Services Sector Dominates Golden Bull Award 2024, Leading SME Growth in Malaysia

Berita Baru, Kuala Lumpur – The services sector continues to lead growth among SMEs. At the recently held Golden Bull Award 2024, 65.3 percent of all the winners were from the services sector, including in retail and wholesale, professional and business services, IT and education.

The manufacturing sector accounted for 23.9 percent of the winners, with the construction and agriculture sectors rounding up the rest of the winners at 9.4 percent and 1.4 percent respectively.

This is in-line with the 2023 MSME Performance Report issued by the Department of Statistics Malaysia, where the services sector led the growth among SMEs, with a 6.5 percent jump in sectoral GDP versus 5.0 percent growth for all SMEs.

The Golden Bull Award is organised by Business Media International in partnership with the Small and Medium Enterprises Association of Malaysia (SAMENTA), and has been held annually since 2002.

Minister of economy, Rafizi Ramli presented the awards to the winners, which are made up of SMEs of various sizes and from every state across the country. In his officiating address, the minister emphasised the importance of SMEs to the country, and encouraged the SMEs to focus on internationalisation and growth in productivity.

The 2024 program saw a significant increase in participation, with 2,662 nominations received, marking a 15% rise from the previous year. This surge reflects the growing recognition of the crucial role SMEs play in Malaysia’s economy, contributing 39.1% to the nation’s GDP in 2023.

“This year’s Golden Bull Award has truly been a remarkable showcase of the strength and potential of our SMEs. The increased participation and high calibre of nominations reflect the unwavering entrepreneurial spirit and dedication to excellence among our business community. It is heartening to see such robust support from the government, which aligns with our vision at SAMENTA to empower SMEs to reach greater heights.” said organising chairman Datuk William Ng.

Ng, who is also the national president of SAMENTA added “We are proud to celebrate the achievements of these outstanding businesses and look forward to their continued contribution to Malaysia’s economic success. Together, we are paving the way for a brighter and more prosperous future.”

The Golden Bull Award is divided into three categories: Emerging SMEs, Outstanding SMEs, and the prestigious Super Golden Bull Award. These categories are designed to accommodate businesses based on their annual revenue, ensuring a fair and comprehensive assessment process tailored to recognize the achievements of SMEs at different stages of growth.

The Distinguished Bull Awards was added as a new category to recognise returning Golden Bull Award winners who have made considerable progress or grown their market presence since their previous triumph. 12 distinguished SMEs were recognised for their sustained growth and success.

Baker Tilly Malaysia served as the official auditor for the Golden Bull Award, ensuring transparency and integrity throughout the process. Meanwhile, CTOS Data Systems Sdn Bhd provided independent data as the official credit reporting agency.

Established in 2003, the Golden Bull Award is the oldest business recognition program for SMEs in the region, spanning four key markets: mainland China, Malaysia, Singapore, and Taiwan. It has become a premier platform for celebrating business excellence across these diverse markets.