Heaptalk, Jakarta — Pertamina is listed as the third-best company in the Southeast Asia Fortune 500 for 2024. Fortune released this ranking for large companies with the best performance in Southeast Asia.
Fortune explained in its publication (06/18) that Southeast Asia has played a significant role in the global economy post-covid pandemic. However, companies from Southeast Asia are highly exposed to global dynamics such as geopolitical conflicts and market uncertainties, resulting in many companies experiencing a decline in revenue. Despite a revenue correction, the five largest companies in Southeast Asia, including Pertamina, are still considered to generate the largest revenues compared to similar companies in the region.
Pertamina’s performance in 2023 exhibited growth, with a net profit increase of up to 17% by the end of 2023, with a total profit of US$4.77 billion, or equivalent to Rp72.7 trillion (assuming an exchange rate of Rp15,255 per US$). EBITDA, or earnings before interest, taxes, depreciation, and amortization, was US$14.36 billion. This figure is up 6% compared to EBITDA in 2022. Meanwhile, consolidated revenue in 2023 was US$75.79 billion.
“Pertamina has recorded positive performance across various business lines aligned with the strategies and innovation programs implemented, especially in facing the dynamic business challenges of today,” stated Fadjar Djoko Santoso, Vice President of Corporate Communication Pertamina, in the company’s official statement (06/18).
Growing investment ratings
According to Fadjar, Pertamina can compete with global companies from various sectors, including oil and gas, banking, aviation, and others, amid global business challenges. Its achievement in the third-largest position in Southeast Asia demonstrates Pertamina’s performance to grow continuously along with its adept business strategies, making Pertamina highly regarded on the global and regional stage.
The company’s growth performance is also marked by investment ratings from various international rating agencies, which have designated Pertamina as an investment-grade company. Pertamina is deemed successful in cautiously maintaining the growth of its core business while transitioning to cleaner energy.
Fadjar added that Pertamina’s operational performance is also increasingly efficient across all lines, both holding and sub-holding, through cost optimization programs contributing around USD 1.1 billion. Operationally, performance in all sub-holdings has also improved.
In addition, Pertamina’s operations are increasingly environmentally friendly in line with the implementation of Environmental, Social, and Governance (ESG) principles across all business lines. The company ranks first globally in the Integrated Oil and Gas sub-industry. Pertamina leads with the highest score among 61 global companies, based on ratings from the ESG Rating agency Sustainalytics.
