85 Singaporean companies included in Fortune’s SEA 500 rankings

Trafigura, Wilmar, Olam, Flex, and DBS all made it into the top 10.

Eighty-five (85) Singaporean companies made it into Fortune’s inaugural Southeast Asia 500 rankings in 2024, with SG-domiciled commodities trader Trafigura emerging on top.

Trafigura, which also ranked number 1 in the whole list, dominated the rankings with sales of US$244b, according to Fortune. The privately held commodity trader in minerals, metals, and energy was also noted for having the fewest employees amongst the top 10 companies by revenue, and is the second most profitable in the group, according to Fortune’s report.

The ten largest companies on the list reported revenues of US$650b, accounting for more than a third of the revenue for fiscal year 2023 across all Southeast Asia 500 companies which reported total revenues of US$1.8t.

Singapore also had the most companies in the Top 10, with Trafigura (No. 1), Wilmar (No. 4), Olam (No. 5), Flex (No. 8), and DBS (No. 10).

DBS is notably SEA's top bank in terms of profits and revenue. 

UOB and OCBC were not far behind, at 11th and 12th place, respectively. Singapore Airlines ranked 18th, whilst SEA Limited occupied the 20th spot. Singtel just missed the top 25, ranking at 26th. 

Outside of Singapore, other companies that made it into the top ten are Thailand's CP All at seventh place, and the Philippines’ San Miguel at ninth place.

Energy companies held down three of the top 10 spots: Thailand’s PTT in second place, whilst Indonesia’s Pertamina took third place. Indonesia’s state electricity company, Perusahaan Listrik Negara, ranked sixth in the list.

Indonesia emerged as the country with the most companies in Southeast Asia 500 rankings, at 110. Thailand followed with 107 companies; Malaysia rounded up the top 3 with 89 companies featured on the list, edging out Singapore.

Companies from Vietnam (70), the Philippines (38), and Cambodia (2) were also on the list.

The minimum revenue threshold to be included on the list was US$460.8b.

Overall, revenues and profits shrank over the past year for the Southeast Asia 500, Fortune reported, driven by weak energy markets.

Fast-growers included Indonesian miners Harita Nickel and Merdeka Battery Materials, travel companies like Thai Airways, and a range of insurers and banks.