THERE are only five Singapore Exchange (SGX)-listed companies on a list of 100 fastest-growing firms based in Singapore and they hail from a diverse range of sectors, a recent study by The Straits Times and global research firm Statista showed.
They come from sectors such as IT, food and beverage (F&B), as well as oil and gas (O&G).
The annual list ranks the 100 fastest-growing companies based in Singapore that have notched markedly high revenue growth between 2020 and 2023. It was narrowed down from an initial pool of more than 2,000 potential candidates.
Other criteria or points of note include:
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They must be independent companies headquartered in Singapore with at least S$150,000 of revenue generated in 2020 and S$1.5 million in 2023.
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These revenues must be organic or generated through the businesses’ own operations and resources, rather than through external means such as mergers, acquisitions or partnerships.
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They are ranked by compound annual growth rate (CAGR), which is calculated by taking into account revenue growth over the three-year period.
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Growth rates were calculated based on the revenue figures submitted by the companies in their respective national currencies. They were then converted into Singapore dollars for comparison.
The companies were ranked based on compound annual CAGR, which was calculated by taking into account revenue growth over the three-year period from 2020 to 2023.
The Business Times takes a look at the five Singapore-listed businesses that made the list.
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1. Rex International
The multinational oil exploration and production company is back on the list this year, where it ranked 29th. It claimed first place in the list for 2024 and 2023.
With a CAGR of 64.3 per cent, it more than quadrupled its revenue from S$61.7 million to S$273 million between 2020 and 2023, during which its headcount grew from 49 to 67 employees.
The company has taken steps to diversify from its core oil business, citing the need to do so to ensure its long-term viability as fossil fuels are losing favour amid rising environmental concerns. However, it said it plans to remain in the O&G space and to continue building its assets there.
Its diversification efforts include forays into areas such as medical technology and drones. It invested in Swedish medtech startup Moroxite T and Xer Technologies, a Singapore-registered commercial drone company.
2. Oceanus Group
The seafood supplier and distributor ranked No 40 with a 55.2 per cent CAGR. From 2020 to 2023, its revenue surged more than tripled from S$92.1 million to S$344.3 million, as its staff count rose from 39 to 154.
While the company enjoys good top-line growth today, it has had a troubled past. In 2011, millions of abalones on its China farms died from bad weather and prices of the marine product plunged. It was subsequently hit with years of losses that led it to be placed on the SGX watch list in December 2015.
But its fortunes reversed in 2017. It underwent debt restructuring and returned to the black, posting its first net profit in five years for FY2017. It later exited the SGX’s watch list in September 2021 after being placed on it nearly six years prior.
Though once best known for producing abalone, it has since diversified its operations and incorporated technology into its business. Today, it sells a variety of food products including prawns, shrimp and fish, as well as offers services across logistics, warehousing and food distribution.
3. Aztech Global
The tech manufacturer ranked 74th in its third time making the list. This is its highest rank yet, having previously placed 77th in 2024’s list and 85th in 2023’s list.
The company, which makes Internet of Things devices and data communication products, nearly doubled its revenue from S$484.3 million to S$896.3 million between 2020 and 2023, placing its CAGR at 22.8 per cent. Its headcount rose from 1,093 to 1,837 over those years.
It was one of seven local companies named in Forbes Asia’s new Best Under A Billion list for 2024 which recognises 200 top-performing Asia-Pacific public companies with annual sales between US$10 million and US$1 billion.
It also appeared on the inaugural South-east Asia edition of the Fortune 500 list launched in 2024, which ranks the region’s largest companies by revenue.
4. CSE Global
The global systems integration solutions provider made the list for the first time this year and ranked No 95.
Founded in 1987, the company provides electrification, automation and communications solutions. Its revenue soared 44.2 per cent from S$502.8 million to S$725.1 million between 2020 and 2023, placing its CAGR at about 13 per cent. Its headcount during those years also rose from 1,400 to 2,000.
In recent years, it has made strides to diversify away from O&G projects, which were once a mainstay of its business and seek growth in fresh pastures. This came as growing environmental worries and tougher regulation dampened sentiment on O&G projects.
One new area it is seeking growth in is communications services. In line with this, it acquired Florida-based radio communications group Radio One in 2023.
But lately, brighter horizons may lie ahead for CSE Global. It stands to gain from US President Donald Trump’s pivot back to O&G, which could reignite activity in the sector.
5. ERA Realty Network
The property agency ranked No 97 in its debut on the list this year, where it is one of the six real estate players featured.
The subsidiary of mainboard-listed real estate services provider Apac Realty saw its revenue swell 41.1 per cent from S$388.3 million to S$547.7 million between 2020 and 2023, as its headcount climbed from 110 to 151. This brought its CAGR to 12.2 per cent.
Its growth coincided with the property boom in Singapore’s residential market during the pandemic years. Then, property demand surged as lower interest rates from central banks made borrowing cheaper.
