Top GDB companies

Top 25 companies in Singapore by Revenue in 2017

by Nicolae Buldumac
Top 25 companies in Singapore by Revenue in 2017

The world’s second most open economy of 2017 - this is how the Heritage Foundation called Singapore in it’s Index of Economic Freedom. The first one is that of Hong Kong. Indeed, it is no accident Singapore was called the “Asian tiger” despite its small size. Its business-oriented regime allowed it to make more than one could have imagined of its small domestic market and natural resources stocks tending to zero. One of the world’s leaders in economic stability, no external loan, one of the most stable national currencies and constantly positive surplus after the two major financial crises of 1998 and 2007 - isn’t this an economic miracle?

Being an air and marine passengers and cargo transportation, water supply, oil & gas transit, financial world hub, Singapore counts on all sorts of taxes and licence fees as on one of its government main revenue sources. For example, in the third quarter of 2017, the above contributions have earned a $51B* total revenue for the state of Singapore. The country’s advantageous geographical position, it’s pro-business legislation, and top-notch technologies focus, allows it to make great earnings on tourism, international financial services, electronics manufacturing and advanced, latest generation machinery.

Looks like an investor’s heaven, doesn’t it? The Global Database team has dedicated itself to help you find your perfect business and investment opportunity in Singapore. We created the TOP-25 Singapore companies by revenue in 2017 to show you the country’s big dogs’ earnings and main industries they’re activating in to make the local market picture clearer for you and your choice easier. All you have to do is get some insights about the real situation in the dominant economic sectors, reading this TOP, and assess your perspectives and potential partners when entering the Singapore market.

*All figures are in USD. M: Millions of USD, B: Billions of USD

* SGD was converted to USD using an average currency rate of 1.35 SGD to 1 USD

1. Wilmar International ($43.6B)

Wilmar International Limited (later Wilmar International) is an agricultural leader in Asia and a member of Fortune Global 500 (as of 2015). With an incredible annual income of $43.6B in 2017 and $44.2B in 2018, Wilmar Holding operates over 400 subsidiaries and 450+ manufacturing plants in 50+ countries, employing over  92000 professionals. The main focus of Wilmar International is palm oil full-cycle production, along with sugar and rice cultivation and milling.

2. Jardine Cycle & Carriage ($17.5B)

Jardine Cycle & Carriage (later GCC) is a Singapore’s automotive industry leader, that belongs to the Jardine Matheson Group and is the fourth largest local company by revenue in 2017, according to Global Database. GCC showed an impressive annual revenue of $17.5B in 2017 and is estimated to finish 2018 with even more impressive numbers - around $18.4B. The GCC investment conglomerate has 250000 employees. It  owns half of the Astra International syndicate from Indonesia and is also involved in other Southeast Asian countries, in motor vehicles manufacturing, distribution and retail markets.

3. Singapore Telecom ($12.4B)

Singapore Telecommunications Limited (later SingTel) is operating across Asia, Australia and even Africa through its subsidiaries and investments in local companies. As a market leader on Singapore’s telecommunications sector, SingTel holds a joined base of 640M mobile subscribers as of the end of 2017. Its range of services is wide enough to bring it impressive annual revenues, like $12.4B in 2017 and $13B in 2018, as well as operating ($4B) and net ($3B) income increase.

4. Singapore Airlines ($11B)

Singapore Airlines Limited (later Singapore Airlines) is a symbol of Singapore’s countless multinational connections and total business cosmopolitanism. In 2018, this successful airline, based in the Changi Airport, was named the best airline and one of the most admired companies in the world. Singapore Airlines registered an increase in key financial indicators, such as net and operating income, and especially revenue, in 2018. It has grown from $11B in 2017 to $11.7B in 2018.

5. DBS Group ($9.1B)

DBS Group Holdings (later DBS) is one of the Singapore’s banking and financial top dogs, with a strong capital position and offices headquartered in the heart of  country’s main business environment - Marina Bay. Here are some of its most impressive indicators: $384.38B total assets as per end of 2017; 100+ branches across Singapore; 250+ branches across Asia; $9.1B annual revenue in 2017 (that has grown to $9.8B in 2018); and $163B assets under management as per 2019. No wander DBS was 2018’s best bank in the world (by Global Finance measurements).

6. Golden Agri-Resources ($7.5B)

Golden Agri-Resources Ltd (later GAR) is a public company, headquartered in Singapore managing a full-cycle palm oil production process (from plantation to extraction) selling oil and related by-products.  With over 173700 people involved in their production process, GAR generated $7.5B in annual revenue in 2017 and contributed to a notable $4.1B market capitalisation. In the past, the company claimed zero-burning and zero-deforestation as their production policy. Recent findings proved the opposite, and since then GAR lost a series of major clients like Unilever, Nestle and Burger King.

