Singapore is home to a dynamic mix of global giants, innovative tech firms, and public institutions that shape both the local and international economy. From energy and finance to real estate and aviation, these top 25 companies by revenue in 2023 highlight the strength and diversity of Singapore’s corporate landscape. Despite global headwinds, many continued to grow, innovate, and adapt—proving why Singapore remains a major business hub in Asia.
1. Trafigura
Trafigura, a global commodity trading firm, experienced a significant decline in net profit in the first half of 2024, dropping over 70% to $1.5 billion from $5.5 billion in the same period the previous year. This decrease was attributed to reduced market volatility and lower commodity prices, despite a 15% increase in oil and gas trade volumes.
Revenue: $244.3 billion
2. Wilmar International
Wilmar International, a leading agribusiness group, reported a revenue of $67.2 billion in 2023. The company's performance was influenced by fluctuations in commodity prices and global demand.
Revenue: $67.2 billion
3. Olam International
Olam International, a major food and agri-business company, achieved a revenue of $35.9 billion in 2023. The company focused on sustainability and digital transformation to drive growth.
Revenue: $35.9 billion
4. Flex Ltd.
Flex Ltd., a global electronics manufacturing services provider, reported a revenue of $26.4 billion in 2023. The company emphasized innovation and supply chain resilience amid global challenges.
Revenue: $26.4 billion
5. DBS Bank
DBS Bank, Singapore's largest bank, achieved record revenue and profit in 2023, with total income reaching $25.6 billion. The bank's performance was bolstered by higher interest rates and strong loan growth.
Revenue: $25.6 billion
6. United Overseas Bank (UOB)
UOB reported a 26% increase in core net profit for 2023, reaching a record $6.1 billion. This growth was driven by strong net interest income and trading gains.
Revenue: $20.2 billion
7. OCBC Bank
OCBC Bank achieved a record net profit of S$7.02 billion in 2023, a 27% increase from the previous year. The bank's total income rose to S$13.5 billion, supported by growth across diversified income streams.
Revenue: $18.4 billion
8. Singapore Airlines
Singapore Airlines posted its highest-ever annual profit of S$2.68 billion for the fiscal year ending March 31, 2024. This was driven by strong demand for air travel, with annual revenue growing by 7% to S$19.01 billion.
Revenue: $14.1 billion
9. Sea Ltd.
Sea Ltd., a digital entertainment and e-commerce company, reported a revenue of $13.1 billion in 2023. The company's growth was fueled by its gaming and online shopping platforms.
Revenue: $13.1 billion
10. Singtel
Singtel, a major telecommunications provider, achieved a revenue of $10.6 billion in 2023. The company focused on digital transformation and expanding its 5G network.
Revenue: $10.6 billion
11. Golden Agri-Resources
Golden Agri-Resources reported a 15% decrease in revenue to $13.1 billion in 2023 due to lower crude palm oil prices.
Revenue: $13.1 billion
12. ST Engineering
ST Engineering achieved a 12% year-on-year increase in group revenue, reaching $10.1 billion in 2023. This growth was contributed by all three segments: Commercial Aerospace, Defence & Public Security, and Urban Solutions & Satcom.
Revenue: $10.1 billion
13. Yanlord Land Group
Yanlord Land Group, a real estate developer, reported a revenue of $6.1 billion in 2023. The company focused on high-end residential and commercial projects in key cities.
Revenue: $6.1 billion
14. Singapore Power
Singapore Power, a utilities company, achieved a revenue of $5.4 billion in 2023. The company emphasized sustainability and infrastructure development.
Revenue: $5.4 billion
15. Seatrium
Seatrium, a shipbuilding and offshore engineering company, reported a revenue of $5.4 billion in 2023. The company focused on renewable energy projects and maritime solutions.
Revenue: $5.4 billion
16. PSA International
PSA International, a port operator, achieved a revenue of $5.3 billion in 2023. The company expanded its global footprint and invested in smart port technologies.
Revenue: $5.3 billion
17.Sembcorp – $5.2 Billion (Utilities)
Sembcorp, a leader in energy and utilities, reported $5.2 billion in revenue in 2023. Despite global challenges, its focus on renewable energy projects and sustainable solutions helped maintain steady revenue. The company continues to grow by expanding its green energy portfolio, adapting to the global shift toward sustainability.
Revenue: $5.2 billion
18.Keppel Ltd. – $5.2 Billion (Real Estate & Infrastructure)
Keppel Ltd. also posted a stable revenue of $5.2 billion in 2023. The company’s real estate portfolio, particularly in Singapore and China, contributed to its performance. Keppel is focusing on sustainable development, which has bolstered its growth, despite global challenges in the commercial real estate market.
Revenue: $5.2 billion
19.Housing and Development Board (HDB) – $4.5 Billion (Public Housing)
HDB’s revenue of $4.5 billion reflects its critical role in public housing. While the company faced construction challenges due to supply chain issues, its focus on affordable housing and urban rejuvenation continues to ensure long-term stability and growth.
Revenue: $4.5 billion
20.Japfa – $4.4 Billion (Agriculture & Food)
Japfa, a key player in agribusiness, recorded $4.4 billion in revenue in 2023. Strong demand for food products in Southeast Asia drove growth, while Japfa’s diverse business model in feed manufacturing and poultry farming supported its stability despite fluctuations in commodity prices.
Revenue: $4.4 billion
21.Jardine Cycle & Carriage – $4.4 Billion (Automotive & Industrial)
Jardine Cycle & Carriage achieved $4.4 billion in revenue, with growth driven by strong vehicle sales. However, the company faced slower growth due to global automotive industry challenges, including supply chain disruptions and a chip shortage.
Revenue: $4.4 billion
22.Great Eastern – $4.3 Billion (Insurance)
Great Eastern saw a steady increase in revenue to $4.3 billion, driven by higher premiums in life and health insurance. The company’s digital expansion has helped it capture new market segments, though low-interest rates and competition have pressured profitability.
Revenue: $4.3 billion
23.CapitaLand Investment – $4.2 Billion (Real Estate Investment)
CapitaLand Investment recorded $4.2 billion in revenue, bolstered by strong performance in residential and commercial properties. The company faced some challenges in the retail sector but has diversified into logistics and industrial real estate to mitigate risks.
Revenue: $4.2 billion
24.City Developments Ltd. – $3.9 Billion (Real Estate)
City Developments Ltd. (CDL) posted $3.9 billion in revenue, driven by strong demand for residential properties in Singapore. However, the company faced challenges in international markets and is focusing on sustainability to drive future growth.
Revenue: $3.9 billion
25.ComfortDelGro – $3.5 Billion (Transportation)
ComfortDelGro earned $3.5 billion in 2023. Its revenue grew as demand for public transportation recovered post-pandemic, but higher fuel prices and labor shortages impacted profitability. The company’s international diversification provided some cushioning.
Revenue: $3.5 billion