But combined profits up a measly 2.1%.
According to a release by DP Information Group, the collective revenue of Singapore's top 1,000 companies rose by 13.9 percent to S$2.75 trillion in the 2014 rankings - S$1 trillion more than they were earning before the financial crisis of 2008.
While sales are booming, the combined profits rose by just 2.1 per cent to S$149.8 billion. Eight of Singapore's 11 industries recorded a fall in their combined profits and it was the strong performance of the Services sector that kept the overall result positive.
The weak profitability can be seen in the declining margins across the majority of industries. The overall profit margin for the combined Singapore 1000 companies fell from 5.78 per cent in 2013 to 5.09 per cent in 2014.
Only the Finance and Services industries recorded improved profit margins compared to last year. The Property and Finance sectors maintained their position as industries with the highest profit margin levels, alongside the
Hospitality/Food & Beverage sector.
Ms Chen Yew Nah, Managing Director of DP Information Group said Singapore’s largest companies are feeling the same cost pressures as smaller firms, with increases in rents and manpower biting into the bottom line.
"Smaller margins are the price many companies have to pay to stay competitive in the global marketplace."
"While profits are not rising as fast as revenues, the strong sales performance means Singapore's corporate giants are still achieving success internationally," Ms Chen said.
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