FORTUNE UNVEILS 2025 SOUTHEAST ASIA 500
2nd annual Fortune list has Singapore's Trafigura at No. 1, as the energy sector dominates; Malaysia's NationGate claims fastest growing by revenue
Ranks of female CEOs at Southeast Asia 500 companies increases to nearly 40, up 28% from last year
Indonesia has the most companies, 109, on the Southeast Asia 500 but Singapore companies lead in revenue, profits, and assets
SINGAPORE, June 17, 2025 /PRNewswire/ -- Fortune today unveils the 2025 Southeast Asia 500 rankings, the second annual list of the largest companies in the region, ranked by revenue for the 2024 fiscal year. Fortune's focus on Southeast Asia comes 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 from China due to heightened tariffs and trade tensions.
The seven countries in last year's inaugural Southeast Asia 500 list—Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines, and Cambodia—return in 2025, and continue to make their mark on the region's economy. Indonesia leads with 109 companies, while Thailand follows with 100. Malaysia has 92 companies on the list, surpassing Singapore's 81. Vietnam's presence on the list has grown to 76, while the Philippines contributes 40 and Cambodia rounds 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 billion in revenue in 2024, followed by Thailand's PTT (No. 2), Indonesia's Pertamina (No. 3) and Singapore's food and agribusiness powerhouses—Wilmar (No. 4) and Olam (No. 5). The top five companies generated nearly $516 billion in revenue, or 28% of all 500 companies combined.
Together, the top 10 generated $660 billion—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 billion in 2024, underscoring the city-state's role as a regional business hub and accounting for just over a third of the Southeast Asia 500's total revenue. Collectively, companies on the 2025 list generated $1.82 trillion in revenue in 2024, up from $1.79 trillion the year before. The minimum revenue threshold to be included on the 2025 list was $349.4 million.
"Fortune's interest in the region reflects Southeast Asia's growing importance as an engine of global growth," says Clay 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 towards Southeast 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 DBS leading—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 Gordon notes, 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 Kreasi and Vietnam's transport infrastructure and automotive services company, Tasco JSC, as well as returning companies such as the Philippines' online gaming firm, Digiplus Interactive, and travel and transportation companies like Singapore aviation catering and logistics firm SATS, Changi Airport Group and Airports of Thailand. In 2024, the top 20 fast-growers captured strong tailwinds from rebounding tourism, resource demand (coal, nickel, energy), digital transformation, and industrial growth in Southeast Asia.
In a positive sign for female leadership in the region, Fortune's analysts noted there are 37 female CEOs leading Southeast Asia 500 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 2025 Southeast Asia 500 companies employ more than 6.3 million people.
The 2025 Fortune Southeast Asia 500 list and stories are available internationally on Fortune.com/asia and on newsstands across Asia starting today, June 17. The list and rankings can be viewed at https://fortune.com/asia/ranking/southeast-asia-500/2025/.
About Fortune
Fortune is a global multi-platform media company built on a legacy of trusted, award-winning reporting and information for those who want to make business better. Independently owned, Fortune tells the stories of the world's biggest companies and their leaders as well as a new generation of innovators who are moving business forward. Digitally and in print, Fortune measures corporate performance through rigorous benchmarks, and holds companies accountable, in regions around the world. Its iconic rankings include Fortune 500, Fortune Global 500, Most Powerful Women, and World's Most Admired Companies. Fortune builds world-class communities by convening industry thought leaders for exclusive summits and conferences, including the Fortune Global Forum and Brainstorm Tech. For more information, visit fortune.com.
