MANILA, Philippines – Three Philippine companies are listed under Forbes Asia’s Best Under a Billion this year, which recognizes the top 200 companies in the Asia-Pacific region with sales over $10 million but not beyond $1 billion. Forbes Asia viewed over 20,000 listed companies and made the final selection based on their sales, debt, and earnings-per-share growth based on their recent earnings reports. The Far Eastern University (FEU), Philippine Bank of Communications (PBCOM), and SSI Group made it to the list.
Only SSI – which has the exclusive franchise in the country for luxury brands such as Saint Laurent, Charriol, amd Loewe – made a repeat appearance based on the four Philippine firms that were on last year’s list and is also one of this year’s 54 “returnees.” THREE PHILIPPINE COMPANIES. Far Eastern University, Philippine Bank of Communications, and SSI Group made the cut after Forbes Asia surveyed over 20,000 companies in the Asia Pacific region for “some of Asia’s best success stories.
” The SSI Group posted an “all-time high” net income worth P2.5 billion in 2023 and pointed to their “unique brand portfolio” to account for the growth. Forbes Asia puts the company’s market value at $192 million.
“Our record full-year 2023 results reflect the Group’s ability to capture increasing discretionary spending through our emphasis on delivering world-class customer experiences. The Group also continues to benefit from a resilient customer base, a flexible operating platform, an optimized expense base, and a strong cash position,” SSI Group president Anthony Huang said in a statement dated April 15. PBCOM’s net attributable income also rose in 2023 by 16.
3% to P1.898 billion . The bank’s market value stood at $118 million as per Forbes Asia .
Meanwhile, FEU — with the highest market value of $297 million — saw an increase in student population and posted higher income, thanks to a “modest” increase in tuition fees, according to its financial report covering the quarter ending February 29, 2024. The list recognizes “some of Asia’s biggest success stories” and had previously featured Philippine fast food giant Jollibee and Malaysian budget carrier AirAsia. Forbes Asia noted that companies in the region were recently buoyed by increased consumer spending.
“A flourishing middle class that is willing to spend on eating out and the steady return of tourists put 21 food and beverage companies on this year’s list, more than double from last year,” Forbes Asia said “The rebound in consumer spending also contributed to a renewed glow in the beauty business, with nine related companies making the cut. Meanwhile, easing supply constraints saw the number of semiconductor firms, last year’s standout sector, fall to eight from fourteen,” it added. For instance, Singapore-based confectionery maker Delfi posted a 13% increase in revenue in 2023 with $538 million.
Indian ice cream maker Vadilal Industries which has been around for more than a century also posted a 52% net profit jump with $18 million. China-based snack maker Yankershop Food also posted a revenue jump as demand for spicy and marinated snacks increased, recording a 42% increase in revenues in 2023 to $576 million. – Rappler.
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