Forbes International: BRI as the Largest Company in Indonesia

Forbes International published a list of the world’s largest companies, Forbes Global 2000 in 2024 on Thursday (13/6/2024) in New York. The Global 2000 contains the 2000 largest companies in the world based on sales, profit, assets and market value with the four variables given the same weight. Referring to the official Forbes International website, of the 2000 companies worldwide included in the list, there are 9 companies from Indonesia, and PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) occupies the top ranking.

BRI was ranked 308, followed by Bank Mandiri ranked 373, BCA ranked 457, Telkom Indonesia ranked 912, BNI ranked 944, Bayan Resources ranked 1,194, Chandra Asri Petrochemical ranked 1,591, Amman Mineral ranked 1,605 and Adaro Energy ranked 1,738.

Forbes Staff Writer Hank Tucker explains that the annual Forbes The Global 2000 list reflects the largest global companies driving the market, as well as emerging and trending industries. According to him, this year’s list shows how global markets are integrated with each other and the continued trend of artificial intelligence as it develops is reflected in the rise in the ranking of semiconductor companies. When viewed in general, BRI recorded sales of $14.95 billion, profit of $3.6 billion, assets of $125.45 billion and market value of $46.5 billion. BRI’s success in ranking 308th was recorded as being better than other multinational companies such as Starbucks, Renault, Nissan Motor, Uber, Vodafone, HP and Softbank.

Meanwhile, this year’s list includes company performance data for the last 12 months up to May 17, 2024. The 2000 companies on the list collectively have a market value of $88 trillion, experienced an increase in market value of 19%, and posted record revenues of $51. 7 trillion, profits of $4.5 trillion and assets of $238 trillion. In addition, BRI President Director Sunarso expressed his appreciation and pride for the recognition from Forbes International, especially when the company faces global economic conditions which are full of challenges.

“Once again the international community recognizes BRI’s positive performance, and BRI’s work as a state-owned company is able to continue to have a global influence,” said Sunarso.

In terms of performance, BRI recorded positive profit growth of IDR 15.98 trillion in the first quarter of 2024. BRI was also recorded as disbursing credit of IDR 1,308.65 trillion or grew 10.89% yoy. Of the credit distribution, 83.25% or 1,089.41 trillion is a credit portfolio for the MSME segment. Meanwhile, BRI’s third party funds were recorded to have grown faster by 12.80% to IDR 1,416.21 trillion. The company’s total assets also increased 9.11% to IDR 1,989 trillion. In terms of capital, BRI is supported by a strong CAR or at the level of 23.97% with a loan to deposit ratio or LDR of 83.28%. The company also reserves NPL coverage of 214.26%.