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In mouse experiments, TME Pharma's CCL2 inhibitor has been shown to be as effective as mitomycin C in preventing fibrosis while having a more favorable safety profile, thus improving long-term control of intraocular pressure. ____________________ 1 TME Pharma press release on March 13, 2025 2 Sorenson (2024) Frontiers in Ophthalmology 2024 Vol. 4 3 Lundeen (2023) JAMA Ophthalmol. 2023;141(8):747-754 4 Rein (2022) JAMA Ophthalmol. 2022;140(12):1202-1208 5 Chong 2010, Ophthalmology 117:2353; Chong 2017, Invest Ophthalmol Vis Sci 58:3432 About TME Pharma TME Pharma is a clinical-stage company focused on developing novel therapies for treatment of the most aggressive cancers. The company's oncology-focused pipeline is designed to act on the tumor microenvironment (TME) and the cancer immunity cycle by breaking tumor protection barriers against the immune system and blocking tumor repair. 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About Singapore Eye Research Institute (SERI) Established in 1997, SERI is Singapore's national research institute for ophthalmic and vision research. SERI's mission is to conduct high-impact eye research that prevents blindness, low vision and major eye diseases common to Singaporeans and Asians. Over the last decade, SERI has conducted landmark research projects that have led to tangible outcomes, patient benefits, and success stories. It has paved the way for significant improvements in how eye diseases are treated and prevented, not just for Singaporeans or Asians, but on a global scale. At its inception, SERI saw a national remit in ophthalmic and vision research, and till today, SERI ensures that its facilities and resources are open to researchers across Singapore so that the greatest benefit may be obtained from what is a relatively small clinical ophthalmology catchment area in Singapore. SERI has grown from a founding team of five in 1997 to a faculty of more than 253 staff, encompassing clinician scientists, scientists, research fellows, PhD students and support staff. This makes SERI one of the largest research institutes in Singapore, as well as the largest eye research institute in the Asia Pacific region. SERI has also over 255 adjunct faculties from various eye departments, biomedical institutes and tertiary centres in Singapore. SERI has published an impressive array of 5,942 scientific papers, and has secured external peer-reviewed competitive grants worth more than $473 million. As of December 2024, SERI's faculty has been awarded with more than 1,425 national and international prizes and filed 188 patents. As the research institute of the SNEC, and directly affiliated to the Yong Loo Lin School of Medicine, National University of Singapore, as well the Duke-NUS Medical School, SERI undertakes vision research in collaboration with local clinical ophthalmic centres and biomedical research institutions, as well as major eye centres and research institutes throughout the world. SERI ranks first globally in terms of eye publications per capita, far ahead of the US, UK and Japan. With its impressive publication track record, SERI is comparable to renowned eye institutes, both regionally and internationally. Please see About the GLORIA Study GLORIA (NCT04121455) is TME Pharma's dose-escalation, Phase 1/2 study of NOX-A12 in combination with radiotherapy in first-line partially resected or unresected glioblastoma (brain cancer) patients with unmethylated MGMT promoter (resistant to standard chemotherapy). GLORIA further evaluates safety and efficacy of NOX-A12 in the expansion arm in which NOX-A12 is combined with radiotherapy and bevacizumab. About the OPTIMUS Study OPTIMUS (NCT04901741) is TME Pharma's planned open-label two-arm Phase 2 study of NOX-A12 combined with pembrolizumab and nanoliposomal irinotecan/5-FU/leucovorin or gemcitabine/nab-paclitaxel in microsatellite-stable metastatic pancreatic cancer patients. Disclaimer Translations of any press release into languages other than English are intended solely as a convenience to the non-English-reading audience. The company has attempted to provide an accurate translation of the original text in English, but due to the nuances in translating into another language, slight differences may exist. This press release includes certain disclosures that contain "forward-looking statements." Forward-looking statements are based on TME Pharma's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, the risks inherent in oncology drug development, including clinical trials and the timing of and TME Pharma's ability to obtain regulatory approvals for NOX-A12 as well as any other drug candidates. Forward-looking statements contained in this announcement are made as of this date, and TME Pharma undertakes no duty to update such information except as required under applicable law. View source version on Contacts For more information, please contact: TME Pharma N.V. Aram Mangasarian, Ph.D., CEOTel. +49 (0) 30 16637082 0investors@ Investor and Media Relations: LifeSci Advisors Guillaume van RenterghemTel. +41 (0) 76 735 01 31gvanrenterghem@ NewCap Arthur RouilléTel. +33 (0) 1 44 71 00 15arouille@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
