Learn from the Top 10 Companies in Indonesia

Despite the ongoing pandemic, several top companies in Indonesia continue to thrive. Entrepreneurs could learn from these tremendously successful organizations and question their strategies for surviving the crisis.

This article will take you on a quick tour of Indonesia’s top companies based on their market capitalization.

What is the Biggest Company in Indonesia?

Determining the “biggest” company in Indonesia involves considering various factors, such as market capitalization, representing the total value of a company’s stock.

Defining what “biggest” means in this context is essential, as other companies may be deemed more significant based on revenue or employee count.

Therefore, while market capitalization is a key indicator, other metrics must be considered to comprehensively assess companies’ prominence in Indonesia.

2024 Top Companies in Indonesia

According to Investopedia, market capitalization is defined as how much a company is worth on the stock market. Consequently, companies are often categorized into three groups based on their market capitalization:

• Large-Cap (USD 10 billion or more)
• Mid-Cap (USD 2 billion to USD 10 billion)
• Small-cap (USD 300 million to USD 2 billion)

Market capitalization is a significant concept as it is one of the elements that influence other company attributes that are important to investors.

Top Companies in Indonesia Based on Its Market Capitalization

As Indonesia’s economy continues to flourish, so do its leading corporations. Here are the top 10 companies in Indonesia based on their market capitalization, offering a snapshot of the powerhouses shaping the nation’s financial landscape.

Bank Central Asia (IDX: BBCA)

Market Cap: USD 63.26 Billion

PT Bank Central Asia Tbk is a private bank based in Indonesia. It specializes in transaction banking and provides credit and financial solutions to corporate, commercial, small-medium-enterprise (SME), and consumer clients.

Bank Rakyat Indonesia (IDX: BBRI)

Market Cap: USD 43.22 Billion

This bank is based in Indonesia and is known as PT Bank Rakyat Indonesia (Persero) Tbk. Additionally, account holders can easily access savings products, lending products, and other banking services. One of their distinguished services is BRI Britama Savings, which gives users e-banking access from any location and at any time and free personal accident insurance coverage.

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Telkom Indonesia (IDX: TLKM)

Market Cap: USD 28.65 Billion

State-owned telecommunications company PT Telkom Indonesia Tbk caters to the mobile, consumer, enterprise, wholesale, and foreign business segments.

Bank Mandiri (IDX: BMRI)

Market Cap: USD 24.75 Billion

Bank Mandiri is one of Indonesia’s largest state-owned Banks based on the value of its assets. Individuals, small and medium-sized businesses (SMEs), and corporations can all use Bank Mandiri’s vast banking products and services.

Astra International (IDX: ASII)

Market Cap: USD 16.69 Billion

The seven core business segments of the Indonesian PT Astra International Tbk are Automotive, Financial Services, Heavy Equipment & Mining, Agribusiness, Infrastructure and Logistics, Information Technology (IT), and Property.

Bank Jago (IDX: ARTO)

Market Cap: USD 15.37 B

PT Bank Jago Tbk, originally PT Bank Artos Indonesia Tbk, is an Indonesian bank that focuses on retail and digital banking. It created Jago, a finance app that assists with money management.

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Unilever Indonesia (IDX: UNVR)

Market Cap: USD 11.76 B

PT Unilever Indonesia Tbk specializes in producing, marketing, and distributing fast-moving consumer goods (FMCG). The company’s principal commercial operations are divided into two segments: Home and Personal Care and Commercial and industrial.

Chandra Asri Petrochemical (IDX: TPIA)

Market Cap: USD 10.64 B

The petrochemical company PT Chandra Asri Petrochemical Tbk is based in Indonesia. Specifically, Olefins (Ethylene, Propylene, Py-Gas, and Mixed C4), Polyolefins (Polyethylene and Polypropylene), Styrene Monomer, Methyl Tert-butyl Ether (MTBE), Butene-1 (B1), Butadiene, and Tanks and Jetty Rental are among the company’s product segments.

Elang Mahkota Teknologi (IDX: EMTK)

Market Cap: USD 8.90 B

PT Elang Mahkota Teknologi Tbk operates within the media industry and is segmented into media, solutions, and others. Its media segment includes free-to-air (FTA) television channels, along with film and video production, a megaportal website, and digital publication offerings.

