Malaysia's Growth Champions 2023

The Star and Statista have identified Malaysia’s Fastest-Growing Companies 2023

List of Malaysia's Growth Champions 2023

The Project

Malaysia’s Fastest-Growing Companies 2023 is a list of the Top 10 companies based in Malaysia that have achieved the highest growth rate in revenues between 2018 and 2021. The annual high-profile list compiled by Statista and The Star is a visible and public acknowledgement of fast-growing companies in Malaysia, which is published online.

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Highest CAGR
Minimum CAGR to be included
Companies awarded

Calculation of growth rates

The calculation of company growth rates is based on the revenue figures submitted by the companies in the respective currency.

The compound annual growth rate (CAGR) was calculated as follows:

CAGR formula for 2023 - Revenue of 2021 divided by revenue of 2018 to the power of 1/3 minus 1 is CAGR


Application Phase

The project was advertised online and in print, allowing all eligible companies to register via the websites created by Statista and The Star. In addition, through research in company databases and other public sources Statista has identified hundreds of companies in Malaysia as potential candidates for the growth ranking. These companies were invited to participate in the competition by email, Linkedin and telephone.

The application phase ran from 21st October 2022 to 15th January 2023. The submitted revenue figures had to be certified by the CFO, CEO or a member of the Executive Committee of the company.

  • Revenue of at least RM400,000 generated in 2018
  • Revenue of at least RM4.0 million generated in 2021
  • The company is independent (the applying company is not a subsidiary or branch office of another company)
  • The company is headquartered in Malaysia
  • The revenue growth between 2018 and 2021 was primarily organic (i.e. “internally” stimulated)

The list ranks entrants from Malaysia 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.

Quality Assurance

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.

Our Partner

Since its launch on June 23, 1995, as Malaysia’s first news website, The Star Online has always striven to provide readers with up to date breaking news, compelling content and insightful opinions. Evolving with the times, the content includes current news, business, sports, community, tech, lifestyle and world news, as well as expert analysis and dynamic videos. The website was recognised in 2014 as one of the best in Asia by the World Association of Newspapers and News Publishers (WAN-IFRA). It serves as the foundation of an online communaity that has a million strong following on both Twitter and Facebook. As the digital companion to The Star newspaper, The Star Online is part of a portfolio that offers content through print, The Star ePaper and a mobile app.

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Lawrence Ho

Head of Licensing, Asia
+65 6995 6938