Muslims in Indonesia raising concerns about conservatism (ADEK BERRY/AFP/Getty Images)

Companies boycotted by the National Organisation for Marriage are three times more profitable than the market average, despite the group’s claim that its boycotts cause ‘global’ harm.

The anti-gay group’s president, Brian Brown, claimed earlier this week that his group’s 2012 boycott of Starbucks – after the company voiced support for marriage equality – has halted its company’s global expansion.

He said: “The media will say the boycotts have little or no effect. The reality is companies like Starbucks are trying to expand around the world, and as Americans stand up and say this is wrong, and they highlight that Starbucks are supporting same-sex marriage, it forces the mask to come off.

“Many countries have looked at Starbucks and individuals that would be allowing Starbucks into the country have said no, because Starbucks does endorse the redefinition of marriage. For global companies, it has an effect, both in America and abroad.”

However, research conducted by blog Waking Up Now has shown that NOM’s boycotts actually seem to be pretty good indicators that a company is doing well.

It looked at three of the group’s boycotts – of Starbucks, from March 2012, of General Mills, from June 2012, and of T-Mobile, from September 2012.

The blog found that an investment of $10,000, split between the three companies from the start of the respective boycotts, would be worth $19,411 to date – a 94% return, more than three times higher than the 24% return that the Dow Jones index.

The return is higher than any of the main indexes checked against, outperforming NASDAP, as well as Standard & Poors.

The group last month launched a boycott of investment bank JPMorgan Chase, after it asked employees what they thought about the LGBT community in a routine internal survey.

Last week NOM launched a boycott of retail giant Target, after it announced support for marriage equality.