FORTUNE UNVEILS 2025 SOUTHEAST ASIA 500

2^ndannual Fortune list hasSingapore'sTrafigura at No. 1, as the energy sector dominates;Malaysia'sNationGate claims fastest growing by revenue

Ranks of female CEOs atSoutheast Asia500 companies increases to nearly 40, up 28% from last year

Indonesiahas the most companies, 109, on theSoutheast Asia500 butSingaporecompanies lead in revenue, profits, and assets

SINGAPORE,June 17, 2025/PRNewswire/ -- Fortune today unveils the 2025Southeast Asia500 rankings, the second annual list of the largest companies in the region, ranked by revenue for the 2024 fiscal year. Fortune's focus onSoutheast Asiacomes as the region emerges as a resilient growth engine for the global economy, playing an increasingly important role in global supply chains, capturing manufacturing capacity shifting fromChinadue to heightened tariffs and trade tensions.

The seven countries in last year's inauguralSoutheast Asia500 list—Indonesia,Thailand,Malaysia,Singapore,Vietnam,the Philippines, and Cambodia—return in 2025, and continue to make their mark on the region's economy.Indonesialeads with 109 companies, whileThailandfollows with 100.Malaysiahas 92 companies on the list, surpassingSingapore's81.Vietnam'spresence on the list has grown to 76, whilethe Philippinescontributes 40 andCambodiarounds out the list with two.

Singapore-headquartered commodities trader Trafigura earned the No. 1 spot on the Fortune Southeast Asia 500 for a second year, generating more than$243 billionin revenue in 2024, followed byThailand'sPTT(No. 2),Indonesia'sPertamina(No. 3) andSingapore'sfood and agribusiness powerhouses—Wilmar(No. 4) andOlam(No. 5). The top five companies generated nearly$516 billionin revenue, or 28% of all 500 companies combined.

Together, the top 10 generated$660billion—36% of the list's total revenue—while the top 20 accounted for$836 billion, nearly half the combined revenue of all 500 companies. Notably,Singapore-based companies generated$637 billionin 2024, underscoring the city-state's role as a regional business hub and accounting for just over a third of theSoutheast Asia500's total revenue. Collectively, companies on the 2025 list generated$1.82 trillionin revenue in 2024, up from$1.79 trillionthe year before. The minimum revenue threshold to be included on the 2025 list was $349.4 million.

"Fortune's interest in the region reflectsSoutheast Asia'sgrowing importance as an engine of global growth,"saysClay Chandler, Executive Editor,Asia."The region has become a crucial manufacturing and export hub, which is drawing significant capital flows. This momentum has been further fueled by Trump-era tariffs, which have reshaped global trade dynamics and driven a shift towardsSoutheast Asia."

Energy – whether resource extraction, power generation, or electrical transmission—is the dominant sector on the 2025 list, accounting for almost a third of its total revenue. Thai oil refiner and energy company,Bangchak, breaks into this year's top 20 with a 47% jump in revenue. Financial firms represent Southeast Asia's second-largest sector. Significantly, thirteen banks and financial firms are among the top 20 most profitable companies with Singapore's DBSleading—both in terms of revenue and earnings—for a second year.

In his introduction to the new list in the June/July issue of Fortune Asia magazine, editor,Asia,Nick Gordonnotes, the Fortune Southeast Asia 500 provides"a snapshot of a region ready to take advantage of global supply chain shifts and booming industries like mining, EVs, and AI—even as U.S. tariff policy threatens to roll back some of last year's gains."

Fast-growers in revenue terms included newcomers to the list—Malaysian precision manufacturing company NationGate, Indonesian mining and energy firm,Petrindo Jaya KreasiandVietnam'stransport infrastructure and automotive services company,Tasco JSC,as well as returning companies such asthe Philippines'online gaming firm,Digiplus Interactive, and travel and transportation companies likeSingaporeaviation catering and logistics firmSATS, Changi Airport GroupandAirports ofThailand. In 2024, the top 20 fast-growers captured strong tailwinds from rebounding tourism, resource demand (coal, nickel, energy), digital transformation, and industrial growth inSoutheast Asia.

In a positive sign for female leadership in the region, Fortune's analysts noted there are 37 female CEOs leadingSoutheast Asia500 companies, up from 29 reported last year. There are also 37 women holding the position of chairman. This growth in diversity, alongside the ten CEOs in their 30s, underscores the region's evolving leadership landscape. The average age of the chief executives leading the 500 companies is 58. In total, the 2025Southeast Asia500 companies employ more than 6.3 million people.

The 2025 Fortune Southeast Asia 500 list and stories are available internationally onFortune.com/asia and on newsstands acrossAsiastarting today,June 17. The list and rankings can be viewed athttps://fortune.com/asia/ranking/southeast-asia-500/2025/.

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