Innovation and Financial Prudence Key to Growth for Experienced Companies in Singapore’s Fastest Growing 50 List
DP Information Group’s 17th Annual Study of Singapore-registered companies shows increase in high-growth companies aged 10 years and above
20 September 2018 [SINGAPORE] – DP Information Group (DP Info), Singapore’s leading provider of credit and business information, today announced the rankings of the 2018 Fastest Growing 50 Companies in Singapore (FG50) list, which identifies 50 Singapore-registered companies with the highest Compounded Annual Growth Rate (CAGR) for the last three years.
This year’s results show that close to two out of three (64%; 32 out of 50) are experienced companies aged 10 years and above. This is a significant increase from the previous two years, which saw 44% (2017) and 52% (2016) of companies being experienced companies.
Mr James Gothard, General Manager, Credit Services & Strategy SEA of Experian, the parent company of DP Info, cited a strong focus on innovation, diversification and internationalisation as a key differentiator of this year’s list.
“Our rankings consider the financial results of Singapore-registered companies in the past three years, and we’re seeing consistent and phenomenal growth rates from older companies even in the midst of international competition and economic headwinds. It is heartening to see that experienced companies are tackling adverse business conditions head on, by tapping on new technologies, re-thinking business processes, and reaching out to new markets,” Mr Gothard said.
Companies in this year’s list such as J&S Telecoms International Pte Ltd, a 15-year-old Singapore-founded technology service and solutions provider, has invested in innovation to drive long-term growth. They launched a distribution company to sell and distribute consumer products in Singapore; tapping on their core expertise in telecommunications to reduce or alleviate harmful electromagnetic radiation in offices and homes. They are also in discussion with global strategic partners to develop new telecommunications software and products.
Global technology companies such as geospatial solutions provider UniStrong Technology (S) Pte Ltd, a subsidiary of Beijing-based Global Navigation Satellite System pioneer Beijing UniStrong Science & Technology Co. Ltd, and network security appliance provider Fortinet Singapore Private Limited, have set up innovation centres in Singapore to develop their technical expertise and products for a global market. These initiatives, among others, resulted in UniStrong increasing their revenue almost three-fold, and Fortinet about 3.5 times, since 2014.
Similarly, results of DP Info’s SME Development Survey, which reaches out to more than 10,000 SMEs in Singapore annually, showed that as early as 2015, SMEs cited improving customer service, raising productivity through investments, and expanding their range of products and services as key business strategies to maintain competitiveness.
“There has been a strong nationwide push towards innovation since 2014, with initiatives from government agencies such as Smart Nation and the Committee of the Future Economy aimed at accelerating growth through innovation and technology. This year’s rankings would indicate that private businesses have been taking notice and have benefitted, with their focus and investment paying off,” Mr Gothard said.
This year also saw an increase in the number of Investment Grade (DP1-4) companies, with 33 of the 50 (66%; as compared to 48% in 2017 and 56% in 2016) listed as Investment Grade and double the number achieving the prestigious DP1 Credit Rating this year as compared to last year (15 as compared to 7 in 2017). A higher DP Credit Rating is an indicator of a lower risk of default, showcasing a company’s financial and credit worthiness.
“Financial discipline and prudent management are hallmarks of this year’s FG50 companies. They are growing fast and are doing it in a sustainable way, without taking too many risks or becoming overly leveraged. This is also an indicator that experienced companies, with their strong business acumen and wealth of knowledge in managing their business, are leading the way in this competitive business landscape,” Mr Gothard said.
The FG50 is compiled by DP Info annually since 2002, and analyses the financial results of more than 70,000 companies to recognise Singapore's 50 most dynamic and fastest growing companies, who have achieved outstanding corporate growth as appraised through the 3-year Compounded Annual Growth Rate (CAGR) measurement.
“Fastest Growing 50” is organised and ranked by DP Information Group, the ranking body of the Singapore 1000 Family of Rankings.
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