BUSINESS

MAYBANK LEADS MALAYSIAN COMPANIES IN FORTUNE'S SOUTHEAST ASIA 500 RANKINGS

18/06/2024 03:39 PM

KUALA LUMPUR, June 18 (Bernama) -- Malayan Banking Bhd ranked 17th with US$14.15 billion (RM66.65 billion) in revenue, leading Malaysian companies in Fortune’s Southeast Asia 500 rankings for 2024.

The US global business magazine stated that the inaugural rankings saw Maybank leading 89 other Malaysian companies on the list, while Singapore had 84 companies, Indonesia led with 110, Thailand had 107, Vietnam 70, the Philippines 38 and Cambodia two.

In revenue terms, Singapore-based commodities trader Trafigura ranks first on the list, dominating with sales of $244 billion. (US$1=RM4.71).

Meanwhile, among the top 20 companies by profitability, three Malaysian firms secured positions: Maybank at 11th, CIMB Group Holdings Bhd at 17th and Public Bank Bhd at 19th.

According to Fortune, the ten largest companies on the new list reported revenues of US$650 billion, accounting for more than a third of the total revenue of US$1.8 trillion for the fiscal year 2023 across all Southeast Asia 500 companies.

The minimum revenue threshold to be included on the list was US$460.8 million.

"With collective revenues of US$242 billion, banking was Southeast Asia's second-largest sector. 

"Significantly, nine banks are among the top 20 most profitable companies, with Singapore’s DBS leading in both revenue and earnings," the magazine stated.

Fortune Asia executive editor Clay Chandler said the Fortune Southeast Asia 500 list reflects a dynamic and rapidly changing region, with core economies growing notably faster than those of Europe or the US.

"This is partly due to the region taking on far greater significance in the global economy, not least because a host of Global 500 multinationals have shifted more of their supply chains to Southeast Asian nations," he said.

In a separate statement, Mah Sing Group Bhd, listed in the inaugural Fortune Southeast Asia 500, announced a higher sales target of at least RM2.5 billion for 2024.

"Maintaining this momentum, the group achieved RM992 million in new property sales in the first five months of 2024, putting it well on track to meet its set target," it said.

-- BERNAMA

 

 


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