Purpose – This study aims to examine the impact of Environmental, Social, and Governance (ESG) performance on the profitability of consumer goods companies in Asia, as well as to assess whether this relationship differs based on ASEAN country status and multinational firm status Design/methodology/approach – This study employs an unbalanced panel data analysis of 225 consumer goods companies in Asia over the period 2015–2024. Profitability is measured using Return on Assets (ROA), while ESG performance is measured using ESG scores obtained from Refinitiv. The data are analyzed using the Weighted Least Square method with selected control variables. Findings – The results indicate that ESG performance has a positive and significant effect on firm profitability. The ESG–ROA relationship is stronger for firms operating in ASEAN countries, but weaker for multinational firms. Research limitations/implications – This study relies on accounting-based profitability measures and uses a composite ESG score, with the sample limited to the consumer goods sector in Asia. Practical implications – Managers and investors should consider ESG performance in light of firm-specific contexts, while policymakers may use the findings to support the development of ESG-related regulations. Originality/value – This study contributes to the literature by providing evidence on the relationship between ESG performance and firm profitability in Asia, highlighting the role of regional and firm characteristics.