Raduga takes top spot in E50 Awards 2020
RADUGA, a 28-year-old mobile phone solutions provider and distributor, emerged top in a field of 50 winners in the 26th edition of the Enterprise 50 (E50) Awards on Tuesday.
Its chief executive Alfred Cheong said the win recognises Raduga's strategic direction, business vision and philosophies, and gives the business confidence to continue expanding overseas, transforming and upskilling to stay ahead.
"Raduga is extremely honoured to be the winner of Enterprise 50 and we appreciate the recognition of being the top homegrown business in 2020," he said.
Top International Holding, a mining and trading firm dealing primarily in bauxite and coal, took second place in the rankings.
It was followed by BR Metals, a processor of end-of-life scrap catalytic converters. The company recovers precious metals from the emission-control devices found in gasoline and diesel vehicles.
The three firms led a field of outstanding local businesses recognised for their outstanding resilience, innovation and entrepreneurial spirit in the face of incredible adversity over the past year. Fittingly, the theme for 2020 was "Extraordinary times, Exceptional resilience".
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Launched in 1995, the E50 Awards identify, support, recognise and reward the 50 most enterprising, privately-held local companies in Singapore each year. This year, the physical award presentation event was held at the Park Royal Marina Bay and streamed virtually for the first time in the awards' history.
The 2021 E50 Awards were launched at the same event, with a theme of "Innovating for a Sustainable Future".
Guest of honour Tan See Leng, Second Minister for Trade and Industry and Second Minister for Manpower, presented the awards.
Noting the challenges that Singapore companies faced amid the Covid-19 pandemic in the past year, he praised local entrepreneurs for showing "gumption to forge ahead" and leveraging government support to keep growing.
"I was glad to see that in spite of the challenges caused by this pandemic, more than 15,000 companies pressed on with projects to raise productivity, innovate and transform themselves, and go international," he said. "This will put them in a strong position to capture current and future opportunities once the recovery comes."
However, he added that companies will face new challenges even after the pandemic, as global production and supply chains are reorganised and operations become more decentralised.
"To ensure that our companies stay relevant in the marketplace, we must identify those unique capabilities that will strengthen our position as a critical node in the entire global value chain. When we are the critical node ourselves, it will be harder for our companies to be displaced."
He said companies should rethink their processes and value propositions to seize opportunities amid the pandemic, intensify transformation efforts to remain resilient and competitive, and be ready to develop their workforce to adapt to changes in the business environment.
Dr Tan also urged firms to integrate sustainability innovations into their businesses in order to capture future opportunities and increase their competitive advantage. He cited BR Metals' role in reducing environmental impact through its work recycling precious metals to be used in new products, and Mao Sheng Quanji Construction's use of solar panels and Wi-Fi to power and control irrigation systems in the nursery in Changi Airport.
Said Wong Wei Kong, editor of The Business Times: "This year's E50 winners not only showcase Singapore's finest privately-held homegrown enterprises, but also exemplify the grit and entrepreneurial mindsets of the local business community.
"The success of local enterprises will be critical to Singapore's emergence in the post-crisis world and we are confident that the winners will go from strength to strength and be a source of inspiration to other businesses and entrepreneurs."
Jonathan Ho, head of enterprise at KPMG in Singapore, said the pandemic provided "myriad transformational opportunities" along with tests of endurance and resilience for businesses.
He said: "We are committed to putting resources behind our local enterprises to fuel their efforts to digitalise, innovate and adopt sustainable strategies, while managing the twin challenges of rising costs and the need to right skill, reskill and upskill their workers in the digital economy."
Three "special recognition" awards were also presented on Tuesday. The Special Recognition - Internationalisation Award went to Legend Logistics, a logistics provider that has 10 regional offices in seven countries to handle heavy haulage, bulk liquid, dry commodities, perishable products and oversized cargo.
Omni-Plus System received the Special Recognition - Enterprise Transformation Award. The company distributes polymer products including plastic resins, magnetic materials and medical peripherals, and offers material management services to complement its customers' planning and logistics.
Landscaping firm Mao Sheng Quanji Construction received the Special Recognition - Five-Year Award for consistent excellence in making the E50 list over the last five years.
The awards are jointly organised by The Business Times and KPMG in Singapore, and sponsored by OCBC. Supporters of the awards include Enterprise Singapore, the Singapore Business Federation and the Singapore Exchange.
Nominations for the next edition of the E50 Awards are now open. Companies can learn more about the E50 Awards and submit their applications at www.enterprise50.org
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