Three Pakistani enterprises make it to Forbes’ Asia’s best under Billion list

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Only a trio of Pakistani firms, namely Highnoon Laboratories, Systems Limited, and Tariq Glass Industries, have secured a place on Forbes’ prestigious Asia’s Best Under a Billion list this year. In contrast, the roster was dominated by 34 Chinese and 32 Indian publicly traded corporations.

Notably, Highnoon Laboratories, a significant and rapidly growing Pakistani entity, was previously featured on the list in 2019, 2021, and 2022. Similarly, Systems Limited earned its spot in 2020, 2021, and 2022.

As per the information available on Forbes’ website, Highnoon Laboratories possesses a market value of $79 million, Tariq Glass Industries stands at $70 million, and Systems Limited boasts a valuation of $441 million.

Forbes recorded Systems’ net income as $32 million from $155 million in sales. Tariq Glass Industries reported greater sales, totaling $166 million, with a net income of $23 million. In the same vein, Highnoon Laboratories’ sales amounted to $55 million, accompanied by a net income of $9 million during the review period.

The annual index acknowledged the excellence of 200 small and medium-sized companies in the Asia-Pacific region, each generating sales under $1 billion.

This year’s list celebrates 200 small and midsize publicly traded companies across the region that demonstrated impressive performance despite facing global challenges such as inflation and escalating funding costs. Among the standouts, there is a concentrated presence of entities in the chipmaking and related industries.

The coveted list also featured other outstanding performers that cater to sectors such as healthcare, logistics, manufacturing, and IT solutions. Additionally, businesses reliant on consumer spending observed a surge in sales as COVID-19 restrictions eased. Globally, the list welcomes back 58 companies from the previous year.