Unigold International bags top honours at E50 Awards

SINGAPORE – Gold-chain manufacturer Unigold International took the top spot among 50 companies at the 29th edition of the Enterprise 50 (E50) Awards on Nov 21.

The jeweller, which produces 50kg to 60kg of gold chains each day, posted record revenue of $1 billion in 2022.

Beyond its manufacturing capabilities, the company was also lauded for human resource practices that incentivise staff to pursue productivity and innovation gains.

Last-mile fuel distributor PS Energy Group notched another win to take second place, climbing from the 42nd spot in 2022.

The company, which operates in an industry that is traditionally reliant on paper-based operations, focused on digitalisation efforts. This allowed the group to cope with oil price volatility amid macroeconomic uncertainties, making it able to offer clients more cost-effective decision-making capabilities.

Third-place winner Mercantile Pacific Asia, meanwhile, marked its fourth win at the E50 Awards. The company has gone beyond device distribution to also providing smartphone grading, certification and refurbishment services.

Its refurbished-devices segment posted some US$150 million (S$200.4 million) in revenue in 2022, amid shifting consumer preferences and increased government support for the circular economy, which encourages second-hand consumption.

Speaking at the awards ceremony held at Raffles City Convention Centre on the evening of Nov 21, Education Minister Chan Chun Sing, who was the guest of honour, noted that the business environment in preceding years “has not been easy”.

But even as businesses gear up to meet the challenges ahead, Mr Chan warned that geopolitical and macroeconomic obstacles remain.

The Government remains committed to supporting businesses in the years ahead, he said, citing his ministry’s objective of producing some 40,000 tertiary graduates to join the workforce each year.

With the average time spent in any single company at about five years, the Government has to retrain and upskill some 20 per cent of the workforce each year – a task the Government has adequate resources for, Mr Chan said.

Five special recognition awards were also presented to four of the main award winners.

Mlion Corporation bagged an Internationalisation Award for being a leading market supplier of sheet piles in South-east Asia. The firm – along with dormitory operator TS Group – also received the Five-Year Award for winning the E50 Award on five occasions.

Concrete panel supplier Buildo Engineering and speciality chemicals distributor Maha Chemicals (Asia) each took home the Sustainability Innovation Award for their commitment to embedding environmental, social and governance principles across their operations and value chains.

Now in its 29th year, the E50 Awards recognises the 50 most enterprising local, privately held companies which have contributed to the economic development of Singapore, both at home and overseas.

It is jointly organised byThe Business Times (BT) and KPMG in Singapore, sponsored by OCBC, and supported by Enterprise Singapore, the Singapore Business Federation and SGX Group.

The E50 Awards have recognised more than 700 companies across key business sectors in the Republic since the awards were established in 1995.

The size and scale of the awardees’ operations have also increased, with the combined revenue of 2023’s 50 winners standing at more than $6 billion in 2022, compared with some $4 billion in the preceding year.

BT editor Chen Huifen noted that the award winners have overcome various challenges to succeed in their respective fields, adding: “Despite their smaller scale, several are also starting to think about cutting carbon footprint through their corporate activities. That’s a good start. I hope that the Enterprise 50 Awards will encourage more enterprises to find new ways to scale new heights.”

Ms Lee Sze Yeng, managing partner of KPMG in Singapore, said of the award winners: “They’ve proven that adaptability and resilience are the keys to success, inspiring others to follow suit.” THE BUSINESS TIMES