50 local enterprises were honoured tonight for their enterprising sprit and innovation excellence at the prestigious E50 gala dinner awards. Themed “Accelerating Growth, Innovating for Tomorrow”, the awards were presented by Minister for Trade and Industry Mr Chan Chun Sing at the Resorts World Convention Centre.

Expand Construction Pte Ltd, a building and construction group, clinched the top honour this year. In second place is foam and rubber components manufacturer Armstrong Industrial Corporation Limited, while Midas NSSG International Pte. Ltd, an oil and petroleum trading company, came in third.

Two other special recognition awards – Enterprise Transformation Award and Internationalisation Award – were also presented at the E50 Awards. The Enterprise Transformation Award, which is launched for the first time this year, seeks to recognise the company that has best transformed itself to be innovative and future-ready, while the Internationalisation Award recognises a company’s capability to seize overseas opportunities.

Elmich Pte. Ltd, a manufacturer and distributor of waterproofing, landscape engineering and architectural products, was conferred the Enterprise Transformation Award. In winning the award, the company demonstrated that it has a viable business model to achieve productivity gains and sustainable growth through an innovative, manpower-lean approach while moving into higher value-added activities to enhance competitiveness.

Explomo Technical Services Pte. Ltd, a provider of land remediation and civil defence related services, won the Internationalisation Award for its clear international growth and expansion strategy.

Mr Jonathan Ho, Head of Enterprise at KPMG in Singapore, said: “This year’s winners exemplify the finest spirit of enterprise innovation and internationalisation. In addition to demonstrating exceptional vision and leadership in the development and sustained growth of the business, their ability to innovate and transform beyond the adoption of new technology to thrive in a ‘grow or go’ era is what distinguishes them from other enterprises.

“This is also why we have launched the Enterprise Transformation Award this year to celebrate the outstanding achievements and commitment of that one enterprise which has reached this extraordinary milestone”, added Mr Ho.

Mr Wong Wei Kong, Editor of The Business Times, said: “Every year, the E50 awards celebrate the achievements of local enterprises which have contributed to Singapore's growth and development. This year, on top of the Internationalisation Award, we launched one other new special recognition award, the Enterprise Transformation Award, to recognise businesses which have also managed to transform themselves to become innovative and future-ready. We remain committed in our support of local enterprises and hope that the successful examples of the winners would spur others to even greater heights. Congratulations once again to the E50 awards recipients this year!"

This year, over 70 per cent of the nominees are first-time participants of the awards, a 24 per cent increase from 2017. 34 new winners across a range of industries such as wholesale and commission trade, food and beverage, logistics, distribution, information technology, construction, engineering and real estate have also emerged in the E50 list, a testament to the ever-growing diversity and calibre of enterprises that continue to move and shake the local business scene.

Similar to 2017, the manufacturing sector continues to make up a large percentage (18 per cent) of the winners. There was also strong representation from the construction and business services sectors (each constituting 14 per cent) this year, reflecting the overall growth of these industries and their ability to secure Singapore’s economic future.

Now in its 24th year, the E50 Awards recognises the top 50 local, privately held companies that have contributed to economic development in Singapore and abroad. The awards are jointly organised by KPMG in Singapore and The Business Times, and sponsored by OCBC Bank. Supporters of the awards include Enterprise Singapore, the Singapore Business Federation and Singapore Exchange.

This year's 50 finalists were selected by an independent judging committee comprising senior management from KPMG in Singapore, The Business Times, Enterprise Singapore and Singapore Business Federation.

To qualify for the Enterprise Transformation and Internationalisation Awards, companies must make it to the E50 list.

Mr. Jonathan Ho concluded: “The E50 Awards has evolved to become a leading local business award that is the hallmark of entrepreneurial and innovation excellence. This year, there has been a greater emphasis on recognising companies that have revolutionised or reset their business models to create new intellectual property and stronger enterprise value. As we enter the 25th year of the awards programme in 2019, we are more certain, at any point in time, that the success of Singapore enterprises will be tilted in favour of those who can embrace innovation and master transformation.”

“This year, we are delighted to welcome a significant number of first-time winners to the ranks of Enterprise 50 – the top among Singapore’s privately-owned businesses. Without exception, all winners have demonstrated a strong sense of urgency and dedication in their drive to innovate to transform their businesses. Whether it is in embracing Industry 4.0 or in leveraging data analytics or artificial intelligence, these enterprises are building a more sustainable business and future for themselves and Singapore. We look forward to supporting the winners in their growth ambitions and congratulate them all on a well-deserved win!” - Mr Linus Goh, Head of Global Commercial Banking, OCBC Bank

“Enterprise Singapore is pleased to be a part of this award to honour the best of our local enterprises and my heartiest congratulations to this year’s winners. We see the increasing importance that our entrepreneurs place on value creation and growth, raising the benchmark of company submissions every year. Akin to this, the number of contenders for the Internationalisation Award has also increased. The Enterprise Transformation Award adds a new dimension to this long-standing award as it highlights how business leaders take the bold step to embrace change for its future in a fast-paced business environment.” - Mr Ted Tan, Deputy CEO, Enterprise Singapore

“There is renewed urgency for our businesses to transform. Be it business model and processes, manpower practices, the adoption of new and better technology, or spreading their wings regionally and beyond, our local enterprises need to embark on their journey of change – and quickly. The winners of this year’s E50 awards have proven that even with today’s challenging environment, operating a resilient and sustainable business is very much possible.The key lies in investing in the future by innovating continuously.” - Mr Ho Meng Kit, CEO, Singapore Business Federation

“We are delighted to extend our support once again for this year’s E50 awards, which celebrate Singapore’s most enterprising and innovative companies. Many of the past winners have tapped on our capital markets to fuel their ambitions, both locally and internationally. As a champion for entrepreneurs and businesses, SGX will continue to participate in the growth journeys of the local enterprises, by providing our expertise, platform and networks.” – Mr Chew Sutat, Executive Vice President and Head of Fixed Income and Equities, SGX