Pertamina Wins Third Place As Fortune 500 Southeast Asia's Largest Company

JAKARTA - PT Pertamina (Persero) ranks third best on the Fortune 500 Southeast Asia list in 2024. This ranking is the first time released by international media Fortune, for big companies with the best performance in Southeast Asia.

Pertamina's Vice President for Corporate Communication Fadjar Djoko Santoso said, amid the world's business challenges, Pertamina was able to compete with global companies from various sectors, including oil and gas companies, banking, aviation and others. Its achievements in the third largest position in Southeast Asia show that Pertamina's performance continues to grow along with the expertise of its business strategy, so Pertamina is highly accounted for in the global and regional arenas.

"Pertamina has recorded positive performance in various business lines in line with the strategy and innovation programs being carried out, especially in facing business challenges that are full of dynamics today," said Fadjar, Tuesday, June 18.

In its publication released today, Fortune explained, Southeast Asia has a big role in the world economy after the Covid-19 pandemic. However, companies from Southeast Asia are heavily exposed to global dynamics such as geopolitical conflicts and market uncertainty, so that many companies experience a decline in revenue.

Meanwhile, Southeast Asia's five largest companies, including Pertamina, although their revenue is corrected are still considered to produce the largest revenue compared to similar companies in the region.

Fadjar admitted that Pertamina's performance in 2023 will continue to grow. This is shown by an increase in net profit of up to 17 percent at the end of 2023, with a total profit of 4.77 billion US dollars or equivalent to Rp72.7 trillion (assuming an exchange rate of Rp15,255).

EBITDA or revenue before interest, tax, depreciation, and amortization amounted to USD 14.36 billion. This figure is up 6 percent compared to EBITDA in 2022. Meanwhile, consolidated revenue in 2023 is USD 75.79 billion.

This performance growth was also marked by the investment rating of various international rating agencies that designated Pertamina as a company with investment-worthy status. Pertamina is considered successful in maintaining its core business growth carefully and making a cleaner energy transition.

Fadjar added, Pertamina's operational performance is also increasingly efficient in all lines, both holding and sub holding through the cost optimization program with a contribution of around 1.1 billion US dollars. Operating, performance in all subholdings also increases.

"With the support of all stakeholders, Pertamina will continue to grow to become the leading national company in maintaining energy resilience and independence in Indonesia," said Fadjar.