BR Metals tops this year’s E50 Awards

PRECIOUS metals recycling firm BR Metals clinched the top spot in the Enterprise 50 (E50) Awards on Wednesday (Nov 23) night.

The company, founded in 2009, had developed innovative solutions such as an automated bulk sampling system that improves efficiency, reduces processing time and wastage from human errors. It came in third place in 2020.

Second place went to medical device wholesaler and distributor Yeap Medical Supplies, which climbed from the 11th spot last year. The company had a diversification strategy that boosted market presence across retail channels, online marketplaces and supply partners.

Security company Apro Asian Protection was awarded third place for investing in digital systems, new capabilities and human capital that led to the provision of more service offerings. It came in fifth place last year.

Now in its 28th year, the E50 Awards recognise the 50 most enterprising local privately-held companies that have contributed to the economic development of Singapore, both at home and abroad. It is co-organised by The Business Times (BT) and KPMG in Singapore, with OCBC as the presenting sponsor.

The awards have recognised more than 700 companies across key business sectors in Singapore since it was established in 1995.

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“Over the last 28 years, the E50 awards have become a distinguishing hallmark and pinnacle of excellence for Singapore enterprises,” said Minister of State for Trade and Industry Low Yen Ling at this year’s awards ceremony, held at Resorts World Convention Centre.

Noting that this year’s E50 theme – “Ready, Reset, Grow” – is an “apt call to action” for the times firms live in today, she said: “There can be no let-up on the quest for growth and transformation. To be future-ready, let’s not be afraid to hit the reset button and pivot to new ways of doing business.”

“To stay in the lead, enterprises have to continually sharpen their competitive advantage and find new ways to grow. This entails constant innovation, higher productivity and better capabilities all around – from branding and marketing, to even workflow redesign.”

Low said enterprises would do well to identify promising growth areas and move to secure first-mover advantage, pointing out “major spheres of opportunities” in the digital and green economies. Enterprises should also invest in their workforce, as talented and skilled workers are imperative for firms to succeed in today’s economy and in the future, she added.

Four special awards were also given out at this year’s E50 Awards. Besides its overall win, BR Metals also clinched the Internationalisation Award for winning multiple projects across Asia. Healthcare group Minmed Group received the Enterprise Transformation Award for its ability to diversify its business in a dynamic and fast-paced environment.

Three companies – Knight Auto Precision Engineering, Sing Fuels, and D-Team Engineering – received the Five-Year Award for being an E50 awardee in five consecutive years.

Supreme Components International bagged the 10-Year Award for winning the E50 awards a total of 10 times. The company joined E50 for the first time in 2011, and is one of only three 10-time winners in the awards’ history.

BT editor Chen Huifen noted that companies are confronted by new challenges even as they adjust to a post-pandemic future – from the fallout of the Ukraine war and the rising costs of doing business, to geopolitical tensions in the region.

“Yet despite the perceived gloom, we take heart that there are enterprises – not just a handful but at least 50 of them – that continue to do well. This shows that companies, like human resilience, will always find new ways to bloom regardless of the environment.”

Chiu Wu Hong, partner and head of private enterprise at KPMG in Singapore, said: “An uncertain environment demands that businesses relentlessly invest in order to progress – be it in research and development, technologies and new markets or even pivoting to new business models.”

Many of the E50 companies recognised today have exemplified these “best practices”, he noted. He highlighted how 64 per cent of them have capitalised on international expansion to drive revenue growth, while others have adopted digital technology, re-thought supply chains to stay competitive, and increased productivity through automation.

Companies are also actively onboarding emerging technologies such as artificial intelligence and machine learning to capture data, analyse and learn from customer behaviours before rolling out products and services, Chiu added.

“These are positive signs for Singapore as it demonstrates the progressiveness of this year’s top 50 enterprises and their determination to scale and succeed despite global challenges.”