6 S’pore Companies Made It to Forbes Asia’s Best Under a Billion 2021 List

One person’s tragedy can be another person’s opportunity.

Sure, it’s not the most sympathetic saying, but it certainly rings true.

The COVID-19 pandemic has robbed many people of their livelihoods, forcing some to live paycheck to paycheck, while others struggle to put bread on the table.

But it has also made many others filthy rich.

Every year, Forbes Asia compiles a list of the best-performing businesses in the Asia-Pacific with sales under a billion.

Out of 20,000 firms, only 200 are picked for the list, and this year, six happened to be based on this tiny island.

Here are the six Singapore-based companies that made it to Forbes Asia’s Best Under a Billion 2021 List:

AEM Holdings

AEM Holdings, a designer and supplier of high-density semiconductor test handlers, was also on the 2020 list.

Its testing equipment is used by the world’s top chip manufacturers, including Intel.

Founded in 1990, it now has five plants around the world, located in Penang, Suzhou in China, Finland, and France.

It had a reported revenue of S$192.3 million for the first half of the fiscal year, down 29.8% from the previous year.

Union Gas Holdings 

Another company that was also on last year’s list is Union Gas Holdings.

Founded in 1974, the company is one of the leading suppliers of natural gas to natural gas vehicles and industrial customers for their commercial use.

It also runs Cnergy, a 24-hour fuel station at Old Toh Tuck Road which sells CNG and diesel.

It earned S$45.1 million in revenue in the first half of 2021.

Eggriculture Foods

The third Singapore-based company which was named on Forbes’ list for the second year running was Eggriculture Foods.

As the name will tell you, the group primarily sells egg products, including fresh eggs and pasteurised egg products. They reportedly produce around 350,000 fresh eggs daily.

The group has seen its revenue grow by 13% in 2021, raking in S$52.5 million.

Riverstone Holdings

The first new Singapore-based entrant on the list is Riverstone Holdings, which specializes in the production of cleanroom gloves used by healthcare workers.

It primarily exports its products to technology customers in Asia, the Americas, and Europe and has three other manufacturing facilities in China, Thailand, and Malaysia.

It made a S$108 million in profit in the second quarter this year.

Its CEO – Malaysian Wong Teek Son – is also on Forbes’ top 50 rich list for Malaysia.

IGG

IGG, known for producing games like Clash of Lords, also made it to Forbes’ prestigious list. Headquartered in Singapore, it develops and publishes mobile games.

Founded in 2006, it now has offices in Asia, North America, and Europe.

Samurai 2K Aerosol

Our last Singapore-based entry on the list is Samurai 2K Aerosol, an aerosol coating specialist.

It primarily provides coating solutions for the automotive refinishing and refurbishing industry.

While the company is Malaysian, it’s headquartered in Singapore.

It saw an astounding 244% increase in its profits for the 2021 financial year ending on 31 March, making around S$5.65 million.

Companies From 17 Countries on List

As Forbes noted, the stellar performance of these companies highlights their resilience in the face of the COVID-19 pandemic.

The list, which is unranked, had companies from 17 countries around the world.

This included 26 companies from India and Taiwan, as well as 37 from the leader, China.

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