In this article, we will look into the 15 biggest companies in Singapore. If you want to skip our detailed analysis, you can go directly to the 5 Biggest Companies in Singapore.
Singapore’s Economy: An Analysis
Singapore boasts a strong economy and has a GDP of $520.97 billion, as of 2024, as reported by the IMF. The country is one of the most innovative economies in Asia and one of the top countries with the highest quality of life globally. On March 13, CNBC reported that the country’s economy is expected to grow at a faster pace than expected in 2024. According to a survey by the Monetary Authority of Singapore (MAS), Singapore is expected to grow at 2.4% instead of the previous estimates of 2.3%. The inflation projections in the country have also been revised. The headline inflation in Singapore is expected to be 3.1%, compared to the previous estimate of 3.4%. This can be attributed to the strong performance anticipated by the manufacturing sector in the country in 2024, which is projected to grow at a rate of 4% in 2024. Some economists also estimated that Singapore’s GDP growth is expected to reach 2.6%, fueled by the economic impact of the Taylor Swift Eras Tour. Moreover, on February 26, CNBC reported that Erica Tay, Director of Macro Research at Maybank, estimates the Eras Tour to generate nearly $260.3 million to $371.9 million in tourism receipts, benefiting Singapore’s tourism sector and its economy.
The previous year saw growth across various sectors in Singapore. According to the Q4 2023 report by the Ministry of Trade and Industry (MTI), Singapore’s economy grew by 1.1% in 2023 and by 2.2% on a year-over-year basis in the fourth quarter of 2023. The growth is driven by output growth in electronics, transport engineering, and chemical clusters. The sector grew by 4.5% on a quarter-on-quarter basis, compared to the 0.8% expansion in the last quarter. The construction sector grew by 5.2%, driven by the output expansion in both the private and public construction sectors. However, the wholesale and retail trade sectors declined in growth from the previous quarter. Manufacturing, transport, and finance were among the major drivers of economic growth in the quarter.
Singapore’s financial sector also exhibited a positive outlook. On February 1, Reuters reported that the Singapore Exchange (SGX) reported a climb in its half-yearly profits, fueled by a strong performance exhibited by the currency and commodity derivatives business. However, the SGX voiced its concerns regarding the near future, due to the uncertainties caused by the increase in geopolitical tensions and the complex global economic climate. Despite that, the fixed income, currencies, and commodities business witnessed a substantial revenue increase of 28.1%, counteracting a plunge in the equities market.
Major Players in the Singaporean Market
Some of the major companies driving economic growth in Singapore include Sea Limited (NYSE:SE), DBS Group Holdings Ltd (OTC:DBSDY), and Singapore Telecommunications Limited (OTC:SGAPY).
Sea Limited (NYSE:SE) is a leading technology, information, and internet company, specializing in e-commerce, digital content, and payment solutions. The company’s e-commerce platform, Shopee launched an initiative on January 15, ‘Conscious Back to School’ to facilitate donations for underprivileged students in Brazil by allowing its users to donate school supplies and sponsor English language lessons through its platform. The donations gathered would go directly to a non-profit organization, Cidadão Pró-Mundo. This initiative by the company aligns with its sustainability and community goals. On March 4, the company announced its financial results for the fiscal fourth quarter of 2023. The company generated a revenue of $3.62 billion for the quarter and surpassed estimates by $63.5 million. Here are some of the comments from its earnings call:
Starting with Shopee. First, Shopee’s investments since July last year have paid off. I am pleased to report that, despite an environment of intensified competition in Southeast Asia, we believe we had a meaningful gain in market share between the start and the end of 2023. We are happy to have solidified Shopee’s market share in the region, and we intend to maintain our market share in 2024. We expect Shopee’s full year GMV growth to be in the high-teens range and its adjusted EBITDA to turn positive in the second half of this year. To retain and strengthen our competitive advantage, Shopee’s three operational priorities in 2024 are improving service quality for buyers, enhancing the price competitiveness of our product listings, and strengthening our content ecosystem.”
DBS Group Holdings Ltd (OTC:DBSDY) is one of the top financial services companies in Singapore. On March 20, the company reported that it formed an alliance with JPMorgan Chase & Co. (NYSE:JPM) Asset Management to launch a new retirement plan service, called DBS Retirement digiPortfolio. The new service by the company will automatically adjust investment risk based on the user’s age, including their early career, mid-life, and retirement. The pilot program gained traction among young investors opting for regular contributions. The portfolio will remain professionally managed even after retirement, with an option of automated withdrawals.
Singapore Telecommunications Limited (OTC:SGAPY) is a leading telecommunications company, with operations in computer networking, telecommunication services, IT, and satellite services. On March 19, the company announced the launch of its first-ever platform designed for the digital transformation of the satellite industry, Paragon-S. The platform enables satellite operators to integrate their services with terrestrial networks to boost efficiency and resilience. It also opens new revenue streams via features such as edge computing, providing satellite connectivity services to enterprises for mission-critical applications. This expansion of capabilities by Singapore Telecommunications Limited (OTC:SGAPY) is a major step towards the digitalization of the satellite industry.
With this context, let’s have a look at the biggest companies in Singapore that are driving the region’s economy.
