Fortune Announces 500 Largest Companies In Southeast Asia, Indonesia Dominates The Most

Photo: Doc. Pertamina

JAKARTA - Fortune today launched the ranking 500 of the Largest Companies in Southeast Asia or called Fortune Southeast Asia 500 for 2024, the first list of the largest companies in the region, which ranked them based on revenue for the fiscal year 2023. Fortune's focus on the region emerged as Southeast Asia became increasingly important in the global economy due to supply chain shifts and the rapid development of the region's economy.

This premiere includes companies from seven Southeast Asian countries: Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines, and Cambodia. Indonesia dominates with 110 companies. Followed by Thailand with 107 companies. Malaysia, with 89 companies on the list, outperformed Singapore with 84 companies. Vietnam is home to 70 companies on the list, the Philippines with 38 companies, and Cambodia with two companies.

In terms of revenue, Singapore-based commodity trading company Trafigura is at No. 1 on the list and dominates the rankings with sales of 244 billion US dollars. These private commodity traders in minerals, metals and energy have the fewest employees among the top ten companies on the list based on revenue and are the second most profitable among these groups.

The top ten companies in 500 Southeast Asian Companies are diverse groups. The energy sector occupies the top three positions, with PTT Thailand at No. 2, Pertamina Indonesia at No. 3, and the state electricity company Indonesia, the State Electricity Company, at No. 6. In particular, Singapore has the most companies at the top 10, with Trafigura joining Wilmar at No. 4, Olam at No. 5, Flex at No. 8 and DBS at No. 10. Also at the top 10 are CP All Thailand at No. 7 and San Miguel Philippines at No. 9.

The ten largest companies on the list reported revenues of US$650 billion. It accounts for more than a third of revenue for fiscal year 2023 across all of Southeast Asia's Largest 500 Companies that reported total revenue of US$1.8 trillion. The minimum revenue threshold to be included in the list is US$460.8 million.

With a collective income of 242 billion US dollars, banking is the second largest sector in Southeast Asia. Significantly, nine banks are among the 20 most profitable companies with Singapore's DBS leading, both in terms of revenue and profit. Bank Rakyat Indonesia, Bank Mandiri, Bank Central Asia from Indonesia are included in the 9 banks.

Overall, revenue and profit have shrunk over the past year for 500 of Southeast Asia's Largest Companies. However, these changes, driven by a weak energy market, cover an impressive growth story in various industries. Companies that grow fast include Indonesian miners Harita Nickel and Merdeka Battery Materials, travel companies such as Thai Airways, and various insurance and bank companies.

"The Southeast Asia 500 (500 of the Largest Companies in Southeast Asia Fortune) reflects a dynamic and rapidly changing region, an area whose core economy is growing much faster than Europe or the United States. This is partly because Southeast Asia is taking a much more important role in the global economy, no exception because a number of multinational Global 500 companies have shifted more of their supply chains to Southeast Asian countries," Clay Chandler, Chief Editor of Fortune, Asia, said in a statement, Tuesday, June 18.

In his introduction to a new list published on Fortune.com and in the June/July Fortune Asia edition, Chandler confirmed that Fortune Southeast Asia 500 will track up and down industries in the region -- be it commodity businesses, transportation, finance, retail, technology, or services, etc., as it records in this rapidly changing region in the years to come.

In another sign of the dynamics of the region, Fortune analysts found there were about 30 female CEOs and chairmans among the 500 largest companies in Southeast Asia. The youngest CEO is Mr. Sinon Vongkusolkit, 34-year-old Thailand's Chief Executive of Banpu who took office in the top position in March 2024. Overall, there were 16 leaders in their 30s who held the position of CEO, Executive Director, Executive Chair or General Chair (Chairperson). In total, the 500 companies employ nearly 6 million people.

"We are excited to introduce Southeast Asia 500 to international readers in line with the history of 70 years of Fortune 500 publishing. With this new list, we highlight the impressive growth story in Southeast Asia and the largest companies in Southeast Asia. It encourages the diversity of the region and its economy," said Khoon-Fong Ang, Fortune's Chief of Operations, Asia.

Companies included in Southeast Asia 500 have joined an elite group of companies recognized under the Fortune 500 franchise, which includes Fortune 500 original i, Fortune Global 500, Fortune Europe 500, and Fortune China 500. The list of Fortune Southeast Asia 500 and news will be available at news stalls throughout Asia starting June 18.