21 Indonesian State-Owned Enterprises (SOEs) Make Fortune Indonesia 100 List

Fortune Indonesia magazine has again released its list of the 100 companies with the highest revenue in 2024. Of these, 21 are State-Owned Enterprises (SOEs).

"Although they represent only one-fifth of the total, their combined revenue accounts for 52% of the total revenue of the Fortune Indonesia 100," said Hendra Soeprajitno, Editor-in-Chief of Fortune Indonesia, in a press release on Friday (8/8/2025).

The total revenue from these 21 state-owned companies reached Rp3,098.40 trillion. The total revenue of the 100 companies on the Fortune list amounted to Rp5,961.76 trillion.

In fiscal year 2024, PT Pertamina ranked first as the company with the highest national revenue, reaching Rp1,217.43 trillion. This oil and gas company's revenue was also the highest in Indonesia, not just among SOEs.

The following is a list of the 19 SOEs with the highest revenue in 2024 according to Fortune Indonesia 100:

1. PT Pertamina: Rp1,217.43 trillion

2. PT Perusahaan Listrik Negara (PLN): Rp545.380 trillion

3. PT Bank Rakyat Indonesia (BRI): Rp274.56 trillion

4. PT Bank Mandiri: Rp206.50 trillion

5. PT Telkom Indonesia Tbk: Rp149.96 trillion

6. Mining Industry Indonesia (MIND ID): Rp145.211 trillion

7. PT Bank Negara Indonesia (BNI): Rp95.63 trillion

8. PT Pupuk Indonesia: Rp81.61 trillion

9. PT Garuda Indonesia: Rp55.21 trillion

10. PT Semen Indonesia (SIC Group): Rp36.18 trillion

11. PT Kereta Api Indonesia (KAI): Rp36.10 trillion

12. PT Pelabuhan Indonesia (Pelindo): Rp34.83 trillion

13. PT Bank Tabungan Negara (BTN): Rp34.11 trillion

14. InJourney: Rp30.53 trillion

15. Hutama Karya: Rp30.25 trillion

16. PT Jasa Marga Tbk: Rp28.70 trillion

17. Indonesia Financial Group (IFG): Rp28.29 trillion

18. PT PP: Rp19.812 trillion

19. PT Wijaya Karya: Rp19.24 trillion

20. PT Krakatau Steel: Rp15.42 trillion

21. PT Adhi Karya: Rp13.35 trillion

Note: This data is based on fiscal year 2024 performance. This year, the threshold for inclusion in the Fortune Indonesia 100 list increased from Rp10.54 trillion to Rp11.42 trillion in 2025.

"Companies that have consistently remained on this list year after year prove that they not only react to change but also continuously set new standards," said Hendra.

(Read: Pertamina 2025: 2024 Profits Dip and New Board of Directors)