The world’s second most open economy of 2017 - this is how the Heritage Foundation called Singapore in it’s Index of Economic Freedom. The first one is that of Hong Kong. Indeed, it is no accident Singapore was called the “Asian tiger” despite its small size. Its business-oriented regime allowed it to make more than one could have imagined of its small domestic market and natural resources stocks tending to zero. One of the world’s leaders in economic stability, no external loan, one of the most stable national currencies and constantly positive surplus after the two major financial crises of 1998 and 2007 - isn’t this an economic miracle?
Being an air and marine passengers and cargo transportation, water supply, oil & gas transit, financial world hub, Singapore counts on all sorts of taxes and licence fees as on one of its government main revenue sources. For example, in the third quarter of 2017, the above contributions have earned a $51B* total revenue for the state of Singapore. The country’s advantageous geographical position, it’s pro-business legislation, and top-notch technologies focus, allows it to make great earnings on tourism, international financial services, electronics manufacturing and advanced, latest generation machinery.
Looks like an investor’s heaven, doesn’t it? The Global Database team has dedicated itself to help you find your perfect business and investment opportunity in Singapore. We created the TOP-25 Singapore companies by revenue in 2017 to show you the country’s big dogs’ earnings and main industries they’re activating in to make the local market picture clearer for you and your choice easier. All you have to do is get some insights about the real situation in the dominant economic sectors, reading this TOP, and assess your perspectives and potential partners when entering the Singapore market.
*All figures are in USD. M: Millions of USD, B: Billions of USD
* SGD was converted to USD using an average currency rate of 1.35 SGD to 1 USD
1. Wilmar International ($43.6B)
Wilmar International Limited (later Wilmar International) is an agricultural leader in Asia and a member of Fortune Global 500 (as of 2015). With an incredible annual income of $43.6B in 2017 and $44.2B in 2018, Wilmar Holding operates over 400 subsidiaries and 450+ manufacturing plants in 50+ countries, employing over 92000 professionals. The main focus of Wilmar International is palm oil full-cycle production, along with sugar and rice cultivation and milling.
2. Jardine Cycle & Carriage ($17.5B)
Jardine Cycle & Carriage (later GCC) is a Singapore’s automotive industry leader, that belongs to the Jardine Matheson Group and is the fourth largest local company by revenue in 2017, according to Global Database. GCC showed an impressive annual revenue of $17.5B in 2017 and is estimated to finish 2018 with even more impressive numbers - around $18.4B. The GCC investment conglomerate has 250000 employees. It owns half of the Astra International syndicate from Indonesia and is also involved in other Southeast Asian countries, in motor vehicles manufacturing, distribution and retail markets.
3. Singapore Telecom ($12.4B)
Singapore Telecommunications Limited (later SingTel) is operating across Asia, Australia and even Africa through its subsidiaries and investments in local companies. As a market leader on Singapore’s telecommunications sector, SingTel holds a joined base of 640M mobile subscribers as of the end of 2017. Its range of services is wide enough to bring it impressive annual revenues, like $12.4B in 2017 and $13B in 2018, as well as operating ($4B) and net ($3B) income increase.
4. Singapore Airlines ($11B)
Singapore Airlines Limited (later Singapore Airlines) is a symbol of Singapore’s countless multinational connections and total business cosmopolitanism. In 2018, this successful airline, based in the Changi Airport, was named the best airline and one of the most admired companies in the world. Singapore Airlines registered an increase in key financial indicators, such as net and operating income, and especially revenue, in 2018. It has grown from $11B in 2017 to $11.7B in 2018.
5. DBS Group ($9.1B)
DBS Group Holdings (later DBS) is one of the Singapore’s banking and financial top dogs, with a strong capital position and offices headquartered in the heart of country’s main business environment - Marina Bay. Here are some of its most impressive indicators: $384.38B total assets as per end of 2017; 100+ branches across Singapore; 250+ branches across Asia; $9.1B annual revenue in 2017 (that has grown to $9.8B in 2018); and $163B assets under management as per 2019. No wander DBS was 2018’s best bank in the world (by Global Finance measurements).
