Singapore's Fastest Growing Companies 2023
In partnership with the Straits Times, Statista identified Singapore’s fastest-growing companies. The fifth annual list rankes the 100 Singaporean companies with the strongest revenue growth between 2018 and 2021.
List of Singapore's Fastest Growing Companies 2023
Singapore’s Fastest-Growing Companies 2023 is a list of the Top 100 companies based in Singapore that have achieved the highest growth rate in revenues between 2018 and 2020. The annual high-profile list compiled by Statista and the Straits Times is a visible and public acknowledgement of fast-growing companies in Singapore, which is published online and as a supplement within the print version of the Straits Times newspaper.
Minimum CAGR to be included
Calculation of growth rates
The calculation of company growth rates is based on the revenue figures submitted by the companies in the respective currency. For better comparability in the ranking the revenue figures were converted into Singapore Dollars. The exchange rate as of 31st December of each financial year was used for this purpose.
The compound annual growth rate (CAGR) was calculated as follows:
The project was advertised online and in print, allowing all eligible companies to register via the websites created by Statista and The Straits Times. In addition, through research in company databases and other public sources Statista has identified more than two thousand companies in Singapore as potential candidates for the ranking. These companies were invited to participate in the competition by post, email and telephone.
The application phase ran from 20 May 2022 to 16 September 2022. The submitted revenue figures had to be certified by the CFO, CEO or a member of the Executive Committee of the company.
To be included in the list of Singapore’s Fastest-Growing Companies, a company had to meet the following criteria:
- Revenue of at least 150,000 SGD generated in 2018*
- Revenue of at least 1,500,000 SGD generated in 2021*
- The company is independent (the company is not a subsidiary or branch office of any kind).
- The company is headquartered in Singapore
- The revenue growth between 2018 and 2021 was primarily organic (i.e. “internally” stimulated)
The list ranks entrants from Singapore by their compound annual growth rate (CAGR) in revenue between 2018 and 2021. The fiscal years that predominantly falls into 2018 and 2021 were used for this calculation.
All data reported by the companies was processed and checked by Statista. Missing data entries (employee numbers, address data, etc.) were researched in detail. Companies that did not fulfill the criteria for inclusion in the ranking were deleted.
The Straits Times is the English flagship daily of Singapore Press Holdings, one of the leading media companies in Asia. Launched on July 15, 1845, its comprehensive coverage of news from home and around the world makes The Straits Times the most-read newspaper in Singapore. Quality news, in-depth analyses, impactful commentaries, and breaking stories are packaged to give readers riveting accounts of events in Singapore, the wider region, and beyond.