As National Day and SG60 approaches, the stock market is marking the occasion with a rally to new highs. While we celebrate Singapore’s progress and the achievements of its enterprises, it’s worth spotlighting a few enduring companies that have outlived the nation itself – some tracing their origins back nearly two centuries.
Rooted in traditional sectors like food, construction, and finance, these legacy companies have stood the test of time. Their continued relevance stems not just from heritage, but from a remarkable ability to innovate and adapt, embracing new technologies and evolving with the times to remain vital pillars of Singapore’s economy.
1. Sing Investments & Finance Limited (SGX:S35) (+34.69%)
Incorporated on 13 November 1964 as Sing Investments & Finance (Pte) Ltd, the company became a public entity on 30 July 1970 and was listed on the Singapore Exchange on 7 July 1983. SingFinance is a prominent finance company in Singapore, catering to individuals and SMEs through four branches island-wide. It offers a full range of deposit and loan products, supported by digital platforms and a robust governance framework. The company has one of the lowest non performing loans in the industry at 0.2% and capital adequacy ratio at 15.3%.
Products & Services:
- Deposits: Fixed deposits (online/offline), GoSavers account, current accounts, GIRO saver.
- Personal Financing: Housing/HDB loans, car loans, share financing.
- SME/Corporate Financing: Commercial property loans, construction loans, machinery financing, government-backed SME schemes, block discounting.
- Digital Services: SIF Mobile and SIF Online for account management, fund transfers, and fixed deposit placements.
Financial Highlights (FY2024):
- Total Income: S$72.0 million (+18% YoY)
- Net Profit: S$36.3 million (+9% YoY)
- Net Profit Margin: ~50.5%
- Free Cash Flow: S$(166.4) million (vs. +S$147.9 million in FY2023; ~-212.5% YoY)
- Debt-to-Equity Ratio: ~6.48x
- Capital Adequacy Ratio: 15.3%
- Cash & Equivalents: S$195.3 million
- Total Debt (Customer Deposits + Government Loans): S$2.929 billion
2. Pan-United Corporation Ltd (SGX:P52)(+111.76%)
Established in 1958 when Ng Kar Cheong borrowed S$3,000 to start a ship-chandling business, the company has since evolved into today’s Pan-United. It was listed on the SGX in 1993. Pan-United is a regional leader in building materials and logistics, heavily investing in low-carbon concrete technologies. Its operations span Singapore, Malaysia, Vietnam, and beyond, across two main segments: Concrete & Cement and Trading & Others.
Products & Services:
- Concrete & Cement: Ready-mix concrete, cement, aggregates, slag, self-compacting and green concrete.
- Trading & Others: Petroleum products, construction materials, bulk shipping, digital solutions via AiR Digital, and carbon capture initiatives (in collaboration with Chevron, Keppel, and Surbana Jurong).
Financial Highlights (FY2024):
- Revenue: S$812.3 million (+5% YoY)
- Net Profit: S$40.9 million (+15% YoY)
- Net Profit Margin: ~5.03%
- Debt-to-Equity Ratio: ~0.21x
- Cash & Equivalents: S$107.0 million
- Total Debt: S$56.1 million
3. Old Chang Kee Ltd (SGX: 5ML) (+45.33%)
It started as a humble street stall outside Rex Cinema in 1956 by Chang Chuan Boon. The business was acquired by Han Keen Juan in 1986, incorporated on 16 December 2004, and listed on Catalist on 16 January 2008. Old Chang Kee is a well-loved F&B chain known for its curry puffs and local snack foods, operating over 100 outlets globally.
Products & Services:
- Signature Items: Curry’O (curry and sardine puffs). Spring rolls, yam/carrot cakes, gyoza, breaded prawns, fishballs, and more.
- Operations: Central kitchens, retail stores, export franchises, and e-commerce platforms.
Financial Highlights (FY2025):
- Revenue: S$101.95 million (+1.0% YoY)
- Net Profit: S$11.35 million (+17.4% YoY)
- Net Profit Margin: ~11.1%
- Free Cash Flow: S$23.23 million (vs. S$25.17 million in FY2024, -7.7%)
- Debt-to-Equity Ratio: 4.7% (net cash position)
- Cash & Equivalents: S$52.4 million
- Total Debt: S$2.68 million
4. QAF Limited (SGX:Q01) (+9.26%)
Originally formed as Ben and Company in 1958 for food trading. Renamed QAF Limited in 1984 and listed on SGX in 1967. QAF is a market leader in diversified food production and distribution group operating across Southeast Asia. Its core businesses include bakery, dairy, spreads, and refrigerated logistics.
Products & Services:
- Bakery: Gardenia, Bonjour, Cowhead frozen and par-baked breads.
- Dairy & Spreads: Cowhead butter, Delicia spreads, Farmland dairy.
- Logistics: Cold-chain warehousing and distribution.
