Old Chang Kee among 7 Singapore firms named in Forbes Asia Best Under A Billion list
FAST-FOOD chain Old Chang Kee is one of seven local firms included in Forbes Asia’s new Best Under A Billion list.
The 2024 list announced on Wednesday (Aug 7) recognises 200 top-performing public companies in the Asia-Pacific with annual sales above US$10 million (S$13.3 million) but below US$1 billion.
They were selected from a pool of around 20,000 listed firms in the region in sectors such as finance, semiconductors and food and beverage (F&B).
The other local firms to make the cut were Singapore Exchange, food producer Delfi, Eggriculture Foods, electrical products distributor Choo Chiang Holdings, tech firm Aztech Global and Credit Bureau Asia.
Forbes Asia noted that geopolitical and inflationary headwinds “sapped” momentum from some Asia-Pacific economies, but strong domestic demand supported by an uptick in infrastructure spending and global trade drove the region’s overall growth in 2023.
It added that an expanding middle class and the return of tourists boosted the number of F&B companies on 2024’s list to 21, more than double 2023’s total, a trend underlined by the Singapore firms that made the rankings.
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Snack chain Old Chang Kee, which posted a 50 per cent rise in net profit to $5.3 million in the six months to March 31, 2024, has outlets in Malaysia, Indonesia, Australia and Britain.
Chief financial officer Song Yeow Chung said the company is honoured to be on the list, adding: “Since 1956, Old Chang Kee’s focus has always been on how we can serve our customers better.”
Another F&B company on the list is confectionery maker Delfi, a mainboard-listed firm known for its chocolate-based products like spreads and biscuits. Revenue surged by 13 per cent in 2023 to US$538 million with net profit of US$46.3 million.
Egg producer Eggriculture Foods is an old hand on the list, having made the rankings for five consecutive years.
Forbes Asia selected the companies based on a composite score that took into account factors such as debt, sales, earnings per share growth and average returns on equity.
Firms with serious governance issues, questionable accounting practices, environmental concerns, management issues or legal troubles were excluded from consideration. State-controlled entities and subsidiaries of larger companies were also not considered.
The Best Under A Billion list was set up in 2002 to spotlight some of Asia’s most successful companies. Notable alumni include tech giant Tencent, fast-food chain Jollibee and budget carrier AirAsia. THE STRAITS TIMES
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