Pertamina is ranked in the third largest company according to the Fortune 500 in Southeast Asia

JAKARTA – PT Pertamina (Persero) strengthened its position in the ranks of global and regional companies by ranking third best in the Fortune 500 Southeast Asia 2024 list. This ranking is the first to be released by international media Fortune for large companies with the best performance in Southeast Asia.

Pertamina Vice President Corporate Communication Fadjar Djoko Santoso said, in the midst of world business challenges, Pertamina is able to compete with global companies from various sectors, including oil and gas companies, banking, aviation and others. Its achievement in the third largest position in Southeast Asia shows that Pertamina’s performance continues to grow in line with its business strategy expertise, so that it is highly regarded on the global and regional stage.

“Pertamina has recorded positive performance in various business lines in line with the strategy and innovation programs implemented, especially in facing today’s dynamic business challenges,” said Fadjar.

In its publication released on Tuesday (18/6/2024), Fortune explained that Southeast Asia has a big role in the world economy after the Covid-19 pandemic. However, companies from Southeast Asia are highly exposed to global dynamics such as geopolitical conflicts and market uncertainty, so that many companies experience a decline in revenue.

Meanwhile, the five largest companies in Southeast Asia, including Pertamina, although their revenues have been corrected, are still considered to generate the largest revenues compared to similar companies in the region.

Fadjar admitted that Pertamina’s performance in 2023 will continue to grow. This is shown by an increase in net profit of up to 17 percent at the end of 2023, with a total profit of 4.77 billion US Dollars or the equivalent of IDR 72.7 trillion (assuming an exchange rate of IDR 15,255 per US Dollar). EBITDA or earnings before interest, taxes, depreciation and amortization was 14.36 billion US Dollars. This figure is an increase of 6 percent compared to EBITDA in 2022. Meanwhile, consolidated revenue in 2023 will be 75.79 billion US Dollars.

This performance growth is also marked by investment ratings from various international rating agencies which determine Pertamina as a company with investment worthy status. Pertamina is considered successful in maintaining the growth of its core business carefully and implementing a cleaner energy transition.

Fadjar added that Pertamina’s operational performance is also becoming more efficient in all lines, both holding and sub-holding, through a cost optimization program with a contribution of around 1.1 billion US dollars. Operationally, performance in all subholdings also increased.

Apart from being efficient, continued Fadjar, Pertamina’s operations are also becoming more environmentally friendly in line with the implementation of Environmental, Social and Governance (ESG) in all business lines. Pertamina is ranked first in the world in the Integrated Oil and Gas sub-industry. Pertamina leads the highest score of 61 world companies, based on a ranking from the ESG Rating Institute Sustainalytics.

“With the support of all stakeholders, Pertamina will continue to grow into a leading national company in maintaining energy security and independence in Indonesia,” said Fadjar.

Pertamina, as a leading company in the energy transition sector, is committed to supporting the 2060 Net Zero Emission target by continuing to encourage programs that have a direct impact on the achievement of Sustainable Development Goals (SDGs). All of these efforts are in line with the implementation of Environmental, Social and Governance (ESG) in all Pertamina business lines and operations

(skr)