Fortune Indonesia has released its 2024 list of the 100 largest companies in the country, ranked by revenue, with companies on the list reporting a minimum revenue of Rp11.42 trillion (about US$700 million), up from last year’s threshold of Rp10.54 trillion.

The ranking is based on 2024 financial data, with total revenue from these companies reaching 26.93 percent of Indonesia’s nominal GDP of Rp22,139 trillion in the same year − a slight increase from 26.84 percent in 2023.

Unlike the Fortune 500 list in the United States, which includes 500 companies, Fortune Indonesia 100 takes into account the much smaller number of publicly listed companies in the country. Indonesia currently has only 940 listed companies, far below the U.S., which boasts at least 4,600.

“Since our debut in August 2021, we have consistently selected companies based on their actual performance, without manipulation. Only the truly best − both public and private − make it to this list,” Hendra Soeprajitno, Editor-in-Chief of Fortune Indonesia, on Monday, August 11, 2025.

For Fortune Indonesia, the list is more than just rankings and ratios. It serves as a benchmark for consistent growth, strong corporate governance, and prioritization of stakeholder interests.

This year’s list shows that two-thirds of the companies recorded revenue growth, while more than half posted higher net profits. The gains were largely driven by the financial sector, especially banking − a trend consistent with previous years.

State-owned enterprises (SOEs) made up 21 entries on the list. “Although they account for only one-fifth of the total companies, their combined revenue represents 52 percent of the total revenue of Fortune Indonesia 100,” Hendra noted.

Top 10 companies in Fortune Indonesia 100 2024:

● PT Pertamina;

● PT Perusahaan Listrik Negara;

● PT Astra International;

● PT Bank Rakyat Indonesia;

● PT Bank Mandiri;

● PT Telkom Indonesia;

● PT Gudang Garam;

● PT Hanjaya Mandala Sampoerna;

● PT Bank Central Asia;

● PT Indofood Sukses Makmur.