Growth Champions shine post-COVID

Written by: Linda B. Bolido

Philippine business seems to be well on its way to recovery after the devastation caused by the COVID-19 pandemic that struck the country hard in 2020.

The Philippines Growth Champions 2024, the Top 30 companies in the country that achieved the highest percentage growth in revenues between 2019 and 2022, impress, even dazzle, with their success during those three years, notwithstanding the fact that 2020 was a year that could be written off for most enterprises.

The highly diverse roster includes employment services, e-commerce ventures, information technology (IT) and software, real estate, advertising and marketing, financial technology services, construction and engineering, health care and life science, manufacturing, and professional and scientific services.

Topping the list is Makati City-based The Penbrothers International, Inc. (Penbrothers) which provides employment services.

It registered an absolute growth rate (AGR), in percent, of 906.03 or a compound annual growth rate (CAGR), in percent, of 115.88

It earned P1.37 billion in 2022 from revenues of P136.173 million in 2019.

Compiled by the Philippine Daily Inquirer and the Germany-based Statista, the world’s leading data and business intelligence portal, the rated companies had to meet the following criteria:

• Revenues of at least P5 million in 2019
• Revenues of at least P30 million in 2022
• The company must be independent (acts largely independently in its business decisions and does not derive financial benefits from its parent company)
• The company is headquartered in the Philippines
• The revenue growth between 2019 and 2022 was primarily organic (i. e. “internally” generated)

Completing the Top 10 list of Growth Champions are: Great Deals E-Commerce Corp., SunFish DataOn Philippines, Inc., Ovialand, Inc., The Gigil Advertising Group, Inc., KMC Solutions Hong Kong Limited, Telework PH Outsourcing Solutions, Inc., D&V Philippines Outsourcing, Inc., MyBusybee, Inc. (Busybee) and Annex Digital, Inc.

The list of Growth Champions reflects Philippine businesses growing digitalization and dependence on new technologies.

For the 2024 Growth Champions selection, the Inquirer and Statista invited companies to participate, Application period was from Aug. 7 to Oct. 31, 2023. Revenue figures had to be certified by the chief financial officer, chief executive officer or a member of the company’s executive committee.

All data reported by the companies were processed and checked by Statista. Missing data were researched in detail. The minimum average growth rate for the covered period to be included in this year’s ranking was 7.04 percent.

While the ranking involved a complex procedure and the research was extensive, the Inquirer and Statista do not claim that the ranking is complete.

Some companies did not want to make their figures public or did not participate for other reasons.