SINGAPORE – Precious metals recycling company BR Metals clinched the top spot in the Enterprise 50 (E50) Awards on Wednesday night.
The firm – which placed third in 2020 – has developed innovative solutions like an automated bulk sampling system that improves efficiency, reduces processing time and wastage from human errors.
The second spot went to medical device wholesaler and distributor Yeap Medical Supplies, which climbed from 11th last year. Its diversification strategy lifted its presence across retail channels, online marketplaces and supply partners.
Third-placed security firm Apro Asian Protection – fifth last year – invested in digital systems, new capabilities and human capital, allowing it to provide more services.
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 and KPMG in Singapore, with OCBC Bank as the presenting sponsor.
The awards have recognised over 700 companies across key business sectors since they were established in 1995.
“Over the last 28 years, the E50 awards have become a distinguishing hallmark and of excellence for Singapore enterprises,” said Minister of State for Trade and Industry Low Yen Ling on Wednesday at Resorts World Convention Centre. She noted that the theme – Ready, Reset, Grow – is an “apt call to action” for the today’s times. “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.”
Ms Low also urged enterprises to invest in their staff as talented and skilled workers are imperative for firms to succeed.
Four special awards were conferred this year. Besides its overall win, BR Metals also clinched the Internationalisation Award for winning multiple projects across Asia, while healthcare group Minmed Group received the Enterprise Transformation Award for its ability to diversify its business in a dynamic and fast-paced environment.
Knight Auto Precision Engineering, Sing Fuels, and D-Team Engineering won the Five-Year Award for having clinched an E50 award for five consecutive years. Supreme Components International bagged the 10-Year Award for winning E50 awards 10 times – one of only three 10-time winners in the event’s history.
Business Times editor Chen Huifen noted that companies are confronted by new challenges even as they adjust to a post-pandemic future, 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.”
Mr 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.” He noted how 64 per cent of firms honoured this year 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 embracing emerging technologies such as artificial intelligence and machine learning to capture data, analyse and learn from customer behaviours before rolling out products and services, Mr 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.”
Correction note: An earlier version of this article referred to Mr Chiu Wu Hong as Ms Chiu. We are sorry for the error.