The transport and storage sector emerged as Singapore’s top performing industry over the past year, according to a study of the country’s top 1,000 companies by credit bureau DP Information Group and audit firm EY. The results were announced at the end of January.
This annual study is the largest audit ever undertaken for Singaporean companies, and reveals how well each industry did by revenue.
The transport and storage sector logged a 17.9 per cent increase in combined revenue to hit S$198.5 billion in 2014. Of Singapore’s top 1,000 companies, 122 are engaged in the sector – an increase of 11 from a year ago.
The construction sector came in second in terms of growth, with an 11.5 percent rise in combined revenue to S$18.6 billion, according to the study.
The study also covered the top 1,000 small- and medium-sized enterprises in Singapore, and found that overall, there was a decrease of 8.7 percent in combined sales to S$28.3 billion. Among the 1,000, there was a 14 percent increase in the number of loss-making firms, from 114 to 130.
Commenting on the study, the Singapore Business Federation said business performance has been affected by economic restructuring, with high labour costs and curbs on foreign manpower posing challenges for firms.
The study found that the top 1,000 firms in Singapore added an additional S$1.23 trillion in sales over the last five years – a compounded annual growth rate (CAGR) of 11.3 percent.