top companies in Indonesia

Learn from the Top 10 Companies in Indonesia

  • InCorp Editorial Team
  • 27 June 2024
  • 7 reading time

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.

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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.

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

Investing in Indonesia is exciting, but navigating the complex company registration process can be time-consuming and overwhelming. InCorp Indonesia can streamline your journey and ensure a hassle-free experience.

Why Choose InCorp Indonesia?

  • Save Time & Resources: Our team of experts handles the intricate paperwork and legalities, allowing you to focus on your business goals.
  • Expertise & Efficiency: Benefit from our in-depth knowledge of Indonesian regulations and a successful company registration track record.
  • Comprehensive Support: We offer various ancillary services beyond registration, including legal consultancy, business license acquisition, tax and accounting assistance, and HR solutions.
  • Peace of Mind: With InCorp by your side, you can rest assured that your company is established compliantly and efficiently.

Fill out the form below and connect with one of our professional consultants to launch your Indonesian company.

Daris Salam

COO Indonesia at InCorp Indonesia

With more than 10 years of expertise in accounting and finance, Daris Salam dedicates his knowledge to consistently improving the performance of InCorp Indonesia and maintaining clients and partnerships.

Get in touch with us.

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Frequent Asked Questions

Yes, this mainly applies to import and export businesses. Instead of establishing a company, you can use an under-name import service, an importer of record.

It should take between 30 to 45 days.

As their names suggest, the main differences between the three business kinds in Indonesia lie in the businesses and the purpose of their incorporation. Local company owners (PT) must be Indonesian citizens, as even 1 percent of foreign ownership is not allowed. This type of company is not limited to entering any business field, and restrictions on incorporation are not so tight. On the contrary, a foreign-owned company (PT PMA) is open to international investors, but the maximal percentage of foreign shares differs in various business sectors. Contact InCorp to get the most updated information on the Negative Investment List. International investors tend to open representative offices as a first step to understanding the Indonesian market before setting up a limited liability company. This type is used for marketing and promotion activities and needs the right to sell directly and receive income.

There are three things business owners need to consider before setting up a business in Indonesia: the type of business entity, capital requirements, and regulations.

Indonesian regulations separate local companies from foreign companies. Generally, foreign-owned companies (PT PMA) have more limitations than their local counterparts (Local PT). However, to pursue more foreign direct investment in the country, the government has taken several bold initiatives to increase the ease of doing business and provide numerous attractive incentives for foreign investors.