In its news release, Forbes Asia said that companies on this year's list outperformed despite stiff global headwinds like inflation and rising funding costs. Companies that stood out in the list were mostly in chipmaking and related industries.
"Demand for semiconductors, found in everyday items like smartphones, appliances and cars, skyrocketed in the past three years with the accelerating adoption of AI technologies although the market is expected to soften somewhat this year as supply constraints ease," said Forbes Asia.Other top performers on the list were companies delivering IT solutions that helped to digitally transform healthcare, logistics, manufacturing and other industries.
Singapore-based UMS Holdings makes its second consecutive showing on the list, as strong global demand for semiconductor manufacturing equipment boosted the chipmaker's net profit by 77 per cent to US$71 million. It made 2022 the company's most profitable year yet. Indonesia's Impack Pratama Industri, a construction materials manufacturer, also made a return to the list. The company saw growth despite the pandemic, and its net profit surged 50 per cent last year to US$21 million while revenue gained 26 per cent to US$189 million, most of which came from roofing and ceiling materials.
Taiwan-based Alchip Technologies – a company that focuses on producing high-performance chips that are essential in both cryptocurrencies and artificial intelligence sectors – made its third return to the annual list. The company has seen five consecutive years of revenue growth, benefiting from increased demand as advanced chips find their way into new products and applications including AI. Last year, the company's sales rose 24 per cent from the preceding year to US$460 million.