2009 Enterprise 50 Awards: Celebrating strength and resilience
Singapore's 50 most enterprising companies for 2009 were announced at the Enterprise 50 (E50) Awards Presentation and Gala Dinner this evening. Leading the awards' list for 2009 is Samwoh Corporation Pte Ltd, a company in the building and construction industry. In second and third place respectively are Ryobi Kiso (S) Pte Ltd and Sin Heng Heavy Machinery Pte Ltd.
Officiating at the E50 Awards Presentation and Gala Dinner at the Raffles City Convention Centre this evening was Finance Minister, Mr Tharman Shanmugaratnam, who presented the awards to this year's top 10 E50 companies.
The remaining 40 companies on the list received their awards and announcement of the winners' specific rankings earlier in the day from Mr Ted Tan, Deputy Chief Executive, SPRING Singapore, at a separate ceremony.
Mr Danny Teoh, Managing Partner of KPMG LLP (Singapore), said: "KPMG is proud to be the co-organisers for the E50 Awards for a second year and we congratulate this year's award winners. In the face of an economically difficult year, they have surmounted unprecedented challenges. They possess common traits such as clear and strong organisational structures and the ability to respond effectively to short-term challenges while planning for long-term prosperity."
He added: "Our E50 winners are shining examples of the resilience of Singapore's small and medium enterprise, and their importance to the local economy. As the bedrock of local employment, they have played their part in buffering Singaporeans from some of the effects of a global downturn."
According to SPRING Singapore, the small and medium enterprise (SME) sector makes up 99 percent of Singapore's total enterprises, contribute to half of the total value added in our economy and employs 60 percent of Singapore's workforce.
Mr Alvin Tay, Editor, The Business Times said: "The Business Times congratulates this year's E50 winners. The winners have responded well to the challenges posed by the difficult economic conditions. They developed an innovation-led business model, enjoyed differentiated brand positioning, and operated with sound financial management in place. These SMEs are instrumental in the development of the Singapore economy. The Business Times is committed to supporting the growth of our SMEs through our extensive editorial coverage and providing news and analysis that matter to them.
Enhanced Criteria on Resilience and Sustainability
In the light of the recent economic crunch, this year's judging criteria were enhanced to include a stronger focus on liquidity and risk management practices.
The quantitative factors taken into consideration this year include financial performance indicators such as operating profit before tax, turnover and profit growth.
Qualitative considerations include management and marketing strategies, such as the applicant's business model and their innovations, management ideals and governance, market branding and overall potential.
In addition, new criteria were also included to assess an applicant's capability of withstanding the economic downturn. These include the ability to use customer data, market or product information to identify opportunities for innovation, and measures taken to improve and sustain demand and to reduce costs. A key and salient addition to the judging criteria was also the applicant's liquidity and risk management measures.
Said Mr Teoh, "The quantitative and qualitative criteria provided good indicators of a company's ability to overcome economic adversity. With many enterprises shifting to business preservation mode, enterprises which had strong risk, cash and liquidity management frameworks proved to be more resilient. Moving forward, it should also allow them to remain focused by allocating their resources to gain a competitive advantage in a recovering economy."
Identifying Some of the Industry's Best
This year's list comprises organisations from industries such as business services (2 percent), information technology (5 percent), engineering services (14 percent), logistics (7 percent), real estate and construction (11 percent), wholesale, distribution and retail (27 percent), manufacturing (13 percent), and others (21 percent).
Notably, the strong overall performance of the building and construction industries, which grew by 2.9 percent last year, enhanced the vigour of the winners in these sectors. With strong business models and financials, they have ridden the momentum of growth from previous boom years.
In addition to the E50 Awards, seven winners were also honoured with the E50 Special Awards. These special awards are for companies that have been on the E50 list for five consecutive years.
The recipients this year were Kenyon Pte Ltd, Koufu Pte Ltd, Orient Express Lines (Singapore) Pte Ltd, Linkers (Far East) Pte Ltd, Wee Tiong (S) Pte Ltd, Tru-Marine Pte Ltd, and Farlin Timbers Pte Ltd.
The judging panel comprised senior management representatives from KPMG LLP (Singapore), The Business Times, the Infocomm Development Authority of Singapore (IDA), International Enterprise (IE) Singapore and SPRING Singapore.
For further information please contact:
Yeo Siew Chi
Assistant Manager, Corporate Communications, Singapore Press Holdings Limited
Tel: +65 6319 1586 (direct) / 9749 5105 (mobile)
Assistant Manager, Marketing & Communications, KPMG in Singapore
Tel: +65 6507 1541 (direct) / 8118 9962 (mobile)
Director, Marketing & Communications, KPMG in Singapore
Tel: +65 6507 1538 (direct) / 8118 9920 (mobile)