Fortune has unveiled its 2025 Southeast Asia 500 rankings, highlighting the largest companies in the region by revenue for the 2024 fiscal year. Singapore’s Trafigura retains the top spot, with the energy sector leading the charge. The rankings reveal a significant increase in female CEOs, now nearly 40, up from 28 last year. Indonesia boasts the most companies on the list, with 109, but Singaporean firms lead in revenue, profits, and assets.
The list underscores Southeast Asia’s growing role as a global economic powerhouse, driven by shifts in manufacturing capacity from China due to trade tensions. The top five companies, including Thailand’s PTT and Indonesia’s Pertamina, generated $516 billion, accounting for 28% of the total revenue of all 500 companies. Singapore-based companies alone contributed $637 billion, highlighting the city-state’s status as a regional business hub.
Energy remains the dominant sector, representing almost a third of the total revenue. Thai oil refiner Bangchak made a notable entry into the top 20 with a 47% revenue increase. Financial firms are the second-largest sector, with Singapore’s DBS leading in revenue and earnings.
The rankings also spotlight fast-growing companies like Malaysia’s NationGate and Vietnam’s Tasco JSC. The list reflects a dynamic leadership landscape, with 37 female CEOs and 37 women chairpersons, alongside ten CEOs in their 30s. The 2025 Southeast Asia 500 companies employ over 63 million people, showcasing the region’s economic vitality. The full list is available on Fortune’s website and in the June-July issue of Fortune Asia magazine.
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