7. Oversea-Chinese Banking Corporation ($7.1B)

Oversea-Chinese Banking Corporation Limited (later OCBC) is a major financial and banking organisation, working in the Asia-Pacific region with headquarters in Singapore and assets reaching over $346.3B. Eight OCBC subsidiaries, including the Bank of Singapore, and their 570+ branches, generated a notable annual revenue for the company: around $7.1B - in 2017 and $7.2B - in 2018. OCBC Bank is marked by several influential organisations, like Standard & Poor, Moody’s and Global Finance Magazine, as one of the highest rating, strongest and safest banks in the world.    

8. United Overseas Bank ($6.5B)

The United Overseas Bank (later UOB) is a multinational Singaporean Finance sector representative with almost 100 years history. Having branches (68 of them local) across 3 continents, the company focuses on Southeast Asia regions. With over 25000 employees all over the world, UOB provides a wide range of personal and corporate banking services in 19 countries. Their common effort has led to an impressive annual revenue of $6.5B in 2017 and of $6.7B in 2018. UOB is the 3rd biggest South East Asian bank by assets.

9. Sembcorp Industries ($6.2B)

The primary sector of the Sembcorp Industries Limited (later Sembcorp), is Energy & Utilities with a focus on chemical sites. The company activates both locally and internationally, has 7000+ employees in around 15 countries, and provides energy, wastewater treatment and water services (including logistics and other related services) to their end customers. Sembcorp’s annual revenue reached $6.2B in 2017, and in 2018 their rates increased significantly - up to almost $8.7B. The total Sembcorp assets value exceeds $6.7B.  

10. Singapore Technologies Engineering ($4.9B)

Singapore Technologies Engineering Ltd (later ST Engineering) focuses on marine, aerospace, electronics and land systems. Headquartered in Singapore, ST Engineering is one of the largest companies in this country, backed by the following figures: 100+ branches, 46 cities in 24 countries, 23000 employees, $4.9B annual revenue in 2017 and almost $5B annual income in 2018. The company’s specialists are welcomed worldwide as employees of the largest defence and engineering company in Asia.

11. Keppel Corporation ($4.4B)

Keppel Corporation (later Keppel Corp) is a big engineering services syndicate, headquartered in Singapore. It is operating offshore, marine, shipbuilding and ship repair facilities across Asia (mostly in China) through its key subsidiaries - Keppel Offshore & Marine, Keppel Infrastructure Holdings, Keppel Bay and three more. Keppel Corp has even won the Business China Enterprise Award for strengthening business relations between Singapore and China. These efforts brought a notable annual revenue of $4.4B in 2017 and an even a bigger number of $4.9B in 2018.

12. CapitaLand ($3.4B)

CapitaLand Limited (or CapitaLand) is a major immovables player in Asia, registered as a public company with headquarters in Singapore. The company’s central focus is set on it’s home country and China. CapitalLand manages a wide range of properties, like offices, shopping malls, homes or rental housing in 160+cities across Asia and other continents. It’s current expansion plans include Vietnam, Indonesia and Myanmar which have contributed to their highest net profit jump (over 12%) over 10 years. In 2018, the company registered a  extraordinary annual revenue increase (from $3.4B in 2017 to $4.1B).


13. ComfortDelGro Corporation ($2.9B)

ComfortDelGro Corporation Limited (later ComfortDelGro) provides overall management in the transportation & logistics economy sector, covering multiple services, related to transportation itself - from taxi, bus and rail engineering to motor vehicles inspection and driving schools management. The activity of ComfortDelGro has generated a remarkable annual revenue of over $2.9B in 2017. Despite the above, the company’s revenue dropped to a smaller sum of $2.8B in 2018 due to an industry recession last year.

14. City Developments Limited ($2.8B)

City Developments Limited (later CDL) belongs to a Singaporean holding named Hong Leong Group, and is presented globally. This real estate developer manages around 100 assets across 30+ countries on a full-cycle basis and, as its annual reports show, does it quite successfully. Their yearly income of $2.8B in 2017 gave way to $3.1B revenue in 2018, generated by   various CDL activities - from property procurement and management to hospitality-related IT and laundry services.

15. Hongkong Land ($1.9B)

Hongkong Land Holdings (later Hongkong Land) is yet another real estate company from Singapore, focusing on luxury retail properties in Asia. 1883 employees, 4.2M sq ft retail facilities and 1.8M sq ft prime office facilities have enabled Hongkong Land to generate an  impressive $1.9B annual revenue in 2017 and are expected to make $2.2B yearly income in the end of 2018. 50% of the company shares belongs to the Jardine Matheson Holdings - number two in our list of TOP companies in Singapore (by revenue).

