2010 Enterprise 50 Awards: Poised for growth
Singapore's 50 most enterprising companies for 2010 were announced at the Enterprise 50 (E50) Awards Presentation and Gala Dinner this evening. Leading the awards' list in 2010 for a second year is Samwoh Corporation Pte Ltd, a company in the building and construction industry. In second and third place respectively are Kenyon Pte Ltd and Woodlands Transport Service Pte Ltd.
Officiating at the E50 Awards Presentation and Gala Dinner at the Resorts World Convention Centre was Minister in the Prime Minister's Office, Second Minister for Finance and Second Minister for Transport, Mrs Lim Hwee Hua 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 Magnus Bocker, CEO of the Singapore Exchange, at a separate ceremony.
Mr Tham Sai Choy, Managing Partner of KPMG in Singapore said: "KPMG is proud to be the co-organisers for the E50 Awards for a third year and we congratulate this year's award winners. In the face of an economically uncertain year, they have beaten their own path to success by focusing on productivity and innovation. Some have spread also their wings overseas through mergers or acquisitions."
He added: "What they share in common are traits such as clear and strong organisational structures. This gives them the ability to respond effectively to short-term challenges. They are poised for growth, and embody the spirit of entrepreneurship. They are an inspiration to us all."
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 of The Business Times, said: "This year's E50 recipients have demonstrated management foresight and business acumen to achieve leading positions in their respective industries. Their successes have come about through improving productivity and creating innovations, which are key cornerstones for building new capabilities and strengthening their competitiveness. The Business Times, together with co-organiser KPMG and the other event partners, congratulate all the winners. We will continue to grow Enterprise 50 to champion excellence in the business fraternity."
Enhanced criteria on productivity and innovation
In the light of the recovering economy, this year's judging criteria was enhanced with a stronger focus on innovation and productivity.
The quantitative factors taken into consideration this year include financial performance indicators such as operating profit before tax, return on equity, turnover and profit growth.
Qualitative considerations include management and marketing strategies, such as the applicant's business model and innovations, management ideals and governance, market branding and overall potential. This year, the judges also looked at the company's commitment to improving productivity and an applicant's processes of encouraging innovation.
Mr Tham added: "The quantitative and qualitative criteria in this year's judging are good indicators of a company's ability to develop a sustainable business. As enterprises start to focus on growth, those with a strong emphasis on encouraging innovation and increasing productivity are better poised for growth. This has allowed them to cut through the clutter of an increasingly complex business environment, and position themselves for growth in a recovering economy."
Identifying some of the Industry's best
The judges were particularly impressed this year with the strong showing among enterprises despite the economic uncertainty. This pays tribute to the resilience of Singapore's enterprises and how many have embraced innovation in positioning themselves for growth.
This year's list comprises organisations from industries such as business services, information technology, engineering services, logistics, real estate and construction, wholesale, distribution and retail, as well as manufacturing. The largest proportion of industries represented were manufacturing (28 percent) and wholesale, distribution and retail (20 percent).
The judging panel comprised senior management representatives from KPMG in Singapore, The Business Times, the Infocomm Development Authority of Singapore (IDA), International Enterprise (IE) Singapore, the Singapore Business Federation (SBF), SPRING Singapore and OCBC bank is the sponsor.
Mr Linus Goh, Global Head of Enterprise Banking and Financial Institutions, OCBC Bank said: "This year's E50 winners have once again showcased the best of entrepreneurship in Singapore. Overcoming the challenges of a weak global economy, the winners have sustained their business momentum through constant innovation and a strong focus on productivity. OCBC is proud to return as main sponsor for E50 Awards for the fifth year and we celebrate the success of this year's E50 winners."
RADM(NS) Ronnie Tay, Chief Executive Officer of IDA said: "A number of this year's E50 winners have demonstrated how infocomm technology can become a key business enabler through their adoption of ICT to raise productivity, increase competitiveness and expand their market reach. Indeed, it is encouraging to see that more SMEs are leveraging on ICT to bring their business to greater heights."
Mr Chong Lit Cheong, CEO, International Enterprise (IE) Singapore said: "2010 has been a good year for Singapore. More than a quarter of E50 winners generated at least half of their gross turnover from overseas sales. This is an encouraging sign. Nonetheless, Singapore enterprises must remain innovative and keep updated with the latest market trends and technologies. IE Singapore will continue to provide support for Singapore-based companies to enter and grow in overseas markets."
Mr Victor Tay, Chief Operating Officer, Singapore Business Federation said: "As the apex business chamber, the Singapore Business Federation is heartened by the number of new winners amongst the top 50 companies. Different from last year, we have seen companies from diversified sectors ranging from Entertainment, Waste Management, Transportation Services, Construction to Energy. Even though 2009 was a year plagued with financial crisis, we have seen many more nimbler businesses turning in stellar performance showcasing the maturity and resilience of our Singapore SMEs."
SPRING Singapore Chief Executive Mr Png Cheong Boon applauded the resilience of local enterprises: "Our SMEs have emerged stronger from the economic crisis and prepared themselves well for the next phase of growth. They are building internal competencies by attracting talent, training staff and investing in technology innovation. The E50 brand has definitely gained more prominence, having reached out to a wider group of SMEs. I am encouraged that the companies participating in the E50 Awards this year are showing a commitment to improving productivity and adopting innovation to create a competitive edge."
In addition to the E50 Awards, one winner was also honoured with the E50 Special Award. The recipient this year was Xin Ming Hua Pte Ltd. The E50 special awards are for companies that have been on the E50 list for five consecutive years.
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)
Manager, Marketing & Communications, KPMG in Singapore
Tel: +65 6507 1534 (direct) / 8118 9400 (mobile)