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The list of 200 small and medium publicly traded companies with revenues of less than $1 billion features Singapore Exchange with $875 million in sales last year.
Founded in 1999, Singapore Exchange owns and operates the only integrated securities and derivatives exchange in Singapore.
It was followed by Aztech Global, a designer and manufacturer specializing in data communications and lighting products, with operations spanning three factories in China and Malaysia. Aztech boasted $667 million in sales.
Chocolate and confectionery maker Delfi came in third with $538 million in sales. Established in 1984 in Singapore, the company now exports to several Asian markets with Indonesia being the largest.
Eggriculture Foods, a producer of egg products, also earned its place on the list with $81 million in revenue. Founded in 2018, Eggriculture is listed in Hong Kong and has its headquarters in Singapore.
Fast food chain Old Chang Kee, electrical products maker Choo Chiang Holdings, and consumer lender Credit Bureau Asia secured the remaining spots with revenues of between $40 million and $75 million.
Forbes said that geopolitical and inflationary headwinds sapped momentum from some Asia-Pacific economies last year, but strong domestic demand, supported by an uptick in infrastructure spending and global trade, powered the region’s overall growth in 2023.
It selected 200 companies from a pool of 20,000 firms. The 2024 list includes 54 returnees from the previous year.
The companies on this list were selected based on a composite score using measures such as debt, sales and earnings-per-share growth over both the most recent fiscal one- and three-year periods, and the strongest one- and five-year average return on equity.
