Two Gokongwei Group conglomerates have landed on the inaugural Fortune Southeast Asia 500 ranking for 2024, a list of the largest companies in the region determined by revenue for the 2023 fiscal year.
JG Summit Holdings, Inc. (JG Summit) ranked 55th among the 500 largest companies in Southeast Asia, with reported revenues of $5,932.2 million. Meanwhile, Robinsons Retail Holdings, Inc. (RRHI) placed 105th, with reported revenues of $3,456 million. JG Summit and RRHI were among the 38 Philippine companies that made Fortune’s list.
With their inclusion, the two Gokongwei Group conglomerates demonstrate the group’s role in driving economic growth and development in the Philippines and the broader Southeast Asian region.
The diverse portfolios of both JG Summit and RRHI span multiple sectors. JG Summit operates in various industries including food and beverage through Universal Robina Corporation, real estate through Robinsons Land Corporation, air transportation through Cebu Pacific Air, and petrochemicals through JG Summit Olefins Corporation. Meanwhile, RRHI is one of the Philippines’ largest multiformat retailers with a robust network of close to 2,400 stores including supermarkets, convenience stores, department stores, DIY stores, specialty stores, and over 2,100 franchised community drugstores under TGP.
“We are capitalizing on our vast ecosystem, focusing on efficiencies and sustainability in our operations to accelerate our progress in this ever-changing business landscape,” shared Lance Y. Gokongwei, president and CEO of JG Summit and head of the Gokongwei Group. “We continue to reshape our future by providing our customers with better choices and creating shared success with our stakeholders.”
The Fortune Southeast Asia 500 list includes the top companies from seven countries in the region, namely Cambodia, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. According to Clay Chandler, Fortune executive editor for Asia, the list reflects "how fast the region is growing. Southeast Asia is becoming more important in the global economy as many multinational companies move their supply chains here.”
The list also highlights leadership trends in the region. About 30 of the included companies are led by female CEOs and chairmen, and 16 leaders in their 30s hold the titles of CEO, Managing Director, Executive Chairman or Chairman. Combined, the 500 companies on the list employ nearly 6 million people.
