KUALA LUMPUR (June 18): Malayan Banking Bhd (KL:MAYBANK) was the only Malaysian company to make it into the top 20 companies by revenue in Fortune’s Southeast Asia 500 rankings for 2024, ranking 17th with US$14.15 billion (RM66.7 billion).
In a statement on Tuesday, Fortune said of the top 20 companies by profitability, Malaysian companies Maybank came in at 11th, CIMB Group Holdings (KL:CIMB) at 17th and Public Bank Bhd (KL:PBBANK) at 19th.
The US global business magazine said the inaugural rankings include companies from seven Southeast Asian nations: Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines and Cambodia.
It said Indonesia dominated with 110 companies.
Thailand followed with 107. Malaysia, with 89 companies on the list, edged out Singapore, with 84.
Vietnam was home to 70 companies on the list, the Philippines 38, and Cambodia two.
Fortune said that in revenue terms, Singapore-based commodities trader Trafigura came out tops and dominated rankings with sales of US$244 billion.
It said the privately held commodity trader in minerals, metals and energy had the fewest employees among the list's top 10 companies by revenue and is the second most profitable amongst this group.
The top 10 companies in the Southeast Asia 500 featured a diverse group.
The energy sector held three of the top spots, with Thailand's PTT coming in at number two, Indonesia’s Pertamina in third place, and Indonesian state electricity company, Perusahaan Listrik Negara taking sixth spot.
Notably, Singapore had the most companies in the top 10, with Trafigura joined by Wilmar in fourth place, Olam fifth, Flex eighth and DBS 10th. Also in the top 10 were Thailand's CP All at seventh place and the Philippines’ San Miguel at ninth.
The 10 largest companies on the list reported revenues of US$650 billion.
That accounted for more than a third of the revenue for fiscal year 2023 across all Southeast Asia 500 companies which reported total revenues of US$1.8 trillion.
The minimum revenue threshold to be included on the list was US$460.8 million.
Fortune said with collective revenues of US$242 billion, banking was Southeast Asia's second-largest sector.
Significantly, nine banks were among the top 20 most profitable companies, with Singapore’s DBS leading, both in terms of revenue and earnings.
Fortune executive editor for Asia Clay Chandler said the Fortune’s 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,” said Chandler.
With the launch of Southeast Asia 500, the region’s largest companies become part of an elite group of firms recognised by inclusion under the prestigious Fortune 500 franchise, which spans Fortune 500 Global, Fortune 500 Europe, Fortune China 500, and now Fortune Southeast Asia 500.