Bank Negara Indonesia (IDX: BBNI)

Market Cap: USD 8.77 B

PT Bank Negara Indonesia (Persero) Tbk specializes in the banking sector. Its segments include corporate, Middle and Small Businesses, Consumers, Treasuries and Financial Institutions, Head Offices, and Subsidiaries.

Indonesia’s Largest Companies by Market Capitalization in 2024

A crucial first step in understanding the Indonesian market landscape is identifying the leading companies by market capitalization. Market capitalization, which represents the total value of a company’s outstanding shares, is a strong indicator of a company’s financial health and influence.

Rank	Company	Market Capita (USD)
1	PT BARITO RENEWABLES ENERGY TBK	$78.84 billion
2	PT BANK CENTRAL ASIA TBK	$72.27 billion
3	PT AMMAN MINERAL INTERNASIONAL TBK	$48.16 billion
4	PT CHANDRA ASRI PACIFIC TBK	$47.15 billion
5	PT BANK RAKYAT INDONESIA (PERSERO) TBK	$40.33 billion
6	PT BANK MANDIRI (PERSERO) TBK	$33.77 billion
7	PT BAYAN RESOURCES TBK	$30.89 billion
8	PERUSAHAAN PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA TBK	$18.09 billion
9	PT ASTRA INTERNATIONAL TBK	$10.88 billion
10	PT BANK NEGARA INDONESIA (PERSERO) TBK	$10.19 billion
11	PT DIAN SWASTATIKA SENTOSA TBK	$9 billion
12	PT INDOFOOD CBP SUKSES MAKMUR TBK	$7.21 billion
13	PT BANK SYARIAH INDONESIA TBK	$7.04 billion
14	PT UNILEVER INDONESIA TBK	$7.01 billion
15	PT SUMBER ALFARIA TRIJAYA TBK	$6.9 billion
16	PT SINAR MAS MULTIARTHA TBK	$5.73 billion
17	PT PETRINDO JAYA KREASI TBK	$5.6 billion
18	PT BARITO PACIFIC TBK	$5.4 billion
19	PT DCI INDONESIA TBK	$5.12 billion
20	PT ADARO ENERGY INDONESIA TBK	$5.11 billion
21	PT INDOSAT OOREDOO HUTCHISON TBK	$5.1 billion
22	PT CHAROEN POKPHAND INDONESIA TBK	$5.03 billion
23	PT HANJAYA MANDALA SAMPOERNA TBK	$4.97 billion
24	PT PANTAI INDAH KAPUK DUA TBK	$4.84 billion
25	PT UNITED TRACTORS TBK	$4.8 billion
26	PT SOLUSI TUNAS PRATAMA TBK	$2.72 billion
27	PT BANK CIMB NIAGA TBK	$2.61 billion
28	PT MD PICTURES TBK	$2.54 billion
29	PT MITRA KELUARGA KARYASEHAT TBK	$2.52 billion
30	PT GOLDEN ENERGY MINES TBK	$2.46 billion

Learn from the Top Companies in Indonesia

The top multinational companies in Indonesia offer valuable insights for entrepreneurs. Five of the top companies are in the finance industry, which state-owned banks dominate.

Bank Jago, a new entrant, has a significant market capitalization of USD 14.6 billion. Rapid digital adoption across Indonesian banks fuels the industry’s growth, particularly among state-owned banks.

Growth of the Internet Economy

A recent Google, Temasek, and Bain analysis predicts Indonesia’s internet economy will reach USD 330 billion by 2030, nearly doubling Southeast Asia’s current digital economy of USD 170 billion.

Moreover, the internet economy is expected to grow to USD 146 billion by 2025, up from USD 70 billion this year, driven by a supportive legislative environment for digital financial services.

Surge in Digital Banking

Digital banking usage has surged in Indonesia. In 2017, 57% of consumers used digital banking monthly, reducing cash usage.

By 2021, 55% of respondents used cash for less than 30% of their weekly expenses, and 80% expected to maintain or increase mobile and online banking use post-pandemic.

The COVID-19 pandemic accelerated digital banking adoption, creating new opportunities and challenges for banks and nonbanks.

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