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SMEs Rebounding Strongly Amid Economic Uncertainty

December 12, 2023

SME100 Participants More Than Doubled Revenue in 2022

Malaysian SMEs have experienced a significant rebound following the reopening of the economy post-COVID-19 pandemic. In 2022, the SME sector recorded an 11.6 percent growth in GDP against 8.7 percent for the overall economy.

This is also reflected in the number of participants of the SME100 Awards, with nominations jumping by 36 percent to reach 1,088 nominations, breaching the 1,000 mark for the first time in the 15-year history of the award. Revenue growth among the nominees has more than doubled, averaging 112.9 percent versus a year earlier.

The SME100 Awards is organised by SME Magazine and the Small and Medium Enterprises Association of Malaysia (SAMENTA), honouring outstanding SMEs for their exceptional achievements in various industries.

Deputy Finance Minister, Datuk Seri Ahmad Maslan presented the awards in the presence of Datuk William Ng, national president of SAMENTA, Zahid Ismail, director general of Malaysia Productivity Corporation, and Tan Sri Soh Thian Lai, president of the National Chamber of Commerce and Industry.

“The government, under the leadership of Prime Minister Datuk Seri Anwar Ibrahim, is committed to creating an enabling environment for our SMEs to thrive. We recognize the importance of providing support, whether through policy frameworks, financial assistance, and infrastructure development, to empower our SMEs to reach greater heights,” Ahmad said in his speech at the SME100 awards ceremony.

“Despite being the first affected by economic downturns, SMEs, especially the SME100 awardees, have displayed remarkable resilience, strength, and growth. This shows that given the right policy direction and support, our SMEs can perform strongly,” said Ng.

The SME100 Awards maintained rigorous evaluation criteria, encompassing qualitative and quantitative analysis, and a 100% interview requirement. The focus was on growth metrics such as turnover, profit, market share, and resilience indicators including best practices, sustainability, and vision. CTOS provides data for the ranking, while Baker Tilly served as the official auditor of the award.

Aside from the SME100, four other awards were presented, including the SME100 CTOS Credit Excellence Awards, BMI Sustainable Brand Awards, SME100 SME Icon Award, and BMI Affingem Women Entrepreneur Awards, with Affin Bank sponsoring the latter two categories.

The SME100 has become a symbol of trust and reliability for business owners, with past recipients often going on to be listed on various stock exchanges, including notable companies like Grab, Mynews Holdings Berhad, and Solarvest Holdings Berhad. Besides Malaysia, the SME100 is also organised in Indonesia, Singapore, and Vietnam

For more information about the SME100 Awards 2023 Malaysia and a complete list of winners, please visit http://sme100.asia.

LIST OF WINNERS OF THE SME100 AWARDS 2023 MALAYSIA IN ALPHABETICAL ORDER: