Rankings Definitions & Rationalisation

The Singapore top 1000 companies are selected and ranked based on their audited financial figures, i.e. Sales/Turnover or Net Profit After Tax for financial period ending between 01 June 2018 and 31 May 2019 for the 2020 rankings. Comparative financial information is extracted from the companies' latest financial statements and through XBRL data.

1. Ranking Criteria

For Singapore 1000:
To qualify for the ranking, companies must satisfy the following criteria:

  • Be registered with the Accounting & Corporate Regulatory Authority (ACRA) as a limited or private limited company. Only limited exempt private companies, which voluntarily submit their audited financial statements, or whose financials are available from ACRA, will be included in the ranking exercise. Branches of foreign companies, Cooperatives and Company Limited by Guarantee are excluded.
  • Have conducted at least 2 full years of operation.
  • Have relevant audited financial statements directly submitted to DP Information Network Pte Ltd or be available from ACRA. Companies will be excluded from the ranking where the information is not available or incomplete. Examples include the limited exempt private companies which are not required to file their financial statements or where Sales/Turnover figures are not presented in the audited statements.

For Singapore SME 1000:
Additional Criteria:

  • Have an annual Sales/Turnover and Net Profit After Tax of less than SGD 100 million.
  • Have at least 30% Singapore local equity ownership and not be a subsidiary of a Singapore Public Listed Company.
2. Honour Roll

The Honour Roll highlights Singapore 1000 companies ranked within the top 10 by Sales/Turnover for the past 3 consecutive years of ranking.

3. Sales/Turnover

One of the most fundamental measure of a company’s financial performance, representing total Sales/Turnover or Gross Operating Income as reported by the company in its financial statements or as submitted by the company through XBRL to ACRA. The Sales/Turnover figures for individual companies include sales to related or holding companies. The Sales/Turnover from banks and other financial institutions include interest and non-interest incomes. Figures for the insurance companies include premium incomes and other investment income.

4. Net Profit

Net Profit or Profit/Loss after Tax includes Profit/Loss of subsidiaries and associate companies but excludes the adjustment for minority interests. Figures in parenthesis “( )” indicate losses.

5. Total Assets

Total Assets include current assets, fixed assets, investments and amounts owing by related or holding companies at its fiscal year-end.

6. Total Liabilities

Total Liabilities include all current and long-term liabilities at a company’s year-end.

7. Shareholders' Funds

This is the sum of all paid-up capital, share premium, retained earnings, capital reserves and other reserves at a company’s year-end but excludes minority interests. Currency translation reserves are included as part of the Shareholders’ Funds.

8. Group Consolidated Account

Companies are ranked in terms of consolidated performance, if available. This includes both the performance of the company and its subsidiaries. All inter-company transactions are eliminated upon consolidation.

9. Holding Vs Subsidiary Companies

To ensure that the ranking list is as comprehensive and complete as possible, all individual companies who qualify for this ranking and whose financial statements are available, are ranked. Subsidiary companies are therefore evaluated and ranked as a separate legal entity from its holding companies.

10. Annualisation of Figures

Financial information stated are in respect of the company’s financial year ending within 1 June 2018 - 31 May 2019. For changes in accounting period, annualised Sales/Turnover and Net Profit After Tax figures will be taken into consideration. Shareholders’ equity and assets are not annualised. (refer examples 1 & 2)

Below are two examples on the computation:

Example 1 - Company with reported Sales/Turnover and Net Profit After Tax for over 18 months, will be annualised by using the fraction 12/18 :

  Period from 1 July 2017
to 31 December 2018
Annualised Value For Ranking
(Figures Adjusted to 12 months)
Sales/Turnover 150,000 100,000 [i.e. 150,000 x 12/18]
Net Profit 60,000 40,000 [i.e. 60,000 x 12/18]

Example 2 - Company which has changed its accounting period from March to December such that there are two accounting periods in 2017, i.e., year ended 31 March 2017 and period ending 31 December 2017 (9 months), will be ranked on the following basis:

  Year ended 31 March 2018
Period ended 31 December 2018
Annualised Value For Ranking
(Figures Adjusted to 12 months)
Sales/Turnover 50,000 40,000 52,500 [i.e. 40,000 + (50,000 x 3/12)]
Net Profit 10,000 9,000 11,500 [i.e. 9,000 + (10,000 x 3/12)]
Shareholders’ Funds 20,000 22,000 22,000
Total Assets 60,000 56,000 56,000

11. Current and Previous

Financial information is presented under two columns, namely, ‘Current’ and ‘Previous’. Information reflected under ‘Current’ refers to figures for financial year ending between 1 June 2018 and 31 May 2019. Information reflected under ‘Previous’ refers to the comparative information presented in the financial statements for the year ending between 1 June 2017 and 31 May 2018.

12. Nationality

‘Nationality’ refers to the place of incorporation of a company’s ultimate holding company.

13. Business Classification With Industry Averages

The business classification of a company is determined in accordance to its principal activity in which it generates the main bulk of its Sales/Turnover and Net Profit After Tax.

Industry Averages for Peer groups are calculated by averaging the Sales/Turnover and Net Profit After Tax figures for all companies listed under a particular business classification.

14. Percentage (%) Change from Previous

This compares a company’s ‘Current’ against its ‘Previous’ performance in percentage (%) terms. Percentage change from the previous is not applicable to companies, which have experienced a negative to positive growth and vice versa. (refer to example 3)

Example 3 - Company’s ‘Current’ against its ‘Previous’ performance in percentage (%) terms.

  Current 2018
Previous 2017
Percentage (%)
Change from 2017
Company A 50,000 25,000 100
Company B 50,000 (25,000) NA
Company C (50,000) 25,000 NA
15. Qualifications in Audited Financial Reports

Companies included in the rankings, other than the Sales/Turnover and Sales/Turnover related categories, comprise of companies for which there are no qualifications expressed in the auditor’s reports.

16. Return On Equity (ROE)

ROE is calculated by taking a year’s Net Profit After Tax and dividing it by the Shareholder’s Equity for that year. It is not applicable if the company has incurred a loss and/or has negative shareholders’ fund.

Example - Company with reported Net Profit After Tax of $315,000,000 and Shareholders’ Equity of $22,600,000:

Return on Equity Period from 1 Jan 2018 - 31 Dec 2018 ($'000) ROE
Net Profit After Tax 315,500 315,500/22,600 * 100 = 1,396.02
Shareholders' Equity 22,600  
17. Profit Margin

A ratio of profitability calculated as Net Profit divided by Sales/Turnover. Profit Margin is displayed as a percentage, e.g. a 20% profit margin means the company has a net income of $0.20 for each dollar of sales.

18. Return On Assets (ROA)

ROA is calculated by dividing a company’s Net Profit After Tax by its Total Tangible Assets. It is displayed as a percentage.

Example - Company with reported Net Profit After Tax of $315,000,000 and Total Asset of $1,723,100,000:

Return on Asset Period From 1 Jan 2018 - 31 Dec 2018 ($'000) ROA
Net Profit After Tax 315,500 315,500/1,723,100 *100 = 18.31
Total Asset 1,723,100
19. Foreign Currency Translation

All figures reported in foreign currencies are converted to Singapore dollars at their respective average exchange rate for the ranking period. For example, for companies with December 2018 financial year ending, the average exchange rate is computed by adding all the month end exchange rates from January 2018 to December 2018 and then divided by 12 to determine the average exchange rate.