Go Global, Pertamina Ranks Third Among Southeast Asia's Largest Companies in Fortune 500
Jakarta, June 18, 2024 - PT Pertamina (Persero) has solidified its position among global and regional companies by ranking third in Southeast Asia 2024 Fortune 500 list. This ranking marks the first time the international media Fortune has released a list of the top-performing companies in Southeast Asia.
Vice President of Corporate Communication of Pertamina, Fadjar Djoko Santoso, stated that amid global business challenges, Pertamina has been able to compete with companies from various sectors, including oil and gas, banking, aviation, and others. Its achievement as the third-largest company in Southeast Asia demonstrates that Pertamina's performance continues to grow due to its adept business strategies, making Pertamina a significant player on both the global and regional stages.
"Pertamina has recorded positive performance across various business lines in line with the strategies and innovation programs implemented, especially in navigating today’s dynamic business challenges," said Fadjar.
In its publication released on Tuesday (18/6), Fortune explained that Southeast Asia has a significant role in the global economy post-Covid-19 pandemic. However, Southeast Asia companies are highly exposed to global dynamics, such as geopolitical conflicts and market uncertainties, causing many to experience revenue declines. Meanwhile, the five largest companies in Southeast Asia, including Pertamina, although their revenues were corrected, still generated the highest revenues compared to similar companies in the region.
Fadjar acknowledged that Pertamina's performance in 2023 continued to grow. It was proven by a 17% increase in net profit by the end of 2023, with a total profit of USD 4.77 billion, or equivalent to IDR 72.7 trillion (assuming an exchange rate of IDR 15,255 per USD). EBITDA, or earnings before interest, taxes, depreciation, and amortization, amounted to USD 14.36 billion. This figure experienced a six percent increase compared to EBITDA in 2022. Meanwhile, consolidated revenue for 2023 was USD 75.79 billion.
This performance growth is also marked by investment ratings from various international rating agencies, which have classified Pertamina as an investment-grade company. Pertamina has been recognized for carefully maintaining the growth of its core business and transitioning to cleaner energy.
Fadjar added that Pertamina's operational efficiency has also improved across all sectors, including holding and sub-holdings, through a cost optimization program that contributed approximately USD 1.1 billion. Operationally, performance in all sub-holdings also increased.
In addition to efficiency, Fadjar continued that Pertamina's operations have become more environmentally friendly following Environmental, Social, and Governance (ESG) implementation across all business lines. Pertamina ranks first globally in the sub-industry of Integrated Oil and Gas. Pertamina leads with the highest score among 61 global companies, based on ratings from the ESG Rating Agency Sustainalytics.
"With the support of all stakeholders, Pertamina will continue to grow as a leading national company in maintaining energy security and independence in Indonesia," Fadjar concluded.
Pertamina, as a leading company in the energy transition, is committed to supporting the Net Zero Emission 2060 target by continuously promoting programs that directly impact the Sustainable Development Goals (SDGs) achievement. All these efforts align with Environmental, Social & Governance (ESG) implementation across all Pertamina's business lines and operations.**