Malaysian SMEs Shine at the SME100 Awards 2024

2 January 2025

KUALA LUMPUR: Malaysian small and medium enterprises (SMEs) continue to demonstrate remarkable growth and resilience. For the 2024 SME100 Awards, the majority of winners hailed from the services sector, including retail and wholesale, professional and business services, IT, and education.

The manufacturing sector came in second, followed by construction and agriculture. This aligns with the findings of the 2023 MSME Performance Report by the Department of Statistics Malaysia, which highlighted a 6.5% increase in sectoral GDP for the services sector, compared to 5.0% growth across all SMEs.

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 since 2009.

The awards ceremony was officiated by the Minister of Entrepreneur Development and Cooperatives,  Datuk Ewon Benedick, who presented awards to the winners, in his keynote address, highlighted the MADANI government's commitment to fostering a supportive ecosystem for SMEs under the leadership of Prime Minister Datuk Seri Anwar Ibrahim, emphasising initiatives such as policy frameworks, financial assistance, market access, and capability building to drive SME growth and success.

This year's programme saw another record-breaking 1,279 nominations, a 17% increase from 2023. This surge underscores the growing acknowledgment of SMEs' vital contribution, which accounted for 39.1% of Malaysia's GDP last year.

"The SME100 Awards continue to underscore the entrepreneurial excellence of our SMEs, highlighting their contributions as key drivers of economic growth. With strong support from the government and a commitment to innovation, our SMEs are well-positioned to take on global challenges and opportunities," said Datuk William Ng, Organizing Chairman and National President of SAMENTA.

Ng added, "These businesses exemplify resilience and ingenuity, paving the way for a more dynamic and competitive economy. As we celebrate their achievements, we remain committed to empowering SMEs to scale new heights and shape a brighter future for Malaysia."

The SME100 Awards maintained its stringent evaluation process, combining qualitative and quantitative assessments, and a 100% interview requirement. Key metrics included turnover, profit, market share, sustainability, and best practices. Data for the rankings was provided by CTOS, with Baker Tilly as the official auditor, ensuring transparency and credibility.

Additional from the SME100 Awards, three other awards were presented, including the SME100 CTOS Credit Excellence Awards, BMI Sustainable Brand Awards, and BMI Women Entrepreneur Awards, with Affin Bank sponsoring the latter two categories.

The SME100 Awards have become a hallmark of trust and reliability, with past winners such as Grab, Mynews Holdings Berhad, and Solarvest Holdings Berhad going on to achieve public listing. Beyond Malaysia, the SME100 Awards are also celebrated in Indonesia, Singapore, and Vietnam, solidifying its regional impact.