Wednesday, July 17, 2024

Gokongwei Group Conglomerates Among Top Companies In Inaugural Fortune Southeast Asia 500


Gokongwei Group Conglomerates Among Top Companies In Inaugural Fortune Southeast Asia 500


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Two Gokongwei Group conglomerates landed in the inaugural Fortune Southeast Asia 500 ranking for 2024, a first-time list of the largest companies in the region ranked 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 elite 38 Philippine companies which made the list from seven Southeast Asian nations.

Fortune’s focus on the region comes as Southeast Asia gains greater significance in the global economy due to shifting supply chains and the rapid development of the region’s economies. Fortune’s Southeast Asia 500 includes top companies from the seven Southeast Asian countries: Indonesia, Thailand, Malaysia, Singapore, Vietnam, Philippines, and Cambodia. The new list highlights the growing importance of Southeast Asia in the global economy.

“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,” shares 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,” he adds.

JG Summit’s and RRHI’s diverse portfolios span across 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 Petrochemicals Group. 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, and specialty stores and over 2,100 franchised community drugstores under TGP.

The inclusion of the two Gokongwei Group conglomerates in Fortune Southeast Asia 500 is a demonstration of the group’s role in driving economic growth and development in the Philippines and the broader Southeast Asian region.

“The Fortune Southeast Asia 500 shows 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,” says Clay Chandler, Executive Editor, Asia.

The Fortune Southeast Asia 500 also highlights leadership trends in the region. About 30 companies are led by female CEOs and chairmen, and 16 leaders in their 30s hold top positions. The 500 companies on the list employ nearly 6 million people.

By being on this list, JG Summit and Robinsons Retail join other premier companies recognized under the Fortune 500 franchise, which include the original Fortune 500, the Fortune Global 500, the Fortune Europe 500, and the Fortune China 500.