Malaysia’s Growth Champions of 2023


Malaysia’s Growth Champion 2023 rankings were compiled by international market research firm Statista.

INTERNATIONAL market research firm Statista has officially released the rankings for Malaysia’s Growth Champions 2023 list.

The list comprises local small and medium enterprises (SMEs) that have experienced a high revenue growth during the 2018 to 2021 period.

The title of “growth champion” or the number one company in terms of growth from 2018 to 2021 was awarded to Limitless Technology Sdn Bhd (Limitless), an e-commerce D2C company which recorded a growth rate of 94.8%.

Malaysia’s Growth Champion rankings for 2023.Malaysia’s Growth Champion rankings for 2023.

Limitless was followed by Signature Snack Sdn Bhd in second, with an 85.3% growth rate, and Straits Energy Resources Berhad in third with 72.8%.

The rest of the winners in the top 10 list are:

> Innov8tif Solutions Sdn Bhd (EMAS eKYC)

> Influasia

> Ominent Sdn Bhd (IGL Coatings)

> Web Bytes Sdn Bhd (Xilnex)

> iMetal Sdn Bhd

> Ang Kim Lim Marketing Sdn Bhd

> Stratus Automation Sdn Bhd

The project was advertised in the fourth quarter of last year, with the application phase running from Oct 21, 2022 to Jan 15, 2023.

Eligible companies were allowed to register via websites which were created by Statista and Star Media Group.

In addition to this, Statista also identified hundreds of companies in Malaysia as potential candidates for the growth rankings. These companies were invited to participate in the competition via e-mail, LinkedIn and phone.

All submitted revenue figures had to be certified by the CFO, CEO or a member of the executive committee of the company.

To be included in the list of Malaysia’s Growth Champions 2023, a company also has to meet criteria that include:

> Being an independent company.

> Being headquartered in Malaysia.

> Generating a revenue of at least RM400,000 in 2018.

> Generating a revenue of at least RM4mil in 2021.

> Having a revenue growth that was primarily organic during the four-year period.

All data submitted by the companies was processed and evaluated by Statista, with any missing data entries – such as employee numbers and address data – researched in detail for the curation of the final list.

Companies that did not fulfil the criteria for inclusion in the rankings were removed from consideration.

All participating companies are also considered for cross-border ranking in High Growth Companies Asia-Pacific, which will be published on the Financial Times global website in March.

This will be followed by a special report dedicated to it, to be published as a supplement in the Financial Times newspaper in April.

For more information on Statista and Malaysia’s Growth Champions 2023, visit https://www.statista.com/page/growth-malaysia.

*Disclaimer

The ranking of Malaysia’s Growth Champions 2023 was created through a complex procedure. Although the search was very extensive, the ranking does not claim to be complete, as some companies did not want to make their figures public or did not participate for other reasons.

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