2024 Fortune Southeast Asia 500 Debut List Revealed - Two Cambodian Companies Featured
Fortune has released the debut Fortune Southeast Asia 500 list in 2024 which is based on the latest fiscal year revenues ending on or before December 31, 2023. Indonesian companies (110) are the most dominant represented among the top 500, while only two Cambodian companies are listed on this inaugural list (ACLEDA Bank & NagaCorp).
Fortune Southeast Asia 500 - 2024 Top Ten
The 10 largest companies on the Forbes list reported combined revenues of US$650 billion which is more than a third of the revenue for fiscal year 2023 across all Southeast Asia 500 companies with a total combined revenue of USD $1.8 trillion.
In terms of revenue, Singapore-based commodities trader Trafigura topped the list with the commodities trader generating sales of USD $244 billion. The inaugural business-focused global magazine's ranking of the SEA top ten was dominated by Singaporean companies which have five in the top 10 rankings; Trafigura, Wilmar, Olam, Flex and DBS.
In terms of the sectors represented in the top ten in SEA, the energy sector held three of the top spots, with Thailand's PTT coming in second, Indonesia’s Pertamina was third place, and Indonesian state electricity company, Perusahaan Listrik Negara in 6th.
In total, the inaugural rankings include companies from seven Southeast Asian nations and some of the listed 500 companies do have an operational presence in Cambodia, such as the Malaysian bank Maybank which was listed in 17th position in the Top 20 companies based on revenue.
The reputable publisher said, “The Fortune Southeast Asia 500 debuts right as global business is starting to pay closer attention to the region. Southeast Asian economies are benefiting from supply chain diversification as rapid domestic development builds the next wave of global middle-class consumers. Our new ranking reflects the rise and fall of energy markets, multinational supply chains, and tourism in some of the world’s most dynamic economies.”
Airlines and airports, as well as consumer internet platforms, saw strong rebounds in 2023 after being among the hardest hit by the pandemic.
Cambodian Companies - Fortune Southeast Asia 500
With two Cambodian companies listed, their aggregated revenues were USD $1.4 billion (the highest) and the average company profit was USD $163 million.
- ACLEDA Bank #315
- NagaCorp #449
Some Key Findings - Fortune Southeast Asia 500
Clay Chandler, Asia executive editor of Fortune, added, “Southeast Asia 500 reflects a dynamic and fast-changing region—one whose core economies are growing notably faster than those of Europe or the US. 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.”
- The energy sector had three firms in the top ten in SEA.
- Banking was Southeast Asia's second-largest sector with collective revenues of USD $242 billion (nine banks were among the top 20 most profitable companies)
- The minimum revenue threshold to be included was USD $460.8 million.
- Only five companies on the Southeast Asia 500 were large enough to have made the 2023 edition of the Fortune Global 500 (the revenue threshold was USD $30.9 billion)
- 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
The 500 companies employ close to 6 million people in the region and took in USD $1.79 trillion in revenue in 2023, which was actually a drop of USD $45 billion from 2022 and earnings shrank to USD $130 billion, a decrease from 9.6 per cent in 2022.
Country Breakdown - Fortune Southeast Asia 500 (2024)
- 110 Indonesian companies
- 107 Thailand companies
- 89 Malaysian companies
- 84 Singapore companies
- 70 Vietnam companies
- 38 Philippine companies
- 2 Cambodia companies
