After the shock to the in- Puerto Rico-Popular Inc., Firstbank, the list. first 10 locally owned companies on in earnings. While the largest corporations in of them tied for the same positions on compliance services firms. double-digit growth, headed by San ship of at least 51 percent of its stocks erated in calendar year 2019, actually construction companies, advertising Four hospital management compa- Juan-based Antilles Insurance Co., or shares in the hands of local resi- has 208 companies, given that several agencies, and validation and regulatory nies, including SSM, are among the which reported a 46 percent increase dents. The firm’s gross revenue grew 64 percent In fact, except for First Medical, most To qualify for the Top 200 list, a com- Owned Companies survey, which ranks businesses added to the list include ho- between 20, making it one of the other locally owned insurers on pany must have a sole owner who is a businesses owned by Puerto Rico resi- tels, private universities and schools, of the fastest growing companies on the list reported either single-digit or Puerto Rico resident or have owner- dents according to gross revenue gen- electrical suppliers, credit unions, the list. The most recent CB Top 200 Locally companies in the previous survey. The healthcare Medical, among the top 10 companies. 33 newcomers that displaced as many gross revenue in 2019. of a business to sell goods and services, in the island’s healthcare, insurance and The latest CB Top 200 list includes previous survey, with $809.1 million in It is one of two insurers, along with First but not necessarily its ability to gener- construction industries. on the list, up from eighth place in the crease compared with the previous year. This figure indicates the ability off, with some gains made by companies ported $16.52 billion in gross revenue. maintained its third-place the total amount of sales recognized for sector in the face of an uneven post- nies listed in the previous CB Top 250 Cidra-based Sistema de Salud Me- position on the list, generating $594.2 a reporting period before any deduc- hurricane recovery that has yet to take Locally Owned Companies, which re- nonita (SSM) occupies second place million in gross revenue, a 5 percent in- tions. Gross revenue is vitalityofPuertoRico’sprivate gross revenue than the first 208 compa- the previous year. gross revenue, which is considered a companies reflects the survey generated 19 percent more in pared with the $1.08 billion reported Guaynabo-based insurer Universal measure of their size. generated $1.05 billion in gross revenue single-digit revenue declines between vey ranks businesses according to (CB) survey of locally owned Moreover, the companies in the latest in 2019, a 2.7 percent decrease com- 20.
Except Like the Fortune 500, the CB Top for SSM, these hospital companies saw 200 Locally Owned Companies sur- T helatestCaribbeanBusiness these same businesses made in 2018. BY JOSÉ ALVARADO VEGA | ployed by all listed businesses. Healthcare and insurance enue, and about 4 percent either said Most Report Revenue Growth Healthcare Insurers, Contractors Make Gains companies employed the most people, there was no change or did not report 25,675, or 34 percent of the total em- revenue for the previous year. THE TOP LOCALLY OWNED COMPANIES IN PUERTO RICOġ4 TOP 200 LOCALLY OWNED COMPANIES Thursday, JanuLocally Owned Companies revenue, $6.1 billion, or 36 percent of Some 59 percent of the companies on Prove Resilient Amid Rocky the gross revenue made by all indus- the list reported higher gross revenue, Puerto Rico Recovery tries represented in the latest Top while 37 percent reported lower rev- 200 survey.
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