State-Owned Enterprises Dominate Indonesia's Largest Companies According to "Fortune," Pertamina Ranked Highest

Fortune Indonesia magazine has released its list of the 100 companies with the highest revenue in 2023. Of these, 19 are State-Owned Enterprises (SOEs).

"Although only 19 companies, their contribution equals 50% of the total revenue of Fortune Indonesia 100 this year," said Fortune Indonesia's Editor-in-Chief, Hendra Soeprajitno, in a press release (August 13, 2024).

The total revenue from these 19 state-owned companies amounted to Rp2,828.3 trillion. The total revenue of all 100 companies on the *Fortune* list reached Rp5,606.67 trillion.

PT Pertamina ranked first as the company with the highest national revenue, reaching Rp1,168.34 trillion in 2023. This oil and gas company's revenue was also the highest nationally, not just among SOEs.

The following is a list of the 19 SOEs with the highest revenue in 2023 according to Fortune Indonesia 100:

1. PT Pertamina: Rp1,168.34 trillion
2. PT Perusahaan Listrik Negara (PLN): Rp487.38 trillion
3. PT Bank Rakyat Indonesia Tbk (BRI): Rp241.68 trillion
4. PT Bank Mandiri Tbk: Rp186.78 trillion
5. PT Telkom Indonesia Tbk: Rp149.21 trillion
6. Mining Industry Indonesia (MIND ID): Rp107.87 trillion
7. PT Bank Negara Indonesia Tbk: Rp88.13 trillion
8. PT Pupuk Indonesia: Rp79.20 trillion
9. PT Garuda Indonesia Tbk: Rp45.27 trillion
10. PT Semen Indonesia Tbk: Rp38.65 trillion
11. PT Kereta Api Indonesia (KAI): Rp35.10 trillion
12. PT Pelabuhan Indonesia (Pelindo): Rp33.91 trillion
13. PT Bank Tabungan Negara Tbk (BTN): Rp32.17 trillion
14. PT Wijaya Karya Tbk: Rp22.53 trillion
15. PT Krakatau Steel Tbk: Rp22.41 trillion
16. PT Jasa Marga Tbk: Rp21.31 trillion
17. PT Adhi Karya Tbk: Rp20.07 trillion
18. PT PP: Rp18.46 trillion
19. PT Waskita Karya Tbk: Rp10.95 trillion

For information, companies included in the Fortune Indonesia 100 list must release audited financial reports. Public companies must report their financial performance to regulators or display it on their company website.