ONLY three Filipino companies made it to Forbes Asia announced its 2024 Best Under A Billion list, which recognizes 200 top-performing small and mid-sized listed companies in the Asia-Pacific region. Topping the list were Far Eastern University Inc., which had sales of $88 million and market value of $287 million.
Lucio Co’s Philippine Bank of Communications was also on the list with market value of $118 million. Meanwhile, luxury products retailer SSI Group Inc. also made it to the list, which had sales of $489 million and market value of $192 million.
The Forbes list spotlights 200 leading public-listed companies in the Asia-Pacific region with annual sales above $10 million and below $1 billion. From a universe of over 20,000 listed companies, candidates were selected, not ranked, based on a composite score that incorporated their overall track record in measures such as debt, sales and earnings-per-share growth over both the most recent fiscal one- and three-year periods, and the strongest one- and five-year average returns on equity. The list, which started in 2002, featured some of Asia’s biggest success stories.
Notable alumni include tech companies Baidu, Alibaba and Tencent from China; India’s digital services and consulting company Infosys and biopharmaceutical firm Biocon; popular fast-food chain Jollibee Foods Corp. from the Philippines and Malaysian budget carrier AirAsia. “While geopolitical and inflationary headwinds sapped momentum from some Asia-Pacific economies, strong domestic demand supported by an uptick in infrastructure spending and global trade powered the region’s overall growth in 2023.
“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 said. The rebound in consumer spending, the publication said, also contributed to a renewed glow in the beauty business, while, easing supply constraints saw the number of semiconductor firms, last year’s standout sector, fall to eight from 14. Among the newcomers on the list is Delfi, a Singapore-based confectionery-maker, which saw a 13-percent increase in revenue last year to $538 million.
With confectionery brands such as Ceres and Goya sold in over 17 countries, the company’s biggest market is Indonesia, which contributed nearly two-thirds to sales, or $353 million. Image credits:.
