- One of the world's fastest-growing regions now has its
own Fortune 500 list
- No. 1 on inaugural Southeast
Asia 500: Singapore-headquartered Trafigura
- Energy sector accounts for most revenue; six banks
amongst 10 most profitable
SINGAPORE, June 18,
2024 /PRNewswire/ -- Fortune today unveils
the Southeast Asia
500 rankings for 2024, a first-time list of the largest
companies in the region, ranking them by revenue for the 2023
fiscal year. Fortune's focus on the region comes as Southeast Asia gains greater significance in
the global economy due to shifting supply chains and the rapid
development of the region's economies.
The inaugural rankings include companies from seven Southeast
Asian nations: Indonesia,
Thailand, Malaysia, Singapore, Vietnam, the
Philippines, and Cambodia.
Indonesia dominates with 110
companies. Thailand follows with
107. Malaysia, with 89 companies
on the list, edged out Singapore
with 84. Vietnam is home to 70
companies on the list, the
Philippines to 38, and Cambodia to two.
In revenue terms, Singapore-based commodities trader
Trafigura is No.1 on the list and dominates the rankings
with sales of $244 billion. The
privately held commodity trader in minerals, metals, and energy had
the fewest employees among the list's top ten companies by revenue
and is the second most profitable amongst this group.
The top 10 companies in the Southeast
Asia 500 are a diverse group. The energy sector holds three
of the top spots, with Thailand's
PTT coming in at No.2, Indonesia's
Pertamina at No.3, and Indonesian state electricity company,
Perusahaan Listrik Negara, taking the No.6 spot. Notably,
Singapore has the most companies
in the top 10, with Trafigura joined by Wilmar at No.4, Olam at No.
5, Flex at No.8 and DBS at No.10. Also in the top ten are
Thailand's CP All at No.7 and
the Philippines' San Miguel at
No.9.
The ten largest companies on the list reported revenues of
$650 billion. That accounts for more
than a third of the revenue for fiscal year 2023 across all
Southeast Asia 500 companies which
reported total revenues of $1.8
trillion. The minimum revenue threshold to be included on
the list was $460.8 million.
With collective revenues of $242
billion, banking was Southeast
Asia's second-largest sector. Significantly, nine banks are
among the top 20 most profitable companies with Singapore's DBS leading, both in terms of
revenue and earnings.
Overall, revenues and profits shrank over the past year for the
Southeast Asia 500. But those
changes, driven by weak energy markets, masked impressive growth
stories in multiple industries. Fast-growers included Indonesian
miners Harita Nickel and
Merdeka Battery Materials, travel companies like Thai
Airways, and a range of insurers and banks.
"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," says Clay Chandler, Executive Editor, Asia.
In his introduction to the new list in the June/July issue
of Fortune Asia, Chandler notes, "the Southeast Asia 500 will track the ascent and
descent of the region's industries — whether their
business is commodities, transportation, finance, retail, tech, or
services — as it chronicles this fast-changing region
in the years to come."
In another sign of the dynamism of the region, Fortune's
analysts found there are about 30 female CEOs and chairmen amongst
the Southeast Asia 500 companies.
The youngest CEO is Mr. Sinon Vongkusolkit, the 34-year-old Chief
Executive of Thailand's
Banpu who took the top job in March
2024. In all, there are 16 leaders in their 30s holding the
positions of CEO, Managing Director, Executive Chairman or
Chairman. In total, the 500 companies employ close to 6 million
people.
"We are thrilled to introduce the Southeast Asia 500 to our international
readers as we build on the 70-year history of publishing the
Fortune 500. With this new list, we turn the spotlight on the
impressive growth story of Southeast
Asia and the largest companies driving this diverse region
and its economies," said Khoon-Fong
Ang, Fortune's Chief of Operations, Asia.
With the launch of the Southeast
Asia 500, the region's largest companies become part of an
elite group of firms recognized by inclusion under the prestigious
Fortune 500 franchise, which spans the Fortune 500 Global, Fortune
500 Europe, Fortune China 500, and now the Fortune Southeast Asia
500.
The Fortune Southeast Asia 500 list and stories will be
available on newsstands across Asia starting June 18.
About Fortune:
Fortune is a global multi-platform media company built on a
legacy of trusted, award-winning reporting and information for
those who want to make business better. Independently owned,
Fortune tells the stories of the world's biggest companies and
their leaders as well as a new generation of innovators who are
moving business forward. Digitally and in print, Fortune measures
corporate performance through rigorous benchmarks, and holds
companies accountable, in regions around the world. Its iconic
rankings include Fortune 500, Fortune Global 500,
Most Powerful Women, and World's Most Admired Companies.
Fortune builds world-class communities by convening industry
thought leaders for exclusive summits and conferences, including
the Fortune Global Forum and Brainstorm Tech. For more
information, visit fortune.com.
Fortune Media Contacts:
Fortune (U.S.)
Patrick Reilly
Patrick.Reilly@fortune.com
Fortune (Asia)
Ashleigh Nghiem
Director, Asia Lists
asia.lists@fortune.com
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