Choon Huat Engineering clinches top spot at E50 Awards

SINGAPORE - It was Choon Huat Engineering’s first time participating in the Enterprise 50 (E50) Awards in 2024 – and the construction equipment rental firm hit a home run.

For its internationalisation and sustainability efforts, the company took home the top accolade among 50 winners in the 30th edition of the annual awards on Nov 25.

Choon Huat Engineering invested in greener alternatives such as electric forklifts that reduced carbon emissions and noise pollution on construction sites. It also rolled out a battery energy storage system for use on sites without access to electricity, which has since been exported to Australia.

Bagging second place was Maneuver Marketing, another first-time E50 participant. The company, which had its origins in marketing consulting, now operates and scales health and wellness e-commerce brands. In 2023, it brought in US$157.2 million (S$211.5 million) in revenue from its BB Company brand of health supplements.

Emerging in third place was electronic and LED distributor Supreme Components International, which has now won the E50 award 12 times.

The company distributes electronic components such as semiconductors and lighting solutions to more than 2,500 customers worldwide. With a presence in more than 12 countries, it next intends to expand to Europe.

Jointly organised by The Business Times and KPMG in Singapore, the E50 Awards celebrates the 50 most enterprising local, privately held companies that have contributed to Singapore’s economic development, both locally and abroad. More than 700 companies across key business sectors in Singapore have been recognised by the awards over the past 30 years.

The theme of the 2024 awards – Celebrating Legacies and Inspiring the Future – was chosen to not only celebrate the achievements of past and current winners, but also to encourage other businesses to follow in their footsteps.

Speaking at the awards ceremony, held at the Resorts World Convention Centre on the night of Nov 25, the guest of honour, Deputy Prime Minister Heng Swee Keat, pointed out three “mega” trends that are reshaping the business environment.

First, the rise of China as a global economic powerhouse is reshaping markets and supply chains, he noted, adding that ongoing US-China trade tensions are presenting both risks and opportunities for companies in Asia.

Second, advancements in technology are redefining industries. Thus, companies that leverage technological and digital tools to enhance efficiency, customer engagement and innovation “are much more likely to thrive in this new era”, he said.

Third, today’s consumers are placing a premium on corporate social responsibility. Companies that prioritise sustainability and ethical practices will thus be better positioned to attract customers and talent, and also pave the way for long-term viability and regional opportunities, he added.

To further position themselves to ride tailwinds, DPM Heng urged companies to grow their talents, invest in new areas such as digitalisation and artificial intelligence, and collaborate with other firms.

Four E50 Special Recognition Awards were presented to five companies on Nov 25.

Sing Fuels was conferred the Internationalisation Award for being a leading player in the trading of marine fuels and lubricants, on top of providing shipping support services to shipowners, charterers and traders in the bunkering sector.

Human resources services provider Elitez Group won the Sustainability Innovation Award for providing manpower for retail and promotional activities in the fast-moving consumer goods industry, which was facing a labour shortage.

IT services provider ITCAN received the Ten-Year Award for being an E50 awardee for 10 years. Piping manufacturer Almarc Engineering and commodities trader Khaitan International each took home the Five-Year Award for being an E50 awardee for five years.

BT editor Chen Huifen lauded the resilience of 2024’s awardees, all of which have overcome “unique challenges to thrive in their industries”.

Others have also taken steps to reduce their carbon footprint in their operations, she noted, adding: “I hope the E50 Awards will continue to motivate even more businesses to explore innovative pathways for growth and sustainability.”

Ms Lee Sze Yeng, managing partner of KPMG in Singapore, said companies must adopt a distinctive strategy to stand out in a crowded market.

The 2024 E50 winners answered this call “by critically evolving and driving change” and have innovated within their business fundamentals.

“By thoughtfully transforming existing business models to enhance proven strengths, these enterprises have opened new markets and expanded their service offerings, securing a robust foundation for their future growth,” Ms Lee said.

The E50 Awards is sponsored by OCBC and supported by Enterprise Singapore, the Singapore Business Federation and SGX Group.

THE BUSINESS TIMES