(SINGAPORE) This year's Fastest Growing 50 awards saw four of the top ten positions claimed by listed companies or their subsidiaries, but DP Information Group, the organiser, says more SMEs than ever before made it into the top 50.
DP Info managing director Chen Yew Nah told reporters that 84 small and medium enterprises - defined as companies with turnover of less than $80 million and holding less than $15 million in fixed assets - met the criteria to qualify for the award this year.
That is almost double last year's count of 43. To qualify, a company must have a compounded annual growth rate (CAGR) over the past three years of at least 10 per cent while remaining profitable.
And 16 SMEs made it to the top 50 qualifiers, who were ranked by their CAGR, compared to 13 in 2007 and just four in 2006, Ms Chen said.
The highest-placed SME is Filtec, which distributes filtration parts. It came in third with a CAGR of 395 per cent over the last three years.
Ted Tan, deputy chief executive officer of IE Singapore, said small companies were now becoming more adventurous in expanding overseas.
In particular there was keen interest in Latin America, which has seen trade with Singapore increase 30 per cent annually.
A free trade agreement was signed in June with Peru, after an earlier one with Panama.
Gardenia International, a unit of Singapore-listed QAF, topped this year's list with a compounded annual growth rate of 514.1 per cent over the past three years.
The company distributes the sandwich loaf of the same name and has bread and pastry-making operations in several countries.
In second place was LVMH Fragrances and Cosmetics (469.5 per cent), a unit of the French luxury retailing giant and its local distributor here.
Other listed companies or units of listed companies that ranked highly were shipping giant Cosco; Wearnes International (1994), the luxury car distribution unit of WBL Corp; Keppel Corp's venture fund unit k1 ventures; and Salzgitter Mannesmann International (Asia), the regional unit of the global steel trading firm that is part of the Salzgitter Group.
The presence of Ezra Holdings, Aqua-Terra Supply and Keppel Fels in the top 50, reflected the strong performance of the offshore and marine industry in recent years.
However, the greatest number of winners came from the wholesale sector followed by the manufacturing sector.
'This shows that the two traditional engine rooms of the Singapore economy are doing well,' said Ms Chen.
The Fastest Growing 50 awards is now in its seventh iteration and is supported by Ernst & Young, the Infocomm Development Authority of Singapore, IE Singapore and Spring Singapore.
The Business Times is the official media partner and HSBC Singapore is the gold sponsor.
This article was first published in The Business Times on 23 July 2008.
