Some of the country’s largest and most profitable corporations made it to the prestigious Fortune Southeast Asia 500 list of elite businesses but only the conglomerate San Miguel Corp. ranked among the top 10 money-making machines in 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,” the publication said in prefacing the maiden list of the region’s best in the business.
San Miguel ranked ninth in that list, with sales reaching $26.02 billion.
In its wake was the Sy family-controlled SM Investments Corp., ranked 27th with sales of $10.27 billion; Manila Electric Co. at 34th with $7.97 billion; JG Summit Holdings at 55th with $5.93 billion; BDO Unibank Inc. at 57th with $5.83 billion and Aboitiz Equity Ventures Inc. with $5.58b billion.
Ayala Corp. was ranked 70th, with $5.21 billion; GT Capital Holdings Inc. at 74th with $5.1 billion; fast food company Jollibee Foods Corp. at 86th with $4.39 billion; Lucio Co’s Cosco Capital Inc. at 95th with $3.85 billion.
Also on the list were PLDT Inc. at 97th, Globe Telecom Inc at 111th, International Container Terminal Services Inc. at 145th, DMCI Holdings Inc. at 159th and Chemical manufacturer D and L Industries Inc. at 404th.
The topmost list was dominated by Singapore companies led by the Trafigura Group at number one with $244.28 billion, followed by Thailand’s PTT with $90.4 billion and Indonesia’s Pertamina with $75.78 billion.
The publication said companies were ranked by revenue for the fiscal year ended 31 December 2023.
Revenue figures include consolidated subsidiaries and reported revenue 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.
“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,” Clay Chandler, executive editor Asia at Fortune, said.
“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,” Khoon-Fong Ang, Fortune’s chief of operations Asia, said.
