Singapore's top 1000 firms hit record $3.15t turnover

It surpassed the $3t record set in 2016.

Singapore’s top 1000 companies generated the highest combined turnover and profits in the entire 32-year history of the Singapore 1000 (S1000) rankings produced by Experian’s DP Information Group (DP Info) and Ernst & Young (EY).

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The study which leveraged on DP Infor’s database of audited financials from 1 June 2017 to 31 May 2018 of over 70,000 firms, the S1000 companies enjoyed a second consecutive year of double-digit profit growth. In terms of the 2019 ranking period, it also superseded the previous combined profit record of $182.8b set in 2018 to reach $210.7b which represents a 15.3% YoY profit growth from 2018.

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“Many of Singapore’s top companies have broadly benefited from the better than expected economic growth experienced during the ranking period, evidenced by the second consecutive year that a new combined profit record has been set by these companies,” James Gothard, general manager for credit services & strategy SEA of Experian, said in a statement. “Singapore’s business-friendly ecosystem continues to provide opportunities for companies to grow sustainably and tap on regional opportunities.”

According to the study, the services, information & communications, and finance sectors saw an upward growth trajectory in terms of combined turnover which represented a compound annual growth rate (CAGR) of 10.1% based on the average CAGR of the three sectors over the past five years.

“Specifically, the services sector saw the highest increase in combined turnover amongst all sectors, recording a 21.9% YoY growth,” DP said in a statement. “This was followed by the information and communications, and finance sectors which experienced a YoY combined turnover growth of 19.8% and 15.3%, respectively.”

The ranking period also witnessed more companies having an annual turnover of more than $100m within the past five years. There are now 2,600 firms with an annual turnover of over $100m which is an increase from the 2,414 companies in 2018. “This signifies capability growth amongst Singapore-based corporates that will enable them to remain competitive,” the firm added.