Revenue of top 1,000 firms crosses $3 trillion

Revenue of top 1,000 firms crosses $3 trillion

SINGAPORE - The combined revenue of Singapore's top 1,000 companies has crossed the $3 trillion mark, just three years after it hit $2 trillion, DP Information Group said on Thursday.

This is half the time that they took to go from $1 trillion - a milestone achieved in 2007 - to $2 trillion.

The data was shared as part of an annual ranking of Singapore's top 1,000 companies by DP Info.

Mr Lincoln Teo, the chief operating officer of DP Info, said the $3 trillion figure was significant as it showed the contribution large corporations make to the success of the Singapore economy.

"In today's business world the corporations that make up the Singapore 1,000 wield enormous power and continue to set the standard for other businesses to aspire to."

The strong performance of companies in the commerce and wholesale sector, which added $413 billion in sales since 2013, shows the vital role played by external trade in Singapore's economic development and progress, he said.

Singapore's role in world trade also helped more companies in the transport and storage sector to make it into the rankings, and boosted the sector's share of revenue contribution.

Transport and storage companies recorded combined sales of $222.1 billion this year, which represents 7.39 per cent of the total revenue posted by the top 1,000 firms.

Another strong performer in recent years has been Singapore's information and communications sector, DP Info. Infocomm companies in the top 1,000 had combined revenue of $90.6 billion this year, up from $31.9 billion in 2007.

There were 146 manufacturing firms in the rankings this year, down from 175 in 2013 and 233 in 2007. The sector's contribution, as a percentage of the combined revenue of the top 1,000, has halved since 2007.

This article was first published on February 26, 2016.
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