Indonesia has secured the highest number of companies, 109, on the Fortune Southeast Asia 500 list for 2025, placing it above Thailand with 100 companies and Malaysia with 92.

This annual ranking, released by Fortune, lists the 500 largest companies in Southeast Asia based on revenue during the 2024 fiscal year.

According to Clay Chandler, Executive Editor Asia for Fortune, “The high number of Indonesian companies demonstrates how the region is becoming a key global manufacturing and export hub, especially amid the industrial shift from China”.

Pertamina Ranks Third Among Southeast Asia’s Largest Companies

Indonesia's Pertamina ranks third on the list, reporting more than USD 243 billion (around IDR 4,009 trillion) in revenue.

PLN ranks sixth, and Bank Rakyat Indonesia (BRI) ranks fourteenth.

The combined revenue of Indonesia’s top 20 companies reached USD 222.8 billion (approximately IDR 3,675 trillion), which is 69% of the total revenue from all Indonesian firms on the list.

The total revenue recorded by the 500 companies reached USD 1.82 trillion (around IDR 30,030 trillion) in 2024, increasing from USD 1.79 trillion in the previous year.

The minimum revenue to be included in the ranking was USD 349.4 million (around IDR 5.7 trillion).

Energy and Finance Lead Sector Contributions

The energy sector accounted for nearly one-third of the total revenue on the list, followed by finance and industry.

The finance sector led in profitability, with 13 banks and financial companies featured among the 20 most profitable firms.

Bank Mandiri and Bank Rakyat Indonesia were ranked fourth and fifth, respectively, for highest profits.

Revenue growth was also seen in companies from natural resources and digital transformation sectors.

Fortune highlighted three companies with the fastest revenue growth: Petrindo Jaya Kreasi (Indonesia), NationGate (Malaysia), and Tasco JSC (Vietnam).

Southeast Asia Positions for Strategic Global Shifts

Nick Gordon, Editor Asia at Fortune, wrote in the June/July 2025 edition that Southeast Asia is preparing to take advantage of global supply chain shifts into strategic sectors like mining, electric vehicles, and artificial intelligence.

However, he noted potential risks from U.S. tariff policies that may slow growth.

Top 10 Companies in Fortune Southeast Asia 500 (2025)

1. Trafigura Group (Singapore) – Global commodity trading in energy and metals
2. PTT (Thailand) – Integrated oil and gas company
3. Pertamina (Indonesia) – State-owned energy enterprise
4. Wilmar International (Singapore) – Agribusiness in palm oil and food products
5. Olam (Singapore) – Global agribusiness and food distributor
6. PLN (Indonesia) – National electricity provider
7. DBS Group Holdings (Singapore) – Full-service banking institution
8. CP All (Thailand) – Main operator of 7-Eleven in Thailand
9. San Miguel (Philippines) – Conglomerate in food, beverages, and infrastructure
10. Flex (Singapore) – Manufacturer of electronics and tech components

Fortune also reported an increase in female leadership, with 37 women serving as CEOs or board chairs in 2025, up from 29 the year prior.

The average age of CEOs on the list is 58 years.

PHOTO: PERTAMINA

This article was created with AI assistance.