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110 Indonesian Companies Listed Among Southeast Asia's Largest in 2024 Fortune 500: Here's the Top 10

11 July 2024 09:33 WIB

TEMPO.CO, JakartaFortune magazine has ranked Pertamina as the third largest company in the region in its Southeast Asia 2024 Fortune 500 list. Singaporean commodities trading company, Trafigura, occupies the top position with US$244 billion in revenue, while Thai oil company PTT placed second with revenue of US$90.418 billion.

Pertamina is in third place with consolidated revenue of US$75.787 billion in 2023, down 10.7 percent compared to 2022.

There are 110 Indonesian companies listed in the Fortune first-ever Southeast Asia Top 500 ranking, the most among the other 7 countries.

The Fortune Southeast Asia 500 reflects a dynamic and fast-changing region — one whose core economies are growing notably faster than those of Europe or the U.S. This is partly due to Southeast Asia taking on far greater significance in the global economy, not least because a host of Global 500 multinationals have shifted more of their supply chains to Southeast Asian nations," said Clay Chandler, Executive Editor of Fortune Asia.

Another Indonesian state-owned enterprise placed in the top ten spots is the electricity company PLN with 2023 revenue worth US$32.012 billion. The other top ten positions are occupied by the Singaporean company Wilmar at fourth position with a revenue of US$67.155 billion, Olam Group Singapore in fifth with revenues of US$35.9 billion, CP All Thailand with US$26.487 billion, Flex Singapore US$26.415 billion, San Miguel Philippines with US$26.023 billion, and finally DBS Singapore with US$25.607 billion.

The Southeast Asia Fortune 500 also listed 18 Indonesian state-owned companies. "Fortune selected 500 companies in Southeast Asia with the largest revenues in 2023. This is proof that state-owned enterprises (SOEs) influence Indonesia's progress," SOEs Minister Erick Thohir in a statement in Jakarta, on Tuesday, July 9, 2024.

Another SOE listed in the Fortune 500 was the construction company Waskita Karya in 357th place."We are grateful that Waskita Karya was named one of the best construction companies in Southeast Asia amidst the restructuring process that the company is currently undertaking. We are confident this title will further strengthen the company going forward," Waskita Karya Corporate Secretary Ermy Puspa Yunita said.

List of Top 10 Indonesian Companies on the Southeast Asia 2024 Fortune 500:

1. Pertamina (Ranked 3rd) with revenue of US$75,787.8 billion

2. PLN (Ranked 6th) with revenue of US$32,012.9 billion

3. BRI (Ranked 15th) with revenue of US$14,916.8

4. Bank Mandiri (Ranked 22nd) with revenue of US$11,515.3

5. Telkom Indonesia (Ranked 28th) with revenue of US$9,801

6. Gudang Garam (Ranked 35th) with revenue of US$7,813.2

7. BCA (Ranked 40) with revenue of US$7,370.6

8.  Indofood Sukses Makmur (Ranked 41) with revenue of US$7,337.1

9. MIND ID (Ranked 43) with revenue of US$7,087.9

10. Sumber Alfaria Trijaya (Ranked 44) with revenue of US$7,024.5

ANTARA

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