Financial Highlights (FY2024):
- Revenue: S$636.1 million (+1% YoY)
- Net Profit: S$34.7 million (+26% YoY)
- Net Profit Margin: ~5.5%
- Free Cash Flow: S$45.92 million (+156.6% YoY)
- Net Gearing: 0.36x
- Cash & Equivalents: S$209.4 million
- Total Debt: S$32.0 million
5. Lum Chang Holdings Limited (SGX:L19) (+37.93%)
Lum Change traces its roots to a 1940s construction business by Mr. Lum Chang. It was incorporated as Lum Chang Building Contractors in 1970 and listed on SGX on 28 December 1984. Lum Chang is a diversified group engaged in construction, property development, and investment. It operates in Singapore, Malaysia. Its projects mainly include commercial and residential projects, these are valued at above $11.5 billion.
Products & Services:
- Construction: Civil infrastructure, hospitals, hotels, mixed-use buildings.
- Property: Apartments, condominiums, landed homes, shophouses.
- Specialised Services: Interior fitting, restoration, and project management.
Financial Highlights (FY2024):
- Revenue: S$500.4 million (+27% YoY)
- Net Profit: S$7.36 million (vs. S$28.66 million loss in FY2023)
- Net Profit Margin: ~1.47%
- Debt-to-Equity Ratio: ~0.42x
- Cash & Equivalents: S$51.2 million
- Total Debt: S$67.6 million
6. BRC Asia Limited (SGX:BEC) (+65.90%)
Incorporated on 14 December 1938 as Malayan Wire Mesh & Fencing Co Ltd. Renamed BRC Asia and listed on SGX in 1997. BRC Asia is a market leader in prefabricated steel reinforcement solutions. The company serves infrastructure, industrial, and cultural projects across Asia-Pacific. The company even has projects in railway construction in Shanghai and Beijing.
Products & Services:
- Steel Reinforcement: Rebars, mesh, cages, and cut & bend solutions.
- Trading: Steel materials.
- Property: Industrial real estate development via subsidiaries.
Financial Highlights (FY2024):
- Revenue: S$1.481 billion (−9% YoY)
- Net Profit: S$93.5 million (+23.5% YoY)
- Net Profit Margin: ~6.31%
- Debt-to-Equity Ratio: ~0.52x
- Cash & Equivalents: S$191.4 million
- Total Debt: S$245.7 million
7. Oversea-Chinese Banking Corporation (OCBC) (SGX:O39)(+17.36%)
Formed on 31 October 1932 via the merger of Chinese Commercial Bank, Ho Hong Bank, and Oversea-Chinese Bank. It began operations in 1933 under Tan Ean Kiam and Lee Kong Chian. With over 400 branches in Asia, it offers a full suite of financial services across retail, corporate, investment, and digital banking.
Products & Services:
- Banking: Retail, SME, and corporate banking, mortgages, credit cards.
- Wealth: Private banking, investment, insurance (Great Eastern), and asset management (Lion Global).
- Capital Markets: Investment banking, forex, stockbroking.
- Digital: Xero accounting, HealthPass telehealth, e2 Power.
Financial Highlights (FY2024):
- Revenue: S$14.47 billion (+7% YoY)
- Net Profit: S$7.59 billion (+8% YoY)
- Net Profit Margin: ~52.42%
- Capital Adequacy Ratios: CET1 at 17.1%, Total CAR at 19.7%
- Leverage Ratio: 7.4%
- Debt-to-Equity Ratio: ~17.36x
- Cash & Equivalents: S$33.88 billion
- Total Debt: S$465.99 billion
8. Boustead Singapore Limited (SGX:F9D) (+63.54%)
Originated in 1828 as Boustead & Co, one of Singapore’s earliest trading houses. Boustead Singapore Limited was officially listed on SGX in 1975. Boustead is an engineering services group with four key divisions: Energy, Real Estate, Geo-spatial, and Healthcare. It serves clients across Asia-Pacific with turnkey solutions and digital technologies under these 4 divisions.
Products & Services:
- Energy: Process heating systems, waste-heat recovery, electrical control systems.
- Real Estate: Industrial facility development and aerospace parks.
- Geo-spatial: Exclusive Esri GIS software distributor in SEA and Australia.
- Healthcare: Medical and sports infrastructure via Boustead Medical Care.
Financial Highlights (FY2025):
- Revenue: S$527.1 million (−31% YoY)
- Net Profit: S$95.0 million (+48% YoY)
- Net Profit Margin: ~18.03%
- Free Cash Flow: S$69.75 million (−23.9% YoY)
- Debt-to-Equity Ratio: ~1.3%
- Cash & Equivalents: S$333.9 million
- Total Debt: S$7.93 million
Final Thoughts
Overall, these businesses have very strong financial stability. Their businesses also continued to deliver strong earnings, margin maintenance despite the global macroeconomic environment. While many operate in traditional industries such as finance, food, construction, and logistics, what unites them is a shared commitment to innovation, strong governance, and an ability to adapt to changing market and technological landscapes. Whether it’s Pan-United’s push into low-carbon concrete, QAF’s regional food dominance, or Boustead’s transformation into a diversified engineering and geo-spatial solutions group, these legacy enterprises exemplify how heritage and adaptability can coexist.
As we celebrate SG60, these companies remind us that economic greatness isn’t only built on new ventures. It is also built on the bedrock of long-standing institutions that deliver value year after year, through strong fundamentals and sharp execution. Their continued success is a reflection of Singapore’s own journey: predictable, agile, while being steadfast in policy making.
Happy National Day, everyone!
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