BHP and Rio Tinto have climbed the ranks of Brand Finance’s most valuable Australian brands this year, entering the top five and top 10 respectively.
BHP’s brand value has increased by 1.6 per cent to $8.4 billion, thanks to its strong revenue forecasts.
The company is ranked fourth after Woolworths ($11.8 million), Telstra ($11.7 million) and Commonwealth Bank ($10.2 million).
BHP’s brand strength has, however, declined due to weakening corporate social responsibility scores.
Fellow miner Rio Tinto has also recorded steady brand value growth with 4 per cent increase to $4.8 billion this year.
“Both brands are negotiating the increasing intolerance of new mining projects, among the Australian public and internationally,” Brand Finance stated.
“As BHP and Rio Tinto operate across borders, they are exposed to fluctuating global trade and have suffered as a result of softening demand in China, a key market.”
The brand valuation consultancy reported 11 new entrants into the ranking this year, with Downer the highest ranked in 29th position with a brand value of $1.3 billion.
Downer has won high value contracts nationally and internationally, on top of acquiring a Victorian-based waste resource company, Repurpose It and winning multiple awards for its sustainability efforts, according to Brand Finance.
Engineering and construction company Worley is the fastest growing Australian brand this year, recording a whopping 88 per cent brand value growth to $584 million.
“Following Worley’s acquisition of Jacobs ECR in May, and its subsequent rebrand, the company’s reach has expanded considerably, entering key high growth markets, including Europe, Canada, the Middle East and India,” Brand Finance stated.