• One of the world’s fastest-growing regions now has its own Fortune 500 list
  • This inaugural ranking includes 107 companies from Thailand with 6 in the top 20  
  • Energy sector accounts for most revenue with Thailand’s PTT coming in at No.2; Thailand’s Banpu CEO is the youngest in the list, while 30 female CEOs amongst the 500 companies highlights dynamism of the region
  • For the full list go to: 

Thailand, June 18, 2024 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: Thailand, Indonesia, Malaysia, Singapore, Vietnam, the Philippines, and Cambodia. Indonesia leads with 110 companies, while 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. Three other companies from Thailand are also in the top 20 in terms of revenue: Indorama Ventures (No.14), Siam Cement (No. 16), and CP Axtra (No.19).

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 airlines like Thai Airways, Indonesian miners Harita Nickel and Merdeka Battery Materials, 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 published on and 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.

  • ENDS —

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 Media Contact:  Agency Media Contact:

Ashleigh Nghiem Maetavarin Maneekulpan
Director, Asia Lists TQPR Thailand


Top 20 Companies by Revenue
Rank Company Headquarters Industry
1 Trafigura Group Singapore Trading
2 PTT Thailand Petroleum Refining
3 Pertamina Indonesia Petroleum Refining
4 Wilmar International Singapore Food Production
5 Olam Group Singapore Wholesalers: Food and Grocery
6 Perusahaan Listrik Negara Indonesia Utilities: Gas and Electric
7 CP All Thailand Food and Drug Stores
8 Flex Singapore Electronics, Electrical Equip
9 San Miguel Philippines Beverages
10 DBS Group Holdings Singapore Commercial Banks
11 United Overseas Bank Singapore Commercial Banks
12 Oversea-Chinese Banking Singapore Commercial Banks
13 Charoen Pokphand Foods Thailand Food Production
14 Indorama Ventures Thailand Chemicals
15 Bank Rakyat Indonesia Indonesia Commercial Banks
16 Siam Cement Thailand Building Materials, Glass
17 Maybank Malaysia Commercial Banks
18 Singapore Airlines Singapore Airlines
19 CP Axtra Thailand Food and Drug Stores
20 Sea Singapore Internet Services and Retailing
Top 20 Most Profitable Companies
1 DBS Group Holdings Singapore Commercial Banks
2 Trafigura Group Singapore Trading
3 Oversea-Chinese Banking Singapore Commercial Banks
4 Pertamina Indonesia Petroleum Refining
5 United Overseas Bank Singapore Commercial Banks
6 Bank Rakyat Indonesia Indonesia Commercial Banks
7 Bank Mandiri Indonesia Commercial Banks
8 PTT Thailand Petroleum Refining
9 Bank Central Asia Indonesia Commercial Banks
10 Keppel Singapore Real Estate
11 Maybank Malaysia Commercial Banks
12 Singapore Airlines Singapore Airlines
13 Adaro Energy Indonesia Indonesia Mining, Crude-Oil Production
14 Singtel Singapore Telecommunications
15 Telkom Indonesia Indonesia Telecommunications
16 MIND ID Indonesia Mining, Crude-Oil Production
17 CIMB Group Holdings Malaysia Commercial Banks
18 Wilmar International Singapore Food Production
19 Public Bank Malaysia Commercial Banks
20 Perusahaan Listrik Negara Indonesia Utilities: Gas and Electric

Appendix I: Top 20 Southeast Asia 500 Companies by Revenue and Profits

Appendix II: Methodology for Fortune Southeast Asia 500


Companies are ranked by total revenues for their latest available respective fiscal years ended on, or before, December 31, 2023, unless otherwise noted.  All companies on the list must publish financial data and report part, or all, of their figures to a government agency. Figures are as reported, and comparisons are with the prior year’s figures for that year. Revenue and profit figures for companies reporting in their local currency have been converted to U.S. dollars at the average exchange rate during each company’s fiscal year (ended Dec. 31, 2023, unless otherwise noted).



Revenue figures include consolidated subsidiaries and reported revenues from discontinued operations. For banks, revenue is the sum of gross interest income and non-interest income. For insurance companies, revenue includes premium and annuity income, investment income, realized capital gains or losses, and other income, but excludes deposits.



Profits are shown after taxes, extraordinary credits or charges and the cumulative effects of accounting changes, but before preferred dividends. Profits from non-controlling (minority) interests are not included. For REITs and Trusts, amounts available for distribution to unitholders are shown as profits. Figures in parentheses indicate a loss. Profit declines of more than 100% reflect swings from 2022 profits to 2023 losses.



Assets shown are those at the company’s fiscal year-end. Figures have been converted to U.S. dollars at the exchange rate at each company’s fiscal year-end.


Appendix III: Inaugural Fortune Southeast Asia 500 in June/July issue


Posted in