Singapore's 50 most enterprising companies for 2011 were announced at the Enterprise 50 (E50) Awards Presentation and Gala Dinner this evening. Leading the awards' list in 2011 was Wah Loon Engineering Pte Ltd, a local Mechanical and Electrical contractor. In second and third place respectively were P&N Holdings Pte Ltd and Eurokars Group of Companies.
The Guest-of-Honour for the E50 Awards Presentation and Gala Dinner at the Raffles City Convention Centre was Minister for the Environment and Water Resources, Dr Vivian Balakrishnan. He presented the awards to this year's top 10 E50 companies.
Minister of State for Trade and Industry, Mr Teo Ser Luck, gave away the awards to the remaining 40 companies, ranked 11th to 50th on the E50 2011 list at a separate ceremony held in the morning.
Mr Owi Kek Hean, Deputy Managing Partner and Head of Enterprise Services, KPMG in Singapore said: "KPMG is proud to be the co-organiser of the Enterprise 50 Awards with the Business Times. The E50 winners represent the finest of Singapore entrepreneurship. Its winners epitomise the qualities essential for successful commerce and exhibit the true strength of enterprise."
He added, "While initial expectations for 2011 favoured continued economic recovery, it is becoming increasingly clear that economic volatility will be with us for some time yet. Nevertheless, it is important that companies continue to explore growth opportunities. Key to this is structuring for productivity and innovation. The race is on to see who can use their limited resources to produce maximum results and stay ahead."
Mr Alvin Tay, Editor of The Business Times, said: "This year's E50 winners are at the forefront of their respective businesses, offering a compelling value proposition to their customers and business partners. They are also big on innovations, possess sound marketing capabilities and are prudent in cost and financial management. These are common attributes that mark our winning enterprises and place them in good stead as they take on the challenges and opportunities in their industries. The Business Times congratulates them on being the winners at E50 2011."
Enhanced Criteria on Productivity and Innovation
The theme for this year's awards is 'Structuring for optimal growth', in spite of the uncertain economic outlook. This year's judging criterion have been revised with a focus on productivity and innovation and evaluates both quantitative and qualitative factors. The former takes into consideration financial performance indicators such as operating profit before tax, turnover and profit growth. The latter assesses the company's work processes, organisation structure, product development, corporate governance and other aspects which contribute to its successful business model in an ever-changing business landscape.
Identifying some of the Industry's best
The judges were particularly impressed this year with the strong showing among enterprises despite the economic uncertainties. This year's list comprises organisations from industries such as information and high technology (4 percent), engineering services (2 percent), logistics (4 percent), real estate and construction (18 percent), wholesale (6 percent), distribution and retail (20 percent), manufacturing (34 percent), as well as other industries (12 percent). The largest proportions of industries represented were manufacturing and real estate and construction.
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, who is the sponsor of the Awards for the sixth year running.
Mr Linus Goh, Global Head of Enterprise Banking and Financial Institutions, OCBC Bank said: "OCBC Bank is proud to be the main sponsor of the Enterprise 50 Awards for the 6th consecutive year. This year's E50 winners are a testament to the strength and resilience of entrepreneurship in Singapore. The winning companies have excelled in innovation and demonstrated their adaptability in sustaining growth even in uncertain and volatile business cycles. We congratulate each winner and wish them continued success as they leverage this powerful award platform to raise their profile and grow their businesses."
OCBC has been serving SMEs since 1932. It was named the Best ASEAN SME Bank of the Year by Asian Banking & Finance Magazine in 2011 and the Best SME Bank in Singapore by Alpha Southeast Asia for the second year running, underscoring its commitment to help enterprises grow and expand their business successfully.
Mr Ronnie Tay, Chief Executive Officer of IDA said: "In today's increasingly globalised business environment, innovation and productivity are key to our SMEs' success. More and more SMEs are tapping on infocomm to innovate and improve operations so as to differentiate themselves and gain a competitive edge, as well as to expand their market reach locally and globally."
Mr Teo Eng Cheong, CEO, International Enterprise (IE) Singapore said: "It is encouraging that a quarter of this year's E50 winners generated at least half of their sales turnover from overseas markets. To sustain their growth in today's global economy, companies should continue to expand overseas. Singapore enterprises that are committed to building up their internationalisation capabilities, understanding and adapting to overseas markets can become globally competitive companies."
Mr Victor Tay, Chief Operating Officer, Singapore Business Federation said: "As the apex business chamber, the Singapore Business Federation is heartened to see this year's E50 winners propelling their businesses to new heights. We have seen top winners from buoyant value chain sectors across Engineering Services, Construction and Real Estate, which provided a significant contribution to Singapore economy last year. These enterprises have shown that the stellar growth at domestic front, emerging straight from financial crisis, has fuelled last year's economy. The E50 SMEs have exemplified the possibility of extracting fundamental growth from domestic market during an uncertain global economic situation."
SPRING Singapore Chief Executive Mr Png Cheong Boon congratulates the E50 Awards winners for their outstanding business achievements. "The E50 winners are exemplary enterprises for all Singapore SMEs. With their foresight and commitment to invest continuously in building internal capabilities, adopting innovation and enhancing productivity, they have thrived and successfully seized new opportunities in the volatile and challenging global market. SPRING Singapore will continue to support Singapore SMEs in developing innovation capabilities and raising productivity so that they could continue to compete effectively globally."
For further information please contact:
Yeo Siew Chi
Assistant Manager, Corporate Communications, Singapore Press Holdings Limited
Tel: +65 6319 1586 / 9749 5105
Assistant Manager, Marketing & Communications, KPMG in Singapore
Tel: +65 6507 1519 / 9733 5864
Associate Director, Marketing & Communications, KPMG in Singapore
Tel: +65 6507 1534 / 8118 9400