More energy, manufacturing and logistics firms among fastest growing in Singapore

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Based on a list of the 100 fastest growing firms in Singapore, several companies in the energy and utilities sector have topped the charts.

An oil platform operated by a Norwegian subsidiary of Singapore's Rex International. The company tops the list in terms of absolute growth. PHOTO: REPSOL
An oil platform operated by a Norwegian subsidiary of Singapore’s Rex International. The company tops the list in terms of absolute growth. PHOTO: REPSOL

17 JANUARY 2023 – According to a list of the 100 fastest growing firms in Singapore, several companies in the energy and utilities sector have topped the charts in terms of growth.

The 2023 ranking, compiled by The Straits Times and global research firm Statista, also showed that more firms in logistics and transportation as well as manufacturing registered high growth.

Top 100 Local Businesses

The list includes 100 local businesses that achieved markedly high revenue growth between 2018 and 2021. The firms must be independent companies headquartered in Singapore with at least $150,000 of revenue generated in 2018 and $1.5 million in 2021.

2023 Industry Outlook

The 2023 ranking included seven energy and utilities companies, compared to just three on the previous list, which had 75 companies. Singapore Exchange-listed Rex International, a multinational oil company with production licenses in Oman, Norway, and Malaysia, topped the charts in terms of absolute growth.

In the company’s 2021 annual report, the chairman said the year marked a number of breakthroughs for the firm as oil prices rose.

With global supply chains under pressure from Covid-19 lockdowns at ports and consumers resorting to online shopping, companies providing logistics and transportation services saw a spike in demand between 2020 and 2021 as firms rushed to deliver orders.

There were a total of eight logistics and transportation companies on the 2023 list compared with five in 2022 and this could continue to rise as the industry grows.

A greater number of manufacturing firms also made it on the 2023 ranking. According to Statista, the total manufacturing output in Singapore in 2021 was valued at around $372.4 billion, an increase of 13.2% compared to the previous year, indicating a recovery from the economic shocks of the Covid-19 pandemic.

Fintech, e-commerce, and IT firms continued to be among the fastest growing in Singapore, According to the list. While there were a greater number of firms from other sectors of the economy on the 2023 ranking, fintech remained the sector with the most high-growth firms.

A total of 10 fintech companies made it on the 2023 list, compared with five in 2022, and this could continue to rise.

Read more on The Straits Times

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