According to Deloitte Central Europe CEO Michael J. Barrington, the region's companies need to look to their 'natural' advantages to exploit export opportunities: "International trade is highly dependent on the sustainable economic health of trading partners outside Central Europe - the region's companies cannot influence this, but should take the opportunity to leverage the full value of their lower labour and production costs."

Other important elements behind the Central European region's fragile recovery include some clear competitive advantages that the region's economies hold over their Western European counterparts, according to Deloitte. These include a relatively low-cost labour force, new production facilities that are more efficient than older plants in the west, and a banking sector that escaped the worst impacts of the financial and economic crisis.