Forbes Asia has recently unveiled its highly anticipated 2024 Best Under A Billion list, showcasing 200 exceptional small and midsized listed companies in the Asia-Pacific region. These companies have demonstrated outstanding performance, with annual sales exceeding US$10 million but below $1 billion. The selection process involved evaluating various criteria such as debt, sales growth, earnings-per-share growth, and returns on equity over different time periods.
Despite facing challenges like geopolitical tensions and inflation, the Asia-Pacific region experienced overall growth in 2023, fueled by strong domestic demand and increased infrastructure spending. This growth was supported by a burgeoning middle class willing to spend on dining out and a resurgence in tourism. Notably, the food and beverage sector saw a significant representation on this year’s list, with 21 companies making the cut, reflecting the region’s consumer spending trends.
The beauty industry also enjoyed a resurgence, with nine companies in this sector making it to the list. In contrast, the semiconductor sector, which was a standout in the previous year, saw a decline in representation. Among the new entrants on the list is Delfi, a Singapore-based confectionery manufacturer, which reported a 13% revenue increase to $538 million. With popular brands like Ceres and Goya sold in multiple countries, Delfi’s largest market is Indonesia, contributing significantly to its sales.
Another newcomer, Vadilal Industries, an Indian ice cream maker with a rich history dating back to 1907, saw a substantial increase in net profit and revenue. The company plans to expand its production capacity to meet growing demand for its frozen treats. Additionally, Sariguna Primatirta, a bottled water company in Indonesia, experienced double-digit growth in revenue and net profit, reflecting the rising demand for bottled water in the country.
The list also features 54 returning companies, including Sappe, a Thai beverage company known for its fruit juices and coconut jelly drinks. Sappe’s revenue grew significantly, with the export market contributing a substantial portion of its sales. Yankershop Food, a snack maker based in Changsha, China, also made a repeat appearance on the list, driven by strong local demand for its spicy snacks.
The Best Under A Billion list, which has been running since 2002, has featured some of Asia’s most successful companies, including tech giants like Baidu, Alibaba, and Tencent from China, as well as popular brands like Jollibee from the Philippines and AirAsia from Malaysia. These companies have become household names and exemplify the region’s entrepreneurial spirit and innovation.
For more information on the methodology and the full list of companies, visit www.forbes.com/bub. Forbes continues to celebrate success and showcase the achievements of businesses that are making a significant impact on the world. With a global reach of over 140 million people, Forbes remains a trusted source of information for entrepreneurs, leaders, and innovators shaping the future of business.