6. Golden Agri-Resources ($7.5B)
Golden Agri-Resources Ltd (later GAR) is a public company, headquartered in Singapore managing a full-cycle palm oil production process (from plantation to extraction) selling oil and related by-products. With over 173700 people involved in their production process, GAR generated $7.5B in annual revenue in 2017 and contributed to a notable $4.1B market capitalisation. In the past, the company claimed zero-burning and zero-deforestation as their production policy. Recent findings proved the opposite, and since then GAR lost a series of major clients like Unilever, Nestle and Burger King.
7. Oversea-Chinese Banking Corporation ($7.1B)
Oversea-Chinese Banking Corporation Limited (later OCBC) is a major financial and banking organisation, working in the Asia-Pacific region with headquarters in Singapore and assets reaching over $346.3B. Eight OCBC subsidiaries, including the Bank of Singapore, and their 570+ branches, generated a notable annual revenue for the company: around $7.1B - in 2017 and $7.2B - in 2018. OCBC Bank is marked by several influential organisations, like Standard & Poor, Moody’s and Global Finance Magazine, as one of the highest rating, strongest and safest banks in the world.
8. United Overseas Bank ($6.5B)
The United Overseas Bank (later UOB) is a multinational Singaporean Finance sector representative with almost 100 years history. Having branches (68 of them local) across 3 continents, the company focuses on Southeast Asia regions. With over 25000 employees all over the world, UOB provides a wide range of personal and corporate banking services in 19 countries. Their common effort has led to an impressive annual revenue of $6.5B in 2017 and of $6.7B in 2018. UOB is the 3rd biggest South East Asian bank by assets.
9. Sembcorp Industries ($6.2B)
The primary sector of the Sembcorp Industries Limited (later Sembcorp), is Energy & Utilities with a focus on chemical sites. The company activates both locally and internationally, has 7000+ employees in around 15 countries, and provides energy, wastewater treatment and water services (including logistics and other related services) to their end customers. Sembcorp’s annual revenue reached $6.2B in 2017, and in 2018 their rates increased significantly - up to almost $8.7B. The total Sembcorp assets value exceeds $6.7B.
10. Singapore Technologies Engineering ($4.9B)
Singapore Technologies Engineering Ltd (later ST Engineering) focuses on marine, aerospace, electronics and land systems. Headquartered in Singapore, ST Engineering is one of the largest companies in this country, backed by the following figures: 100+ branches, 46 cities in 24 countries, 23000 employees, $4.9B annual revenue in 2017 and almost $5B annual income in 2018. The company’s specialists are welcomed worldwide as employees of the largest defence and engineering company in Asia.
11. Keppel Corporation ($4.4B)
Keppel Corporation (later Keppel Corp) is a big engineering services syndicate, headquartered in Singapore. It is operating offshore, marine, shipbuilding and ship repair facilities across Asia (mostly in China) through its key subsidiaries - Keppel Offshore & Marine, Keppel Infrastructure Holdings, Keppel Bay and three more. Keppel Corp has even won the Business China Enterprise Award for strengthening business relations between Singapore and China. These efforts brought a notable annual revenue of $4.4B in 2017 and an even a bigger number of $4.9B in 2018.
12. CapitaLand ($3.4B)
CapitaLand Limited (or CapitaLand) is a major immovables player in Asia, registered as a public company with headquarters in Singapore. The company’s central focus is set on it’s home country and China. CapitalLand manages a wide range of properties, like offices, shopping malls, homes or rental housing in 160+cities across Asia and other continents. It’s current expansion plans include Vietnam, Indonesia and Myanmar which have contributed to their highest net profit jump (over 12%) over 10 years. In 2018, the company registered a extraordinary annual revenue increase (from $3.4B in 2017 to $4.1B).
