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.
The Top 10 Companies On The 2024 Fortune Southeast Asia 500 List Are:
1. Trafigura Group
2. PTT
3. Pertamina
4. Wilmar International
5. Olam Group
6. Perusahaan Listrik Negara
7. CP All
8. Flex
9. San Miguel
10. DBS Group Holdings
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.