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Methodology
To compile our list of the 15 biggest companies in Singapore, we conducted exhaustive research which involved sifting through various rankings on the internet. We also screened for stocks using Finviz and Yahoo Finance stock screeners to ensure we did not miss any companies. We finally collated a list of 30 companies, headquartered in Singapore. Finally, we ranked the biggest companies in Singapore in ascending order of their market caps, as of March 22. For private companies on our list, we utilized their annual revenue to rank them. Please note that we have converted market caps in foreign currencies to US Dollars according to their exchange rates, as of March 22.
15 Biggest Companies in Singapore
15. Sembcorp Industries Ltd (OTC:SCRPF)
Market Cap as of March 22: $7.07 billion
Sembcorp Industries Ltd (OTC:SCRPF) is a leading utilities company, specializing in urban development, energy, urban planning, renewable energy, carbon management, and environment solutions. As of March 22, Sembcorp Industries Ltd (OTC:SCRPF) has a market cap of $7.07 billion. It is ranked 15th on our list of the biggest Singaporean companies.
14. Singapore Exchange Ltd (SGX:S68)
Market Cap as of March 22: $7.85 billion
Singapore Exchange Ltd (SGX:S68) is ranked among the biggest companies in Singapore. It is a leading financial service company, specializing in commodities, equity derivatives, fixed income, data and connectivity, securities, and sustainable finance. As of March 22, Singapore Exchange Ltd (SGX:S68) has a market cap of $7.85 billion.
13. Jardine Cycle & Carriage Limited (OTC:JCYCF)
Market Cap as of March 22: $7.85 billion
Jardine Cycle & Carriage Limited (OTC:JCYCF) is an investment holding company. It specializes in automotive, engineering, construction, mining, energy, infrastructure, heavy equipment, and transport services. Jardine Cycle & Carriage Limited (OTC:JCYCF) boasts a market cap of $7.85 billion, as of March 22, and is ranked 13th on our list.
12. Genting Singapore Limited (OTC:GIGNF)
Market Cap as of March 22: $8.28 billion
Genting Singapore Limited (OTC:GIGNF) is ranked 12th on our list. The leading leisure and travel company is a leader in hospitality, entertainment, and integrated resort developments globally. The company has an experience of over 30 years and operates in Australia, Singapore, the Bahamas, Malaysia, the Philippines, and the UK. As of March 22, Genting Singapore Limited (OTC:GIGNF) is valued at $8.28 billion.
11. CapitaLand Ascendas REIT (SGX:A17U)
Market Cap as of March 22: $8.93 billion
CapitaLand Ascendas REIT (SGX:A17U) is a real estate investment company, operating across more than 40 countries. The company has an integrated portfolio of investment management and operating capabilities supporting its real estate business. It is one of the biggest companies in Singapore and is valued at $8.93 billion
10. Singapore Technologies Engineering Ltd (SGX:S63)
Market Cap as of March 22: $9.24 billion
Singapore Technologies Engineering Ltd (SGX:S63) is a leading mechanical and industrial engineering company, operating across domains such as marine, aerospace, engineering, technology, defense, public security, digital tech, smart cities, and robotics. As of March 22, Singapore Technologies Engineering Ltd (SGX:S63) has a market cap of $9.24 billion.
9. Keppel Ltd. (OTC:KPELY)
Market Cap as of March 22: $9.71 billion
Keppel Ltd. (OTC:KPELY) is a financial services company with expertise in asset management. The company provides sustainable solutions for infrastructure, real estate, and connectivity. The company has operations in over 20 countries and is one of the biggest Singaporean companies. Keppel Ltd. (OTC:KPELY) boasts a strong portfolio with over S$65 billion of assets under management. As of March 22, the company is valued at $9.71 billion. It is one of the biggest companies in Singapore.
8. Grab Holdings Limited (NASDAQ:GRAB)
Market Cap as of March 22: $12.75 billion
Grab Holdings Limited (NASDAQ:GRAB) is ranked among the biggest companies in Singapore. The leading software development company specializes in mobile, technology, logistics, payments, transportation, fintech, digital banking, and delivery. The company owns the leading Southeast Asian app, Grab, that offers a diverse suite of services including services such as food and package delivery and ride-hailing. As of March 22, Grab Holdings Limited (NASDAQ:GRAB) has a market cap of $12.75 billion.
7. Singapore Airlines Limited (OTC:SINGF)
Market Cap as of March 22: $14.22 billion
Singapore Airlines Limited (OTC:SINGF) is a leading airline and aviation company in Singapore. Founded in 1972, the company has been providing high-quality air transportation services. The company flies the youngest aircraft fleets across five continents worldwide. As of March 22, Singapore Airlines Limited (OTC:SINGF) boasts a market cap of $14.22 billion.
6. Wilmar International Limited (OTC:WLMIF)
Market Cap as of March 22: $16.23 billion
Wilmar International Limited (OTC:WLMIF) is ranked 6th on our list of the biggest companies in Singapore. It is a leading agribusiness company in Southeast Asia. The company’s products and services include oilseeds and grains, oil palm cultivation, rice and flour milling, fertilizers, oleochemicals, consumer products, and sugar refining and milling. As of March 22, Wilmar International Limited (OTC:WLMIF) is valued at $16.23 billion.
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Disclosure: None. 15 Biggest Companies in Singapore is originally published on Insider Monkey.