Seven Malaysian firms make 2022 Forbes Asia's Best Under A Billion list, three in Penang

KUALA LUMPUR, Aug 10 — Seven Malaysian-based companies made this year's Forbes Asian Best Under A Billion list, which tracks top performing enterprises with annual sales between US$10 million and US$1 billion (about RM4.4 billion).

Leading the list in terms of revenue was Kim Loong Resources, which engages in palm oil cultivation and processing. Its 2021 sales was US$410 (RM1.82 billion) with net income at US$33 million . Founded in 1967 and headquartered in Johor Baru, the company is valued at some RM1.89 billion.

UG Healthcare, which makes disposable natural latex and nitrile examination gloves, came in second with total sales of US$251 million (RM1.15 billion) in 2021. Its net income was US$88 million. The company was founded in 1989 and is headquartered in Seremban, Negri Sembilan, with a valuation of RM454 million.

Third is D&O Green Technologies, which makes surface mount technology light emitting diodes (LEDs) for automotive manufacturers. Founded in 2000 and headquartered in Melaka, the company raked in US$204 million in annual sales last year. Net income was US$27 million.

ViTrox, a company founded in 2000 that develops and produces three-dimensional and line-scan vision systems for semiconductor integrated circuit inspection, was fourth with annual sales of US$164 million (RM730 million) and a net income of US$41 million (RM182 million).

ViTrox, based in Bandar Cassia, mainland Penang, has the highest market value among the seven Malaysian companies in the list, at US$1.68 billion.

The remaining three in the list are Greatech Technology, Tashin Holdings, and CE Technology.

The three companies had annual sales of US$97 million, US$94 million, and US$31 million respectively.

Bayan Lepas-based Greatech which makes automation equipment for industries ranging from automotive to medical, and Prai-based Tashin which makes steel products, are both located in Penang.

Forbes said the list recognises 200 top-performing publicly listed small and mid-sized companies in the Asia-Pacific region with sales under US$1 billion.

As Covid-19 restrictions ease across the Asia-Pacific and people adapt to the new normal, this year’s annual Best Under A Billion list highlights the shift to discretionary spending.

“The post-pandemic return to daily life has benefited apparel makers, mall operators, restaurants, consumer electronics and entertainment companies, among others,” the business magazine said in an article accompanying the list released yesterday.