16. StarHub ($1.8B)

StarHub Ltd. (later StarHub) is one of the three Singapore’s big dogs within the  Telecommunications sector. Powered by five major stakeholders and a headcount of 700, the company provides info-communications and entertainment services to end-users and corporate clients. StarHub reported a notable annual revenue of almost $1.8B in 2017 and $1.7B in 2018.

17. Genting Singapore ($1.8B)

As Genting Singapore PLC’s (later Genting Singapore) activity is concentrated in Real Estate and Tourism & Leisure area, the company positions as a major regional market player, that develops and operates notable Asian resorts, such as Resort World Sentosa, as well as several investments and casinos. The holding is active in Australia, UK and the Americas. Despite the Genting Singapore’s stable position, the global stagnation across leisure, hospitality and resorts sector caused a drop of the holding’s annual revenue from $1.8B in 2017 to $854M in 2018.

18. UOL Group Limited ($1.5B)

UOL Group Limited (later UOL Group) is one of the oldest Singaporean real estate companies, focused mostly on commercial development and residential estates. UOL Group is also operating over 30 hotels hotels all over the world, and various commercial offices and shopping malls in Asia and the UK. Here are some indicative figures, characteristic of UOL: more than $1.5B annual revenue in 2017, with a gross profit of $0.5B and a net income of over $0.6B. Impressive, isn’t it?

19. Hutchison Port Holdings Trust ($1.5B)

Hutchison Port Holdings Trust (later HPHT) is Singapore’s Transportation & Logistics industry leaders. The company  is a deep-water container port business corporation, managing terminals in China and Hong Kong. HPHT’s activity is supported by river, railway, air and road infrastructure, making it easy to deliver complex logistics solutions to its customers. Their 30 container docks, occupies a 540 ha surface, with a joined bandwidth of 23.9M TEU. In 2017 HPHT generated a notable $1.5B annual revenue.

20. SATS ($1.28B)

SATS Ltd. (later SATS) controls 80% of the catering and ground handling businesses in the Changi Airport Singapore. Operating seven subsidiaries across Food & Beverages, including Transportation & Logistics economy sectors, SATS is the biggest catering and gateway services company in Asia. Present in 10 Asian countries (35 airports) and in the Middle East (10 airports),  the company boasts an impressive annual revenue for the last years, including $1.28B in 2017 and $1.27B in 2018.

21. Singapore Press Holdings ($779M)

Singapore Press Holdings Limited (later SPH) is Singapore’s Media & Publishing leading company. With a 5000 headcount (including international journalists) the company generated  a $779M annual revenue in 2017 and $745M - in 2018 providing radio, TV, Internet, as well as outdoor and new media services. SPH was awarded by the Singapore Stock Exchange with “the blue chip” for its high-quality products and services, provided across Singapore and neighbouring countries.

22. Global Logistics Properties ($748M)

Global Logistic Properties (later GLP) is a multinational investment holding, headquartered in Singapore and operating 73M sqm of 3000 modern logistic facilities in Asia, LatAm and the US. 2017 was marked by the highest annual revenue ever achieved - $748M. GLP can boast of even more remarkable numbers, like $39B - the fund management platform size; $1.8B cash profit from asset sales and $1B development profit over the last 5 years; and 4000+ customers. GLP is also the first global logistics real estate company to issue RMB-denominated bonds in China.

23. Ascendas Real Estate Investment Trust ($616M)

Ascendas Real Estate Investment Trust (later Ascendas Reit) is the first industrial properties fund and the biggest space for business in Singapore. It operates an $8.2B (as per Dec 2018) stack of investment properties in Singapore, Australia and UK, generating  an overall revenue of $616M in 2017, with an increase of $23 million to date. Ascendas Reit hosts 1350 companies like DSO National Laboratories, DBS, Singtel, Citibank, and other tenants of office, industrial, retail, across multiple industries,

24. Singapore Exchange ($593M)

Singapore Exchange Limited (later Singapore Exchange) is a leading investment syndicate operating securities and derivatives exchange (bringing 75% and 25% of the revenue respectfully). Singapore Exchange hosted 750+ companies with common Market Cap of around $700B as of the beginning of 2017. Its financial operations and investments management generated revenue of $593M in 2017 that grew to $625M by 2018. These numbers lead to including SE into the Global Database rating.

25. CapitaLand Mall Trust ($506M)

Being a part of CapitaLand Holding, that holds a third of its share, CapitaLand Mall Trust (later CMT) focuses on retail properties, investing in properties  that provide best conditions to their tenants. 15 properties with a total 105 acres surface are generating a steadily increasing income: $506M in 2017 vs $517M in 2018. CMT holds 15% of all Singapore’s retail assets, thus being one of the most influential companies on the market. The company is amongst the first immovable funds listed on the SE and currently is the largest one.



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