More Than 10 Indonesia's SOE Entering Fortune 500 Southeast Asia 2024
Southeast Asia has a big role in the post-pandemic world economy.
REPUBLIKA.CO.ID, JAKARTA -- Indonesia's State-Owned Enterprises (BUMN) continues to gain global recognition for positive performance. Previously, four state-owned enterprises were on the Forbes list. Newly, a series of red plate companies will be part of Fortune 500 Southeast Asia in 2024.
In the description on the fortune website, numbers of SOE entering the list, such as PT Pertamina (Persero) ranks third, PT Perusahaan Listrik Negara (Persero) in sixth, PT Bank Rakyat Indonesia Tbk (BRI) in 15th place, then PT Bank Mandiri (Persero) in 22nd place. Then Telkom Indonesia (28th), PT Bank Negara Indonesia (Persero) Tbk (BNI) in 62nd place, PT Pupuk Indonesia (Persero) in 71st, Garuda Indonesia (125th).
Next is PT Semen Indonesia (Persero) on the 143rd ladder, PT Pelabuhan Indonesia (Persero) (Pelindo) (157), PT Bank Tabungan Negara (Persero) Tbk (BTN) (166), Hutama Karya (183), PT Aviasi Pariuri Indonesia (Persero) or InJourney (198), PT Wijaya Karya Tbk (Persero) (203), PT Jasa Marga Persero Tbk (213). PT ADHI KARYA (Persero) Tbk (225), then Vale Indonesia (INCO), whose 14 percent stake is owned by BUMN Mining holding MIND ID in the 234th place. PT Waskita Karya (Persero) Tbk (357).
A number of private companies from Indonesia also entered Fortune 500 Southeast Asia 2024. Three of them, PT Bank Central Asia Tbk (BCA), PT Adaro Energu Indonesia Tbk, Sinarmas Land. Fortune determines the ranking based on fiscal 2023 revenue.
Southeast Asia's position is increasingly vital to the global, due to shifting supply chains and economic developments in the region.
The first position is occupied by Trafigura Group. Trafigura is a commodities trading company based in Singapore. Then in the second place there is PTT from Thailand, then Pertamina.
Pertamina's Vice President of Corporate Communication, Fadjar Djoko Santoso said, amid the challenges of world business, Pertamina is able to compete with global companies from various sectors. This achievement shows that the SOE's performance continues to grow in line with the development of its business strategy.
“Pertamina has recorded positive performance in various business lines in line with the strategy and innovation program implemented, especially in the face of today's dynamic business challenges,” Fadjar said, in an official statement on Tuesday (18/6/2024).
On Tuesday, Fortune explained that Southeast Asia has a big role in the world economy after the Covid-19 pandemic. Southeast Asian companies are highly exposed to global dynamics such as geopolitical conflicts and market uncertainties. So many are experiencing a drop in income. Meanwhile, Southeast Asia's five largest companies, including Pertamina, generate the highest revenues compared to similar companies in the region.
Fadjar acknowledged that Pertamina's performance in 2023 remains growing. This is shown by an increase in net profit of up to 17 percent by the end of 2023, with a total profit of 4.77 billion US dollars or equivalent to Rp 72.7 trillion (assuming a rate of Rp 15,255 per US dollar). EBITDA or earnings before interest, taxes, depreciation and amortization amounted to 14.36 billion US dollars. This is up six percent over EBITDA in 2022. Consolidated revenue for 2023 amounted to 75.79 billion US dollars.
This growth in performance is also characterized by investment ratings from various international rating agencies that establish Pertamina as a company with investment-worthy status. Pertamina is judged to have managed to maintain the growth of its core business carefully and to make a cleaner energy transition.
Fadjar added that Pertamina's operational performance is also becoming more efficient in all lines of both holding and sub-holding through a cost optimization program with a contribution of approximately 1.1 billion US dollars. Operationally, performance across all subholdings also improved.
In addition to efficient, Fadjar connection, Pertamina's operations are also becoming more environmentally friendly. This is in line with the implementation of Environmental, Social, and Governance (ESG) across business lines. Pertamina ranks number one in the world in the Integrated Oil and Gas sub-industry. Pertamina leads the highest score out of 61 global companies, based on ratings from ESG Rating Agency Sustainalytics.
“With the support of all stakeholders, Pertamina will continue to grow into a leading national company in maintaining energy resilience and independence in Indonesia,” Fadjar said.
Pertamina is committed to supporting the Net Zero Emissions target by 2060 by continuing to promote programs that directly impact the achievement of the Sustainable Development Goals (SDGs). The entire effort is aligned with the application of ESG across the company's entire line of business and operations.
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