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SINGAPORE: More small and medium sized enterprises have made the list of Top 50 fastest growing companies in Singapore.
13 joined the ranks this year, compared with just four last year.
The annual list, compiled by DP Information Group, tracks the revenue growth of companies based here.
Construction and property related firms made up almost 20 per cent of the list of top 50 fastest growing companies list.
Tat Hin Builders entered the list this year and shot straight to second spot among the top five - with over 600 per cent compounded growth over the last three years.
The company specialises in woodworking projects and has plans to take its business to China.
Said Ted Tan, Deputy CEO, IE Singapore, "Partly because of the boom in the infrastructure sector, but also overseas... many of the companies are recognised in the master planning, the construction, the high quality firms.
"... the Singapore name actually is a brand name. For example in India, if it's a built or designed by a Singapore company, it commands a premium versus a locally built property, same as China."
80 per cent of those on the list have overseas operations - a key reason for their rapid growth.
In the case of home-grown Omni United, which distributes tyres, its main markets are in the US, Europe and India.
It plans to double its turnover to S$181 million by next March.
"We're looking actively at acquiring a manufacturing facility in China. We're just beginning to penetrate SEA and opening up some frontiers in the Middle East," said Shivinder Kalra, Senior VP of Omni United (S) Pte Ltd.
Venturing into new markets, like the Middle East, is what other fast growing companies are doing too.
Five years back, foreign companies made up more than half of the very first fastest growing list.
This year, Singapore companies, including food court chain Koufu, have tipped the scales, making up 34 out of 50, or about 70 per cent of the list.
The list of 50 Fastest Growing companies comprises those with at least 10 per cent growth in revenue each year over a three-year period.
The number of companies that qualify have gone up by over 40 per cent since it started in 2002. - CNA/yy
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